Lilly Asia Ventures, a regional corporate venturing subsidiary of pharmaceutical firm Eli Lilly, has attracted $40m in capital from public pension fund San Francisco City & County Employees’ Retirement System, Pensions and Investments has reported.
The financing was raised for a vehicle dubbed LAV Biosciences Fund V. It is the fifth biosciences fund to be formed by Lilly Asia Ventures and was launched in January 2019 with a $750m target size.
The fund had already received an initial $100m commitment from US retirement fund manager Los Angeles County Employees’ Retirement Association last month. It will concentrate on the healthcare and life sciences sectors.
Founded in 2008, Lilly Asia Ventures focuses on life sciences and healthcare technology producers, and is particularly interested in areas such as biopharmaceuticals, human therapeutics, medical devices and diagnostics.
The unit invests across all stages, and while it primarily targets Asia-based companies, it has recently expanded its remit to include US-situated startups with market potential in China.
Lilly Asia Ventures’ previous fund, LAV Biosciences Fund IV, reached its $450m hard cap in August 2017. The unit had launched had LAV Biosciences Fund III in 2015 with a $150m target.
