Lilly Asia Ventures

Established in 2008, Lilly Asia Ventures (LAV) is a venture capital firm focusing on investments in the life sciences and healthcare sectors, particularly in biopharmaceuticals, medical devices, and diagnostics. The firm operates globally, with a significant presence in Asia, including offices in Shanghai, Hong Kong, and Menlo Park, California. LAV is known for its strategic investments that leverage its deep industry expertise and global resources to accelerate the growth of its portfolio companies.

LAV's investment strategy encompasses both early and late-stage ventures, targeting companies that demonstrate strong potential in the life sciences domain. The firm has a history of successful investments, including notable exits such as the acquisition of Gracell Biotechnologies by AstraZeneca for $1 billion. This track record underscores LAV's ability to identify and support high-potential ventures in the healthcare sector.

In May 2025, LAV closed its seventh healthcare fund, LAV Fund VII, at its hard cap of $700 million, marking a strategic recalibration from its previous fund, LAV Fund VI, which totaled $1.35 billion. This adjustment reflects a more focused investment approach in response to evolving market conditions in China's healthcare investment landscape. Despite the reduction in fund size, LAV remains an active investor, continuing to back promising life sciences companies across its target regions.