# Decheng Capital Global Life Sciences (德诚资本)
Decheng Capital Global Life Sciences (德诚资本) is the fund series of Decheng Capital, a life-sciences venture capital firm founded around 2011–2012 by Min (Xiangmin) Cui, headquartered at 3000 Sand Hill Road in [Menlo Park, California](https://www.edgepedia.org/menlo-park-california), with an operating base in [Shanghai](https://www.edgepedia.org/shanghai); the series' most recent vehicles, Fund IV (2020 vintage) and Fund V (2024 vintage), are [Cayman Islands](https://www.edgepedia.org/cayman-islands)-domiciled partnerships that invest in early-stage biotech and growth-stage healthcare companies in the United States and China. The firm was still actively filing with the SEC as of its March 31, 2026 reporting cycle, and Fund V was still raising into late 2025.
| Fact | Detail |
|---|---|
| Firm | Decheng Capital, life-sciences venture capital; fund series "Decheng Capital Global Life Sciences" |
| Founded | 2011 or 2012 (the firm's own pages differ) by Min (Xiangmin) Cui[1](https://www.decheng.com/min.html) • [2](https://www.decheng.com/) |
| Headquarters | 3000 Sand Hill Road, Menlo Park, CA (aggregator, unverified)[4](https://aum13f.com/firm/decheng-capital-llc); operating base at No. 6, 1006 Huashan Road, Shanghai[3](https://www.sec.gov/Archives/edgar/data/1991792/0001104659-24-012374.txt) |
| Funds | Fund IV (filed 2020-12-15)[5](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&filenum=021-383255), $650M offered (unverified)[4](https://aum13f.com/firm/decheng-capital-llc); Fund V (filed 2024, $700M offered, $452M sold as of Oct 2025, unverified)[4](https://aum13f.com/firm/decheng-capital-llc) |
| AUM | Over $2.5 billion self-reported[2](https://www.decheng.com/); $2,728.2 million regulatory AUM as of 2026-03-31 (aggregator, unverified)[4](https://aum13f.com/firm/decheng-capital-llc) |
| Structure | Cayman Islands-domiciled funds with parallel V, V-A, and V-B vehicles[6](https://www.sec.gov/Archives/edgar/data/2026140/000201554524000002/0002015545-24-000002-index.htm) |
| Status | Active; adviser filings current through March 2026[4](https://aum13f.com/firm/decheng-capital-llc) |
## History and people
Decheng Capital's founder and managing director is Dr. Min Cui. According to his biography on the firm's site, he holds a PhD in Cancer Biology from Stanford University and BS and MS degrees from [Peking University](https://www.edgepedia.org/peking-university), and spent five years at Bay City Capital, a San Francisco life-science venture firm, before founding Decheng. His biography page dates the founding to 2011, while the firm's homepage says 2012; the discrepancy is unresolved.[1](https://www.decheng.com/min.html) • [2](https://www.decheng.com/)
The firm's self-reported investment team includes managing directors Victor Tong Jr. and Peter Colabuono, partners Tony Tong and [Qiang Xu](https://www.edgepedia.org/qiang-xu), principal Aaron Li, and venture partner Nick Pliam.[7](https://decheng.com/team.html) In SEC filings, the named principals are Xiangmin Cui, who appears as director, executive officer, or promoter on 14 Form D filings across two firms; Yuheng Qiu, listed as a director of Fund V; and Fengying Yu, listed as a promoter.[4](https://aum13f.com/firm/decheng-capital-llc) The sources do not describe Yu's or Qiu's backgrounds beyond these filing roles.
Cui's board record, as self-reported, spans a series of acquired companies: [Alpine Immune Sciences](https://www.edgepedia.org/alpine-immune-sciences) (acquired by Vertex), ARMO BioSciences (Eli Lilly), Cirina (GRAIL), GeneWEAVE (Roche), GRAIL (Illumina), [Ion Torrent](https://www.edgepedia.org/ion-torrent) (Life Technologies), and Velos Biopharma (Merck). His current board seats include [Nuvation Bio](https://www.edgepedia.org/nuvation-bio), Baylor Genetics, Mammoth Biosciences, Mirvie, and Shape Therapeutics.[1](https://www.decheng.com/min.html)
## Strategy
Decheng describes itself as providing capital and strategic support to early-stage life science companies with revolutionary technologies and growth-stage healthcare companies with strong market presence. The dual mandate covers venture-stage biotech on both sides of the Pacific.[2](https://www.decheng.com/) The firm's SEC filings confirm the cross-border footprint: the reporting persons' business address for Fund IV holdings is [No. 6](https://www.edgepedia.org/no-6), 1006 Huashan Road, Shanghai, while the adviser operates from Sand Hill Road in Menlo Park.[3](https://www.sec.gov/Archives/edgar/data/1991792/0001104659-24-012374.txt)
The Global Life Sciences funds are organized in the Cayman Islands. Fund V, L.P. (CIK 0002015545) filed under file number 021-516125, and two parallel vehicles, Fund V-A, L.P. (CIK 0002026140), and Fund V-B, L.P. (CIK 0002026146), filed under sub-file numbers of the same registration. The sources do not explain the structure's purpose beyond what the filings show.[6](https://www.sec.gov/Archives/edgar/data/2026140/000201554524000002/0002015545-24-000002-index.htm)
Alongside the venture series, the firm raises a hedge-fund-style vehicle, Decheng Capital Global Healthcare Fund, LP, which reported a $139,000,000 offering with a $5,000,000 minimum investment, naming Xiangmin Cui as Managing Director of the General Partner.[8](https://www.sec.gov/Archives/edgar/data/1817009/000181700923000002/0001817009-23-000002.txt)
## Funds by the numbers
The fund series spans at least five vintages, though the figures below come partly from an aggregator of SEC Form D data and are marked accordingly:
- **Fund I**: $123.0 million sold, filed June 5, 2013 (unverified).[4](https://aum13f.com/firm/decheng-capital-llc)
- **Fund II**: $250 million offered, filed August 17, 2015 (unverified).[4](https://aum13f.com/firm/decheng-capital-llc)
- **China Life Sciences USD Fund III**: $450 million offered, filed April 30, 2018, with $625.9 million net asset value (unverified).[4](https://aum13f.com/firm/decheng-capital-llc)
- **Fund IV**: $650 million offered, Form D filed December 15, 2020 under file number 021-383255; the aggregator reports $825.3 million in net asset value.[5](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&filenum=021-383255) • [4](https://aum13f.com/firm/decheng-capital-llc)
- **Fund V**: $700 million offered; each of the three parallel vehicles reported $452.0 million sold with $248 million remaining as of the October 3, 2025 amendment (unverified).[4](https://aum13f.com/firm/decheng-capital-llc)
A caveat on the Fund V figures: because the master fund and its two parallel vehicles each reported the same $452.0 million sold, it is unclear whether that figure represents a single pool counted three times or three separate tallies; the aggregate actually raised across the structure cannot be determined from the available sources.[6](https://www.sec.gov/Archives/edgar/data/2026140/000201554524000002/0002015545-24-000002-index.htm) • [4](https://aum13f.com/firm/decheng-capital-llc) The firm's assets under management also differ by source: the firm itself claims over $2.5 billion,[2](https://www.decheng.com/) while an aggregator of SEC adviser data reports $2,728.2 million as of March 31, 2026.[4](https://aum13f.com/firm/decheng-capital-llc)
## Portfolio and exits
SEC ownership filings document Fund IV positions in three public companies. At [CG Oncology](https://www.edgepedia.org/cg-oncology)'s January 29, 2024 IPO, Fund IV converted Series C, E, and F preferred stock into 4,558,812 common shares and bought 400,000 additional IPO shares; a Schedule 13G reported 4,558,810 shares held directly by Fund IV, with Decheng Capital Management IV (Cayman), LLC as general partner and Dr. Cui as its sole manager.[3](https://www.sec.gov/Archives/edgar/data/1991792/0001104659-24-012374.txt) • [9](https://www.sec.gov/cgi-bin/own-disp?CIK=0001834150&action=getowner&sortid=type-of-owner-ASC) A 2024 Schedule 13G/A reported 3,285,710 Equillium common shares plus 985,713 warrant shares.[10](https://www.sec.gov/Archives/edgar/data/1834150/000110465924045323/tm2411450d1_sc13ga.htm) On February 14, 2025, Fund IV converted Series C preferred and purchased additional common stock in Aardvark Therapeutics, bringing its holding to 2,953,887 shares.[9](https://www.sec.gov/cgi-bin/own-disp?CIK=0001834150&action=getowner&sortid=type-of-owner-ASC)
The firm's self-reported exit record lists IPOs of CG Oncology (NASDAQ: CGON, 2024), AADI (NASDAQ: AADI, 2021), SLRN (NASDAQ, 2023), ADPT (NASDAQ, 2019), [Arcus Biosciences](https://www.edgepedia.org/arcus-biosciences) (NASDAQ: RCUS, 2018), and a 2015 Hong Kong listing (HKSE: 1530), plus acquisitions of portfolio companies by Ipsen, Vertex, Eli Lilly, Regeneron, Becton Dickinson, and Nuvation Bio.[11](https://www.decheng.com/portfolio.html) These exit claims come from the firm's own portfolio page; the SEC filings independently corroborate only the CG Oncology, Equillium, and Aardvark positions.
## Recent developments
Fund V was launched in 2024, with the master fund and its two parallel vehicles filing Form D notices under file number 021-516125.[6](https://www.sec.gov/Archives/edgar/data/2026140/000201554524000002/0002015545-24-000002-index.htm) The fund was still raising into late 2025: a Form D/A amendment filed under the same file number (film number 251373081) shows continued offering activity,[12](https://www.sec.gov/Archives/edgar/data/2015545/000123191925000281/0001231919-25-000281-index-headers.html) and the aggregator reports $248 million remaining against the $700 million target as of October 2025 (unverified).[4](https://aum13f.com/firm/decheng-capital-llc) Portfolio activity also continued: Fund IV's Aardvark Therapeutics purchases in February 2025 show new investment in a public holding.[9](https://www.sec.gov/cgi-bin/own-disp?CIK=0001834150&action=getowner&sortid=type-of-owner-ASC) The adviser was still reporting regulatory AUM as of March 31, 2026.[4](https://aum13f.com/firm/decheng-capital-llc)
## References
1. Min Cui, Ph.D, Founder and Managing Director — Decheng Capital. https://www.decheng.com/min.html
2. Decheng Capital — firm website. https://www.decheng.com/
3. Schedule 13G — Decheng Capital entities in CG Oncology, Inc. (2024). https://www.sec.gov/Archives/edgar/data/1991792/0001104659-24-012374.txt
4. Decheng Capital LLC — AUM 13F / Form D fund record (aggregator; unverified). https://aum13f.com/firm/decheng-capital-llc
5. SEC EDGAR filing list for file number 021-383255 — Decheng Capital Global Life Sciences Fund IV, L.P. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&filenum=021-383255
6. SEC EDGAR Form D filing index — Decheng Capital Global Life Sciences Fund V, L.P. and parallel V-A/V-B funds. https://www.sec.gov/Archives/edgar/data/2026140/000201554524000002/0002015545-24-000002-index.htm
7. Decheng Capital — Team. https://decheng.com/team.html
8. SEC EDGAR Form D — Decheng Capital Global Healthcare Fund, LP. https://www.sec.gov/Archives/edgar/data/1817009/000181700923000002/0001817009-23-000002.txt
9. SEC EDGAR ownership report — Fund IV holdings in Aardvark Therapeutics, CG Oncology, Equillium. https://www.sec.gov/cgi-bin/own-disp?CIK=0001834150&action=getowner&sortid=type-of-owner-ASC
10. Schedule 13G/A — Decheng entities in Equillium (2024). https://www.sec.gov/Archives/edgar/data/1834150/000110465924045323/tm2411450d1_sc13ga.htm
11. Decheng Capital — Portfolio. https://www.decheng.com/portfolio.html
12. SEC EDGAR Form D/A submission 0001231919-25-000281 — Fund V amendment (2025). https://www.sec.gov/Archives/edgar/data/2015545/000123191925000281/0001231919-25-000281-index-headers.html
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*Topic: Encyclopedia › Society and history › Economics and business › Finance › Venture capital and private equity › Venture capital firms of the Americas › Healthcare and life sciences investors › Biopharma and biotech investors*
*Initially written Sep 17, 2026 · Reviewed: Sep 18, 2026 · Edited: Sep 18, 2026; Oct 11, 2026; Oct 15, 2026 · Last review: Sep 18, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license