Lav Biosciences Fund V, L.P.
Lilly Asia Ventures · adviser of record: Lav Global Management Company Limited · 2018 vintage
Lav Biosciences Fund V, L.P. is a 2018 venture fund managed by Lilly Asia Ventures, with $750mm raised (Form D, amount sold). It reported $947mm in gross assets at year-end 2025, 1.26x its size, against a peak of $1.39bn in 2023.
- Latest value held
- $947mm year-end 2025
- Peak
- $1.39bn year-end 2023
- Fund size
- $750mm Form D, amount sold
- Held vs. size
- 1.26x peak 1.85x
Value held by year-end
Gross asset value reported on Form ADV at each year-end. Dashed line: fund size. Open in the Fund Tracker
| Year-end | Gross assets | ÷ size | Change |
|---|---|---|---|
| 2025 | $947mm | 1.26x | -32% over 2 yrs |
| 2023 | $1.39bn | 1.85x | +10% |
| 2022 | $1.27bn | 1.69x | -1% |
| 2021 | $1.28bn | 1.71x | +20% |
| 2020 | $1.07bn | 1.43x | +43% |
| 2019 | $752mm | 1.00x | -2% |
| 2018 | $765mm | 1.02x | – |
What public pensions report
| Investor | As of | Commitment | Cash back (DPI) | Total (TVPI) | Still held |
|---|---|---|---|---|---|
| CalSTRS | 2025-06-30 | $42.5mm | 0.33x | 1.30x | 0.97x |
Latest report from each pension, as multiples of paid-in capital. Michigan reports dollar value held, shown under Still held.
Other funds from Lilly Asia Ventures
- Lav Fund VI, L.P. 2020
- Lav Fund VI Opportunities, L.P. 2020
- Lav Biosciences Fund IV, L.P. 2016
- Lav Biosciences Fund III, L.P. 2014
- Lilly Asia Ventures Fund III, L.P. 2014
- Lilly Asia Ventures Fund II, L.P. 2012
- Lilly Asia Ventures Fund I, L.P. 2012
About these numbers
Gross asset value is what the manager reports holding in the fund at each fiscal year-end, on SEC Form ADV, Schedule D. It includes the GP’s own commitment and is before carried interest, so it is not the LPs’ net return, and it does not show cash already distributed. A fall in value can mean distributions, markdowns or both. Fund size is the amount sold reported on Form D, which for some funds reflects only a first close. Private fund ID 805-2439567950. Data updated October 13, 2026.
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