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Decheng Capital LLC
Decheng Capital LLC is a US-based investment firm headquartered in Menlo Park, California. Founded in 2012, Decheng focuses on venture and growth investments within the healthcare and life sciences sectors, supporting companies developing innovative therapeutics, medical devices, and diagnostics. The firm manages assets for institutional investors and high-net-worth clients, and as of 2025, employs approximately 24 staff, with a majority as investment professionals.
Investment Strategy
Decheng Capital LLC pursues a venture capital and growth equity strategy targeting companies across biotechnology, pharmaceuticals, medical devices, and diagnostics. The firm’s approach centers around supporting transformative and disruptive healthcare innovations at various stages, from early clinical development to commercialization. Decheng invests globally, with a strong emphasis on companies pioneering scientific research and offering solutions to unmet medical needs, using deep domain expertise to select portfolio companies and actively support their growth.
Latest 13F Filing Activity
Decheng Capital LLC filed their most recent 13F report on Jun 30, 2025 disclosing 24 equity positions with a total 13F market value of $396M. The fund increased holdings in Aardvark Therapeutics Inc., Upstream Bio Inc., CG Oncology Inc. among other positions. Decheng Capital LLC reduced exposure to Arcus Biosciences, Inc., Cytokinetics Inc., Legend Biotech Corp-adr among others.
Top Holdings
Equity Positions (24)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
C CGON | CG ONCOLOGY INC | 41.84% | $165.7M | 6,371,669 | $40.77 | $26.00 | +$9.6M |
A AARD | AARDVARK THERAPEUTICS INC | 13.38% | $53.0M | 3,917,299 | $7.51 | $13.52 | +$23.5M |
N NUVB | Nuvation Bio Inc. | 12.78% | $50.6M | 25,954,439 | $2.52 | $1.95 | +$4.9M |
U UPB | Upstream Bio Inc. | 9.11% | $36.1M | 3,285,293 | $16.44 | $10.98 | +$16.0M |
N NAMS | NEWAMSTERDAM PHARMA CO NV | 3.52% | $13.9M | 770,000 | $20.79 | $18.11 | -$1.8M |
Industry Allocation
Investment Team (6)
| Name | Role | Location | |
|---|---|---|---|
 | Partner | San Francisco, CA , United States | |
 | Partner | New York, NY , United States | |
C Claire Zhang | Senior Associate | CA , United States | |
N Nick Pliam | Partner | San Francisco, CA , United States | |
 | Partner | Menlo Park, CA , United States | |
T Tony Xu | Partner | San Francisco, CA , United States |
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