Overview
Advisory Business
A. Decheng was founded in 2011 and is principally owned by its Managing Member, Xiangmin (“Min”)
Cui. Historically, the Firm’s venture-oriented strategy focused on providing capital and strategic support to
early stage life science companies with revolutionary technologies and growth stage healthcare companies with
strong market presence. Over the years, Decheng has evolved into a stage-agnostic investor, targeting
companies of varying maturation – from incubation-phase businesses to publicly-traded issuers.
B. Decheng provides investment management services to pooled investment vehicles (each a “Fund” or
“Client” and collectively the “Funds” or “Clients”), which are sponsored by affiliates of Decheng that serve as
the general partner to the limited partnerships (each a “General Partner” and collectively the “General
Partners”). Interests in the Funds are privately offered to qualifying investors pursuant to Regulation D under
the Securities Act of 1933, as amended (“Securities Act”), and each Fund qualifies for an exclusion from
registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended (“Investment Company
Act”). As of the date of this Brochure, the Funds include:
▪ Decheng Capital China Life Sciences USD Fund I, L.P.
▪ Decheng Capital China Life Sciences USD Fund II, L.P.
▪ Decheng
Capital China Life Sciences USD Fund III, L.P.
▪ Decheng Capital Global Life Sciences Fund IV, L.P.
▪ Decheng Global Healthcare Fund (Master), LP
The Funds are subject to the investment objectives, terms and conditions outlined in their respective
offering documents which depending on the Fund include the summary of principal terms, limited partnership
agreement, private placement memorandum, subscription documents and/or investment management
agreement. Collectively, these documents are referred to herein as the “Governing Documents.” While
Decheng focuses on the strategies discussed throughout the Brochure, the Firm does not necessarily limit the
types of investments on which it advises.
C. To the extent agreed upon in the Governing Documents, Decheng tailors its investment advisory
services to be consistent with each Fund’s investment strategy, return profile, concentration limits, time
horizon, liquidity mandates and other related objectives, as defined therein. Underlying investors may not
impose restrictions on investing in certain securities or types of securities.
D. Decheng does not participate as a sponsor of or portfolio manager to any wrap fee programs.
E. As of December 31, 2023, the Firm had approximately $1,977,628,753 in assets under management,
all of which was managed on a discretionary basis.