Summary
Founded in 2012, De Cheng Capital is a leading investor in the life science and healthcare sectors, with deep commercial and scientific expertise within the two largest healthcare markets in the world; US and China. De Cheng focuses on providing capital and strategic support to early-stage life science companies with revolutionary technologies and growth stage healthcare companies with strong market presence. It is a preferred partner for entrepreneurs, world-class scientists and strategic partners, and its extensive market knowledge allows it to capitalise on the rapid growth of the Chinese healthcare industry, as well as breakthroughs in life science research, typically found in the US.
Target company criteria
- Data driven
- Strong management teams with proven track records
- Clear value proposition to potential acquirers
Portfolio company snapshots
- Alpine Immune Sciences: seeking to create first or best-in-class multifunctional immunotherapies via unique protein engineering technologies to improve patients’ lives. De Cheng led, co-led and participated in three PIPE investments in the business between 2019 to 2022. Alpine Immune Sciences was acquired by Vertex in 2024 for $4.9bn, generating an 8.2x gross money multiple on cost
Caledonia’s commitment
De Cheng manages $2.1bn of capital across five funds. Caledonia first identified De Cheng soon after its launch in 2012, and made its first commitment to De Cheng l in 2016. Caledonia has since invested in all of De Cheng’s subsequent funds.
| Fund name | De Cheng II | De Cheng III | De Cheng IV | De Cheng V |
| Vintage year | 2016 | 2018 | 2021 | 2024 |
| Fund size | $303m | $470m | $673m | $700m1 |
| Our commitment | $12m | $18m | $15m | $20m |
1. Target fund size.
As at 31 March 2025.