DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Firms / Decheng Capital LLC
Decheng Capital LLC
Institutional venture firm · probableMenlo Park, CAdecheng.comSEC registered investment adviserfundraising evidence
Decheng Capital
venture manager, reported GAV $1,625M across 5 vehicles
Importance
50
elevated
Active deployment
90
high
Emerging
0
low
Completeness
75
high
Freshness
100
high
Research priority
29
moderate
Identity and regulatory footprint
- Headquarters
- Menlo Park, CAadviserinfo.sec.gov
- Office address
- 3000 SAND HILL ROAD, BUILDING 2, SUITE 110, Menlo Park, CA, 94025adviserinfo.sec.gov
- Business phone
- 650-382-5514adviserinfo.sec.gov
- Website
- HTTP://WWW.DECHENG.COM
- SEC adviser type
- registered investment adviseradviserinfo.sec.gov
- SEC exemption claimed
- unknown
- Latest Form ADV
- Mar 31, 2026
- Private funds reported
- 8 (7 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $2.7Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Regulatory AUM
- $2.7Bthe adviser's RAUM, a regulatory measure, never a fund size
- Employees
- 23
- business phone
- 650-382-5514adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
55 observed deals
Stated (the firm’s website)
- Sectors
- healthcare, biotech, industrial
- Stages
- series b, growth, early
- Geography
- global, globally, silicon valley
- Check size
- not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation
series a 100%
Stage at first entry
series a 100%
Sectors
unknown 93%Biotechnology 4%Other 2%Other Technology 2%
lead rate 100%follow-on rate 0%new logos, 12 months 55
Funds and vehicles
5 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Decheng Capital Global Life Sciences Fund V, L.P. | Fund | 2024 form d first sale | Fundraising | unknown | unknown | $452M of $700M | Oct 3, 2025 |
| Decheng Capital Global Life Sciences Fund IV, L.P. | Fund | 2021 adv first reported | Mature | $511M Aug 14, 2024 | 42 | $0 of $650M | Dec 15, 2020 |
| Decheng Capital China Life Sciences Usd Fund I, L.P. | Fund | 2011 form d first sale | Harvest | $126M Aug 14, 2024 | 21 | $123M of $125M | Jun 5, 2013 |
| Decheng Capital China Life Sciences Usd Fund III, L.P. | Fund | unknown | Unknown | $612M Aug 14, 2024 | 34 | $0 of $450M | Apr 30, 2018 |
| Decheng Capital China Life Sciences Usd Fund II, L.P. | Fund | unknown | Unknown | $376M Aug 14, 2024 | 38 | $0 of $250M | Aug 17, 2015 |
GAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
Investment team
14 current, 8 departed
Dayton Misfeldt
PartnerPartner
MIN Cui
PartnerFounder and Managing Director
Peter Colabuono
PartnerManaging Director
Qiang Xu
PartnerPartner
Tony Tong
PartnerPartner
Victor Tong
PartnerManaging Director
Xiangmin Cui
PartnerManaging Director · since Nov 1, 2011
Hongbo Nmn Bao
Platform and operationsChief Compliance Officer · since Aug 1, 2024
Aaron Li
PrincipalPrincipal
Nick Pliam
Venture partnerVenture Partner
Joan Chen
Vice presidentVice President
Michael Notaras
Vice presidentVice President
Shengyang Jin
Vice presidentVice President
8 departed (kept with end dates)
- Min Cui · Founder and Managing Director · ? to Sep 16, 2026 Inference
- Qiang Xu · Partner · ? to Sep 16, 2026 Inference
- Tony Tong · Partner · ? to Sep 16, 2026 Inference
- Laura Tse · Chief Compliance Officer · Nov 1, 2021 to May 15, 2023 Inference
- Yuheng Nmn Qiu · Chief Compliance Officer · Oct 1, 2023 to Aug 14, 2024 Inference
- Joan Chen · Vice President · ? to Sep 16, 2026 Inference
- Michael Notaras · Vice President · ? to Sep 16, 2026 Inference
- Shengyang Jin · Vice President · ? to Sep 16, 2026 Inference
Investments on record
55 edges, 55 companies, 0 partner-attributed
“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
Co-investors
16 relationships from shared deals, counted for the whole firm
Arch Venture Partners 3 shared · recurringVivo Capital, LLC 2 shared · recurringForesite Capital 2 shared · recurringOmega Fund Management, LLC 2 shared · recurringThe Column Group 1 shared · one timeHoneystone Ventures LLC 1 shared · one timeAperture Management LLC 1 shared · one timeHLC Vgc Management IV Limited 1 shared · one timeSolari Capital Management LLC 1 shared · one timeKhosla Ventures, LLC 1 shared · one timeK50 Ventures 1 shared · one timePortfolia Venture Management, LLC 1 shared · one timeMission Biocapital 1 shared · one timeAdvent Life Sciences LLP 1 shared · one timeOrbiMed 1 shared · one time · we led 1Loyal Valley Capital 1 shared · one time · they led 1 · we led 1
Limited partners
0 disclosed
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Timeline
16 dated events
- Sep 16, 2026Joan Chen (Vice President) no longer on the team page of Decheng Capital LLCPerson leftPeopleInferenceJoan ChenVenture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026Michael Notaras (Vice President) no longer on the team page of Decheng Capital LLCPerson leftPeopleInferenceMichael NotarasVenture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026Shengyang Jin (Vice President) no longer on the team page of Decheng Capital LLCPerson leftPeopleInferenceShengyang JinVenture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026Qiang Xu (Partner) no longer on the team page of Decheng Capital LLCPerson leftPeopleInferenceQiang XuVenture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026Tony Tong (Partner) no longer on the team page of Decheng Capital LLCPerson leftPeopleInferenceTony TongVenture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026Min Cui (Founder and Managing Director) no longer on the team page of Decheng Capital LLCPerson leftPeopleInferenceMin CuiVenture organization websites (about, team, portfolio, thesis, news pages)
- Aug 14, 2024Yuheng Nmn Qiu (Chief Compliance Officer) no longer on Schedule A of Decheng Capital LLC
- Aug 1, 2024Hongbo Nmn Bao joined Schedule A of Decheng Capital LLC as Chief Compliance Officer
- Oct 1, 2023Yuheng Nmn Qiu joined Schedule A of Decheng Capital LLC as Chief Compliance Officer
- May 15, 2023Laura Tse (Chief Compliance Officer) no longer on Schedule A of Decheng Capital LLC
- Nov 1, 2021Laura Tse joined Schedule A of Decheng Capital LLC as Chief Compliance Officer
- Mar 31, 2021Decheng Capital Global Life Sciences Fund IV, L.P. first reported on Form ADV by Decheng Capital LLC (Venture Capital Fund), GAV $660,000,000Fund first reported on Form ADVFundsFactDecheng Capital Global Life Sciences Fund IV, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 19, 2018Decheng Capital China Life Sciences Usd Fund I, L.P. first reported on Form ADV by Decheng Capital LLC (Venture Capital Fund), GAV $302,722,969Fund first reported on Form ADVFundsFactDecheng Capital China Life Sciences Usd Fund I, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 19, 2018Decheng Capital China Life Sciences Usd Fund II, L.P. first reported on Form ADV by Decheng Capital LLC (Venture Capital Fund), GAV $376,741,392Fund first reported on Form ADVFundsFactDecheng Capital China Life Sciences Usd Fund II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 19, 2018Decheng Capital China Life Sciences Usd Fund III, L.P. first reported on Form ADV by Decheng Capital LLC (Venture Capital Fund), GAV $469,910,000Fund first reported on Form ADVFundsFactDecheng Capital China Life Sciences Usd Fund III, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 19, 2018Decheng Capital LLC first filed Form ADV (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 12, 2026Institutional venture firm (probable, 80%, cls-1)venture manager, reported GAV $1,625M across 5 vehicles
- Sep 12, 2026Institutional venture firm (probable, 80%, cls-1)venture manager, reported GAV $1,625M across 4 vehicles
Evidence
57 observations from 3 sources