Nisa Leung’s Aulis Capital closes $200M debut fund for cross-border biotech
What's the deal? Aulis CapitalDealroom has a profile for this one. Try Dealroom →, the firm founded by former Qiming Venture Partners investor Nisa Leung, has closed its inaugural fund at $200 million to back life sciences and healthcare companies. Operating from Hong Kong and California, it will invest in early- and growth-stage companies.
Who's behind it? Leung is founding managing partner. Former McKinsey & Co.Dealroom has a profile for this one. Try Dealroom → partner Franck Le Deu joined this year as a venture partner.
What's the strategy? Aulis combines scientific, analytical, and investment expertise to accelerate innovation across life sciences and healthcare. "We remain focused on backing visionary entrepreneurs whose work creates lasting value for humanity and society," Leung said.
The track record: Aulis already backs EpiBiologics, named to Fierce Biotech's 2026 Fierce 15. In January 2026, the San Mateo company closed a $107 million Series B co-led by GV and Johnson & Johnson Innovation, with Aulis participating alongside Roche Venture FundDealroom has a profile for this one. Try Dealroom → and Novartis Venture FundDealroom has a profile for this one. Try Dealroom →.
Why now? Leung's thesis bets on bridging Western and Asian biotech, with China positioned as a source of globally valuable innovation. That view has traction: China-origin assets accounted for 42% of large-cap licensing deals with at least $50 million upfront, and J.P. Morgan reported $16.3 billion in biopharma venture funding in H1 2026.
What could go wrong? Dealmaking momentum has not translated into a broad funding boom. Venture rounds remain below prior-cycle levels, and capital favours more advanced, clinically de-risked assets.
The signal: A $200 million debut fund is a substantial new vehicle for cross-border healthcare investing. Its significance will hinge on whether Aulis can source and support companies that bridge early-stage science and global partnerships.
Read more: biocentury.com
Image credit: Generated with Gemini
