China-focused life sciences investment fund manager Lilly Asia Ventures has closed LAV Biosciences Fund V at its hard cap of USD750 million. Investors in the fund include US-based pension funds SFERS and LACERA, which committed USD40 million and USD100 million, respectively. Separately, Lilly also joined GIC, LYFE Capital, CMB International Capital, Sequoia Capital China, and T&Brothers Capital in a CNY850 million (approximately USD126 million) Series C financing round for China-based cancer diagnostics company Burning Rock. The capital will be used for product development, as well as sales and marketing expansion.