Co-win Healthcare Fund

Ma Shichun serves as Managing Partner and leads the dedicated healthcare investment team. He operates with substantial autonomy from parent firm Cowin Capital's broader investment committee, reflecting the vertical's sector-specialist structure. The firm's founders, Alex Zheng and Huang Li, remain involved at the Cowin Capital level but day-to-day healthcare decisions rest with Ma's team across the US offices.

The firm's multi-city US presence — Menlo Park, Princeton, New York, Fairfax, and Columbia — gives it proximity to major biomedical research clusters, including Stanford, Princeton University, and Johns Hopkins. Sourcing relies on university tech-transfer offices, FDA-regulatory networks, and the parent firm's Shenzhen-based corporate partners who identify US startups seeking China market access. This dual-continent origination model is the firm's primary differentiator.

Neither strictly. It is a sector-specialist fund within Cowin Capital, an asset management firm founded by Alex Zheng and Huang Li. The healthcare vertical manages third-party capital alongside founder capital, but operates with its own investment committee and team. The parent firm does not publicly disclose whether founder wealth is the primary LP source, so classifying it as a family office would be imprecise.

The firm invests across venture and growth stages in life sciences. Early-stage commitments typically target preclinical or Phase I biotech assets ready for US-China regulatory bridging strategies, while growth-stage allocations focus on medical device and diagnostic companies with FDA clearance and a clear path to China NMPA approval and manufacturing scale-up.

Co-win Healthcare Fund is the dedicated life-sciences vertical of Cowin Capital (Tongchuangweiye), a Shenzhen-headquartered investment firm founded by Zheng Weihe and Huang Li. Cowin Capital operates multiple sector-specific fund strategies, with healthcare being one autonomous unit. The healthcare team maintains separate US offices and investment decision-making authority while sharing Cowin Capital's back-office infrastructure and LP relationships.