Lake Bleu Capital

David Yang, the founder and Chief Investment Officer, leads all investment decisions. Before launching Lake Bleu in 2016, Yang worked as a healthcare analyst at Orbimed and Hillhouse Capital, two of the largest healthcare-focused investment firms globally. His role at Hillhouse, a firm known for applying a private-equity mindset to public markets, heavily influenced Lake Bleu's long-duration, concentrated portfolio approach.

Lake Bleu operates a crossover healthcare strategy, investing in both publicly traded equities and late-stage private companies. The firm's mandate allows it to hold public positions for extended periods, treating them more like private holdings than liquid trading instruments. Confirmed public equity positions have included Wuxi Biologics, while private investments span pre-IPO biotech and pharmaceutical companies in Greater China.

The firm is exclusively dedicated to healthcare. It targets three subsectors: biopharmaceuticals, medical devices, and healthcare services. Lake Bleu looks for companies where scientific complexity or evolving regulatory environments in China and Asia create valuation gaps.

On the private side, Lake Bleu targets late-stage, pre-IPO companies within healthcare. On the public side, it buys into already-listed healthcare companies, often biotechnology firms. It does not typically engage in early-stage seed or Series A venture rounds.

The firm's primary focus is Greater China, where it has backed companies like Zai Lab and CStone Pharmaceuticals. It also selectively invests in US-based biotechnology companies, particularly those pursuing regulatory approval or commercialization partnerships in Asia.

Lake Bleu Capital is an asset manager. It raises dedicated healthcare-focused funds from a mix of institutional investors and family offices. It is not a single family office and does not operate a multi-family office platform.

At Hillhouse, Yang observed a model that applied private equity due-diligence rigor to public market investing, holding positions for years rather than quarters. He imported that philosophy to Lake Bleu, which holds concentrated, conviction-weighted positions in healthcare and avoids short-term trading or broad diversification across sectors.