For decades, lupus has remained one of the most complex challenges in modern medicine. Its extreme heterogeneity, where symptoms and triggers can vary widely from one patient to the next, has made the disease difficult to study, diagnose, and treat.

As a result, lupus has often been passed over by traditional venture capital in favor of conditions with more predictable development paths.

That dynamic is now beginning to change.

A growing wave of scientific advances, regulatory progress, and an increasingly active clinical pipeline is signaling a turning point for millions of patients worldwide.

At the center of this shift is Lupus Ventures, a mission driven investment fund launched by the Lupus Research Alliance.

The fund combines the discipline of life sciences venture capital with a clear focus on return on mission, aiming to close the funding gap that has long stalled promising breakthroughs in autoimmune disease research.

In this spotlight, we speak with Nishant Rastogi, Managing Director of Lupus Ventures.

Drawing on more than a decade of experience in biotech private equity and venture capital, Nishant explains why he chose to lead a mission driven fund, why early diagnostics are critical to improving patient outcomes, and how Lupus Ventures is helping reshape how cures are funded for historically underserved diseases.

Q: Lupus has long been underfunded and overlooked. As a life sciences investor, why has research lagged until now, and why is this the right moment to launch Lupus Ventures?

Nishant: For decades, lupus has been a tough disease for traditional R&D and venture capital to embrace because of its heterogeneity, which means that symptoms differ and can change over time.

There are several potential triggers or underlying causes, and response to treatment also varies. The complexity of the disease makes developing therapies and diagnostics, and demonstrating patient response, incredibly challenging.

That combination has historically pushed investors and developers away from lupus and towards areas with more straightforward, precedented development paths.

What’s changed is that our understanding of lupus as a disease is advancing, the clinical trial ecosystem is stronger, and the pipeline is more robust than many people realize.

Furthermore, with the approval of Gazyva® for lupus nephritis from Genentech in late 2025, the recent FDA Breakthrough designation for litifilimab from Biogen in cutaneous lupus, and general pharma M&A activity in immunology, we are seeing increasing industry interest in developing novel treatments for lupus.

There are currently more than 140 lupus therapies in clinical trials from 120 companies. Fueling part of that momentum is the Lupus Research Alliance, which has invested over $284 million in lupus research across 650+ research grants while clinical affiliate, Lupus Therapeutics, is involved in 25–30% of active lupus trials.

This confluence of scientific progress and industry interest is why we believe now is a good time to launch Lupus Ventures.

Q: You have spent more than a decade in biotech venture capital and private equity. What convinced you that this role was worth stepping outside a traditional venture path?

Nishant: Growing up in a family of physicians, I’ve always had an appreciation for science, medicine, service, and impact. My motivation to pursue a career in biotech venture capital and private equity stems from my desire to help improve healthcare and advance treatments that can impact patients' lives.

I don’t see this role as ‘stepping outside’ a traditional path. Instead, I see it as a natural next step in my career to lead a fund that aligns with my values.

At Broadview, we supported many companies that have since changed the standard of care in cardiovascular disease.

Most recently, at New Rhein, I collaborated with many companies that are doing the same in urology, pulmonary arterial hypertension, migraine, and other areas. I hope to continue that track record in lupus, as the need is significant.

What ultimately drew me here is the chance to apply the same discipline and rigor of venture investing, but now with the backing of an organization like the Lupus Research Alliance, which has built an extraordinary infrastructure over decades, spanning basic and translational research through clinical development, and becoming the world’s largest private funder of lupus research along the way.

In this role, I have the privilege of combining my experience in venture investing with the scientific and clinical development expertise of the Lupus Research Alliance.

Q: Lupus Ventures blends philanthropy with venture capital. In practical terms, how does this change how you make investment decisions compared to a conventional VC fund?

Nishant: At Lupus Ventures, our success metric is ‘return on mission’ rather than return on dollar. While we hope to generate sustainable financial returns for the fund, our primary mission is to advance science, improve the standard of care in lupus, and deliver meaningful value to the millions of people living with lupus worldwide.

Some metrics we may use to define success include:

• The number of regulatory milestones achieved.
• The number of preclinical or clinical trials initiated.
• The number of scientific publications produced.
• The number of patients enrolled in clinical investigations.
• The number of product approvals secured.
• The amount of additional investment attracted to lupus programs.

That focus on ‘return on mission’ changes how we invest in practical ways. It allows us to engage earlier, take on risks that for-profit investors won’t, and support not just therapeutics but also diagnostics and enabling technologies that can transform care and accelerate development.

We still underwrite with the same discipline, such as strong data, credible development plans, clear milestones, but our north star is impact.

Q: Delayed and inaccurate diagnosis remains one of the most difficult realities for lupus patients. Why are diagnostics as critical as new therapies in changing outcomes, and how does that shape your investment strategy?

Nishant: This is a great question, and a challenge I’ve come to appreciate more after speaking with lupus patients. Delayed and inaccurate diagnosis not only impacts the physical well-being of a patient, but it also creates immense emotional distress and can cause significant financial issues as well.

It can take several years, multiple doctor visits, and numerous lab tests to diagnose lupus, even though timely intervention is needed.

Diagnostics are critical because earlier intervention improves outcomes: there is a 25% reduction in lupus-related hospitalizations and a 1.5x reduction in the risk of lupus mortality related to irreversible organ damage with earlier treatment.

Given the unmet need in lupus diagnosis, and the importance of earlier intervention to drive improved outcomes, diagnostics — and additional biomarker identification for the utilization of diagnostic and drug development — is a key part of our investment focus.

Q: Many promising autoimmune breakthroughs stall between early research and real-world clinical use. How does Lupus Ventures help bridge that gap in ways traditional grant funding or venture capital often fails to do?

Nishant: Lupus Ventures can provide financing to biotech companies that have exhausted academic grants or non-dilutive funding options but have not yet gained traction with traditional for-profit venture investors.

Part of our mission is to support biotech companies in this ‘funding gap’ and help them either reach their next value-creating milestone or attract further funding for their programs through our network of non-dilutive sources and business development connections to bankers, consultants, and traditional venture capital firms.

Q: Looking five to ten years ahead, what does real success look like for Lupus Ventures, not just financially, but in how lupus care and treatment change for patients?

Nishant: Success for Lupus Ventures will ultimately be defined by our contributions to improving the standard of care for people living with lupus. In the short term, success is becoming the world’s ‘go-to’ funding source for any scientist, investigator, or biotech company developing in lupus.

In 5-10 years, I hope that results in us:

• Building and supporting a portfolio of companies advancing credible programs through clinical, regulatory, commercial, or other milestones.
• Attracting investment to high-potential technologies in lupus.
• Delivering products that significantly improve the standard of care.

The real success measure is patient impact, scientific advancement, and furthering the mission of the Lupus Research Alliance, which is to drive the discovery and development of next-generation lupus diagnostics and curative treatments through innovative research, collaborations, and targeted investment.