# RA Capital Management: portfolio, investments and team

> RA Capital Management is a private equity based in United States. 394 investments on record, 117 in the last 12 months, latest Oct 2026.

Source: https://millionrounds.com/fund/ra-capital-management (Millionrounds; every figure on the page links to its filing or article)

United States · [Investor](https://millionrounds.com/investors)

# RA Capital Management

Last cheque observed Oct 2026; 394 cheques on record.

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Deploying now New fund $122M, Jul 2025 Private equity

Seed Series A Series B Therapeutic Cgt Drugs

Follow RA Capital Management and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fra-capital-management)

Deploying now

**88%** of best year **117** **cheques in 12 months**, 394 on record

Since the last cheque **8** days **00** hrs **00** min **00** sec

Median round **$93M** Rounds led **14 of 394** Sole investor **17 rounds** Exits **5 from the portfolio** Mostly in **United States, 84%**

Pitch RA Capital Management

## RA Capital Management highlights

- 01 117 cheques in the last 12 months
- 02 Mostly Series B and Series C: 54% of its rounds
- 03 Sole investor in 17 rounds, median $21M
- 04 5 exits from the portfolio

## What they do

> RA Capital founds, funds, and scales companies across healthcare and planetary health to build a healthier future for all. From their own website

- **Type:** Private equity (from a list, unverified)
- **Cheque size:** Up to $5.0M as they say
- **Stages:** Seed Series A Series B Growth Pre-IPO
- **Sectors:** Therapeutic Cgt Drugs
- **Based in:** Boston, United States
- **Cold pitches:** Accepted

## The record

Every round we can evidence, newest first **394 appearances**

- **2026** 98 rounds
- **Oct** **[Star Therapeutics](https://millionrounds.com/company/star-therapeutics)** US · Pulse 2.0 **$200M** With 10 others
- **Oct** **[Zai Lab](https://millionrounds.com/company/zai-lab)** CN · Pulse 2.0 **$250M** With 10 others
- **Oct** **[Optivolt](https://millionrounds.com/company/optivolt)** Series A · US · Google News search **$32M** With 6 others
- **Sept** **[Korsana Biosciences](https://millionrounds.com/company/korsana-biosciences)** US **$380M** With 3 others
- **Sept** **[AN2 Therapeutics](https://millionrounds.com/company/an2-therapeutics)** Grant · US **$40M** With 4 others
- **Sept** **[Navigator Medicines](https://millionrounds.com/company/navigator-medicines)** Venture · US **$10M** With 1 other
- **Sept** **[Tyra Biosciences](https://millionrounds.com/company/tyra-biosciences)** US **$400M** With 5 others
- **Sept** **[Tectora Therapeutics](https://millionrounds.com/company/tectora-therapeutics)** Series A · US **$55M** With 1 other
- **Sept** **[Helus Pharma](https://millionrounds.com/company/helus-pharma)** CA **$50M** With 3 others
- **Sept** **[Solstice Oncology](https://millionrounds.com/company/solstice-oncology)** Series A · US **$225M** With 2 others
- **Sept** **[Planted](https://millionrounds.com/company/planted)** Venture · US **$32M** With 2 others
- **Sept** **[Circle Pharma](https://millionrounds.com/company/circle-pharma)** Series E · US **$93M** With 1 other
- **Sept** **[Superluminal Medicines](https://millionrounds.com/company/superluminal-medicines)** Series B · US **$66M** With 4 others
- **Sept** **[MMI](https://millionrounds.com/company/mmi)** Venture **$20M** With 4 others
- **Sept** **[Pyxis Oncology](https://millionrounds.com/company/pyxis-oncology)** US **$110M** With 4 others
- **Sept** **[Typewriter Therapeutics](https://millionrounds.com/company/typewriter-therapeutics)** Series A · US **$56M** With 1 other
- **Aug** **[Reframe Systems](https://millionrounds.com/company/reframe-systems)** US · Ventureburn **$40M** With 12 others
- **Aug** **[AusperBio Therapeutics](https://millionrounds.com/company/ausperbio-therapeutics)** Series C · US · TechStartups **$120M** With 7 others
- **Aug** **[Expedition Therapeutics](https://millionrounds.com/company/expedition-therapeutics)** Series B · US **$115M** With 3 others
- **Jul** **[Q32 Bio](https://millionrounds.com/company/q32-bio)** US **$200M** With 2 others
- **Jul** **[Spero Therapeutics](https://millionrounds.com/company/spero-therapeutics)** Debt · US · HealthCare Royalty **$105M** With 3 others
- **Jul** **[Commons Clinic](https://millionrounds.com/company/commons-clinic)** Venture · US **$10M** With 2 others
- **Jul** **[Alchemab Therapeutics](https://millionrounds.com/company/alchemab-therapeutics)** Series A · GB **$34M** With 4 others
- **Jul** **[Claris Biotherapeutics](https://millionrounds.com/company/claris-biotherapeutics)** Series B · US **$118M** With 4 others
- **Jul** **[Freenome](https://millionrounds.com/company/freenome)** US **$240M** With 4 others
- **Jul** **[Dyne Therapeutics](https://millionrounds.com/company/dyne-therapeutics)** US **$375M** With 3 others
- **Jul** **[Scribe Therapeutics](https://millionrounds.com/company/scribe-therapeutics)** US **$7.5M** With 4 others
- **Jun** **[cAMPfield Therapeutics, Inc.](https://millionrounds.com/company/campfield-therapeutics-inc)** Series A · US · Frazier Life Sciences **$180M** With 7 others
- **Jun** **[SonoThera](https://millionrounds.com/company/sonothera)** Series B · US · Ventureburn **$125M** With 10 others
- **Jun** **[Element Biosciences](https://millionrounds.com/company/element-biosciences)** Growth · US · Ventureburn **$175M** With 4 others
- **Jun** **[Contraline](https://millionrounds.com/company/contraline)** Series B · Ventureburn **$93M** *Led*
- **Jun** **[Aurinia Pharmaceuticals](https://millionrounds.com/company/aurinia-pharmaceuticals)** CA **$3.1M** With 2 others
- **Jun** **[CervoMed](https://millionrounds.com/company/cervomed)** US **$11M** Sole investor
- **Jun** **[Medicenna Therapeutics](https://millionrounds.com/company/medicenna-therapeutics)** CA **$4.4M** With 1 other
- **Jun** **[Memento Medicines](https://millionrounds.com/company/memento-medicines)** Series A · GB · Avego Management **$93M** With 4 others
- **Jun** **[Celcuity](https://millionrounds.com/company/celcuity)** Debt · US **$500M** With 3 others
- **Jun** **[Ollin Biosciences](https://millionrounds.com/company/ollin-biosciences)** Series B · US **$330M** With 4 others
- **Jun** **[Mineralys Therapeutics](https://millionrounds.com/company/mineralys-therapeutics)** Debt · US **$500M** With 5 others
- **Jun** **[Tango Therapeutics](https://millionrounds.com/company/tango-therapeutics)** US **$600M** With 2 others
- **Jun** **[Jade Biosciences](https://millionrounds.com/company/jade-biosciences)** US **$150M** With 4 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **9 named**

BO **Brigid O'Brien** Executive Officer i Filing they signed

CJ **Christopher James Caliri** Chief Information Officer i Form ADV

EP **Eric Paul Rose** Chief Compliance Officer i Form ADV

KT **Kyle Teamey** Executive Officer i Filing they signed

MS **Michael Saulnier** Chief Financial Officer i Form ADV

P(**Peter (nmn) Kolchinsky** Dr. Kolchinsky is a Managing Partner i Filing they signed

RM **Rajeev Mahesh Shah** Mr. Shah is a Managing Partner i Filing they signed

RH **Richard H. (mi Only) Aldrich** Partner i Form ADV

SW **Sarah Watt Burgess Reed** General Counsel i Form ADV

We also hold **122** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$16B** assets it manages Oct 2026

**Registered** investment adviser full reporting to the SEC

- **Legal name:** RA Capital Management, LP
- **SEC number:** CRD 160174

Funds on its Form ADV

**5** private funds, **$11B** in gross assets · filed Mar 2024

Venture **4** Hedge **1**

- RA Capital Healthcare Fund, L.P. *Hedge* 1,046 investors $9.4B
- RA Capital Nexus III Fund, L.P. *Venture* 234 investors $1.0B
- RA Capital Nexus II Fund, L.P. *Venture* 196 investors $430M
- RA Capital Nexus Fund, L.P. *Venture* 95 investors $309M
- RA Capital Planetary Health Fund, L.P. *Venture* 17 investors $62M

## What they claim to have backed

From their own portfolio page (on their website)

**0** of 2 we have independently watched raise

Gateway ↗ Board tools Racap

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

## Exits from the portfolio

Companies it backed that were later bought or listed **5 in all**

**[ZS Pharma](https://millionrounds.com/company/zs-pharma)** Bought by [AstraZeneca](https://millionrounds.com/fund/astrazeneca) **$2.7B** Nov 2015

**[Civitas Therapeutics](https://millionrounds.com/company/civitas-therapeutics)** Bought by Acorda Therapeutics **$525M** Sept 2014

**[Lumena Pharmaceuticals](https://millionrounds.com/company/lumena-pharmaceuticals)** Bought by [Shire](https://millionrounds.com/fund/shire) **$260M** May 2014

**[bluebird bio](https://millionrounds.com/company/bluebird-bio)** Listed **$101M** Jun 2013

**[Genelabs Technologies](https://millionrounds.com/company/genelabs-technologies)** Bought by [GlaxoSmithKline](https://millionrounds.com/fund/glaxosmithkline) **$57M** Nov 2008

An exit counts when it came after the firm's first round in the company. From historical deal records.

New fund on file

**$122M**

raised in Jul 2025

From its SEC filing, not a journalist: a firm that has just raised has money to deploy.

## The cheque

Seed Series A Series B

Median round joined **$93M** the round, not its cheque Alone, median **$21M**

Led 14 of 394 rounds **4%**

- **Said size:** Up to $5.0M
- **Sole investor:** 17 rounds
- **Last cheque:** Oct 2026
- **Exits:** 5 from the portfolio

Rounds by stage said on their site

- Series B said *72*
- Series C *48*
- Series A said *45*
- Venture *38*
- Series D *19*
- Seed said *-*
- Growth said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Janus Henderson Investors](https://millionrounds.com/fund/janus-henderson-investors) 68
- [OrbiMed](https://millionrounds.com/fund/orbimed) 52
- [Cormorant Asset Management](https://millionrounds.com/fund/cormorant-asset-management) 45
- [Perceptive Advisors](https://millionrounds.com/fund/perceptive-advisors) 45
- [Wellington Management](https://millionrounds.com/fund/wellington-management) 39
- [Vivo Capital](https://millionrounds.com/fund/vivo-capital) 37

**Pitching RA Capital Management?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as RA Capital Management. A count of rooms they were both in, not a relationship either has claimed.

[**Janus Henderson Investors** Private equity **68** rounds together](https://millionrounds.com/fund/janus-henderson-investors)[**OrbiMed** Private equity **52** rounds together](https://millionrounds.com/fund/orbimed)[**Cormorant Asset Management** Private equity **45** rounds together](https://millionrounds.com/fund/cormorant-asset-management)[**Perceptive Advisors** Asset manager **45** rounds together](https://millionrounds.com/fund/perceptive-advisors)[**Wellington Management** VC firm **39** rounds together](https://millionrounds.com/fund/wellington-management)[**Vivo Capital** Private equity **37** rounds together](https://millionrounds.com/fund/vivo-capital)[**Foresite Capital** Private equity **26** rounds together](https://millionrounds.com/fund/forsite-capital)[**New Enterprise Associates** VC firm **25** rounds together](https://millionrounds.com/fund/new-enterprise-associates)[**Venrock** VC firm **25** rounds together](https://millionrounds.com/fund/venrock)[**Adage Capital Management** Asset manager **24** rounds together](https://millionrounds.com/fund/adage-capital-management)[**RTW Investments LLC** Growth equity **23** rounds together](https://millionrounds.com/fund/rtw-investments-lp)[**Deerfield** VC firm **21** rounds together](https://millionrounds.com/fund/deerfield)

## Recently backed

The latest companies RA Capital Management put money into.

[**Star Therapeutics** $200M · Oct 2026](https://millionrounds.com/company/star-therapeutics)[**Optivolt** $32M · Oct 2026](https://millionrounds.com/company/optivolt)[**Korsana Biosciences** $380M · Sept 2026](https://millionrounds.com/company/korsana-biosciences)[**AN2 Therapeutics** $40M · Sept 2026](https://millionrounds.com/company/an2-therapeutics)[**Tyra Biosciences** $400M · Sept 2026](https://millionrounds.com/company/tyra-biosciences)[**Tectora Therapeutics** $55M · Sept 2026](https://millionrounds.com/company/tectora-therapeutics)

## Quick answers about RA Capital Management

### What does RA Capital Management invest in?

RA Capital Management invests most often at Series B and Series C (54% of the rounds on record), in sectors such as Therapeutic, Cgt and Drugs.

### How active is RA Capital Management?

394 investments on record, 117 of them in the last 12 months, and it led 14. The most recent was in Oct 2026.

### What has RA Capital Management invested in recently?

Its most recent investments on record: Star Therapeutics (Undisclosed round, Oct 2026), Zai Lab (Undisclosed round, Oct 2026) and Optivolt (Series A, Oct 2026).

### How big are RA Capital Management's cheques?

The median round it joins is $93M.

### Does RA Capital Management lead rounds?

Sometimes: it led 14 of its 394 investments on record (4%).

### Where does RA Capital Management invest?

Most of the companies it backs are in the United States (84%), Canada (8%) and the United Kingdom (5%).

### Is RA Capital Management investing now?

Yes: it is actively investing, with 117 investments in the last 12 months.

### Who does RA Capital Management invest alongside?

Most often Janus Henderson Investors (68 rounds together), OrbiMed (52 rounds together) and Cormorant Asset Management (45 rounds together).

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