RA Capital Management is a thesis-driven, evidence-based multi-stage investment firm focused primarily on healthcare and life sciences, investing across private and public markets from company formation through commercialization. The firm underwrites scientific and technical validation rather than company age, using deep internal research capabilities such as TechAtlas and incubation through Raven to build high-conviction positions globally.
Evaluation weights
How much weight this firm places on each dimension. Totals 100%.
Revenue, growth, and unit economics
Size, timing, and competitive landscape
Founder experience and execution ability
Differentiation and technical quality
- Strong bias toward evidence and falsifiable milestones over stage labels
- Willingness to write very large checks when internal conviction is high
- Preference for complex science that can be underwritten through deep diligence
- Avoids ambiguous validation stories and late-stage risk without clear de-risking path
Pitch difficulty
How hard it is to get a meeting and close funding from this firm.
- Funded / yr
- 68Deals closed in a typical year.
- Led / yr
- 26Rounds led in the last 12 months.
- Pitches / yr
- ~37180Decks reviewed in a typical year.
- Acceptance rate
- 0.2%Share of pitches that get funded.
Estimated — public data is not fully disclosed.
Why it's hard
- Deep research-led underwriting via TechAtlas and iterative diligence
- High bar for scientific/technical validation and clear next milestones
- Avoidance of ambiguous, long-duration, late-stage risk without clean evidence
- Concentrated ability to lead very large rounds only when conviction is exceptional
RA Capital is highly selective because it combines broad stage flexibility with unusually deep, thesis-driven diligence and reserves large capital commitments for opportunities with exceptional scientific validation and a crisp path to further de-risking. Its focus on internal conviction, data quality, and milestone clarity makes the bar especially high even though the firm can invest across many stages.
Green flags
What drives a yes for this firm.
- Strong scientific or technical validation with credible supporting data
- A clear, time-bounded and capital-efficient path to the next validation milestone
- Large healthcare or life-science opportunity with differentiated underlying science
- Conviction generated through deep internal research and assumption-testing
- Management teams capable of executing through clinical, regulatory, and commercial inflection points
Red flags
What kills deals and gets a fast no.
- Unclear or speculative validation pathway with no decisive next experiment or trial
- Relying on post-hoc or weak evidence to justify a major late-stage bet
- Capital needs that are huge relative to the amount of risk retired
- Subsidy-dependent economics, especially in Planetary Health opportunities
- Management teams that are opaque, defensive, or unable to engage deeply on the data
How to win
Patterns that lead to successful pitches.
- Lead with the core data package and explain exactly what has been validated already
- Show a milestone-based financing plan that ties capital to uncertainty reduction
- Demonstrate why the science or product is genuinely differentiated versus alternatives
- Present a realistic regulatory, clinical, or commercialization path rather than a broad vision deck
- Bring a syndicate and governance approach compatible with long-term, evidence-based company building
Fund strategy & identity
Who they are and how they operate.
- Invests across the full company lifecycle from discovery to public-market follow-ons
- Anchors or participates in large private rounds when scientific conviction is strong
- Evaluates opportunities by validation status and the time/capital needed to reach key inflection points
- Uses equity, debt, royalty, and hybrid structured capital solutions for later-stage situations
- Maintains global scope with no strict geographic constraints
Firm identity
Investment focus
Industries, themes, and typical ARR expectations.
Industries
Investment themes
Typical check by stage
Typical ARR by stage
Investment thesis
Core beliefs and strategy behind their investing approach.
RA Capital Management is a multi‑stage venture capital firm that concentrates on healthcare and life‑science companies, including drugs, medical devices, diagnostics, services, and research tools. It invests across the full lifecycle—from discovery and company formation (through its Raven incubator) to commercialization and public markets—both in private and public securities. The firm’s thesis‑driven, evidence‑based process evaluates how validated a concept is and the time‑and‑capital required to achieve validation, rather than relying solely on company stage. Geographically, its portfolio spans the globe, with no strict regional limits. In addition to healthcare, RA has launched a Planetary Health Fund that targets capital‑efficient, market‑driven solutions in critical minerals, energy, manufacturing, agriculture, and environmental services, seeking near‑term deployment and profitability without heavy reliance on subsidies. Core beliefs include originating conviction through data‑driven analysis (TechAtlas), challenging assumptions, and maintaining flexibility to change views. RA avoids investments where validation pathways are unclear or where companies rely heavily on policy subsidies, and it steers clear of late‑stage, high‑risk bets that lack a clear route to commercial validation.
Decision patterns
How they evaluate and make investment decisions.
RA Capital invests when a company demonstrates strong scientific or technical validation and a clear, data‑driven path to further validation, emphasizing the amount of time and capital required to reach that point. The first meeting, typically led by a TechAtlas associate, gathers high‑level context; a second, often confidential meeting refines the view of what data are needed to reach a decision, and the process can be compressed to one‑to‑two weeks for time‑sensitive deals. Deal‑breakers include late‑stage, high‑risk scenarios such as a public company pursuing a Phase 3 trial based on post‑hoc analysis of a failed Phase 2 study, or any situation where the validation pathway is ambiguous. In early diligence, technology, data, and business model dominate; as the process advances, the team places increasing weight on the founders and management team, especially when RA intends to take board seats or provide operational support. The firm prefers co‑investors who conduct deep diligence and can write large checks, aligning with its long‑term value‑creation focus and reducing the likelihood of short‑term exit pressure.
Risk appetite
RA Capital demonstrates an aggressive, high‑conviction risk posture. It is prepared to invest from the seed stage through commercial‑stage financings, including IPOs and follow‑ons, and can lead, co‑lead, or participate as a follower. Check sizes vary from sub‑$1 million in early seed rounds to more than $75 million in a single round, and the firm has taken ownership stakes as high as 30 % of a public company. The launch of its Structured Capital platform, which offers equity, debt, royalty, and hybrid solutions, further illustrates comfort with later‑stage credit and structured risk. While flexible, the firm applies a rigorous, data‑driven diligence process to ensure that large exposures are only made when conviction is strong.
Notable investments
Key portfolio companies and why they fit the thesis.
- Capstan TherapeuticsLeadIn‑vivo CAR‑T platform with strong scientific upside; RA led a large Series B to advance pipeline translation.
- Outpace BioLeadAI‑powered cell therapy engineering for solid tumors; RA led the $144M Series B to drive first‑in‑human progress.
- Superluminal MedicinesLeadGenerative biology/chemistry/ML “membrane” company; RA led the $120M Series A, matching its platform biotech focus.
- ILiAD BiotechnologiesLeadNext‑gen whooping cough vaccine; RA led the $115M Series B to support pivotal development.
- Slate MedicinesLeadAnti‑PACAP migraine prevention therapies; RA co‑led the $130M Series A to advance a novel pathway.
- Convergent TherapeuticsLeadRadiopharmaceuticals for solid tumors; RA co‑led the $90M Series A, aligning with its radiopharma track record.
- EvommuneLeadChronic inflammatory disease pipeline; RA co‑led the $115M Series C to scale clinical programs.
- IDRxLeadPrecision oncology targeting GIST; RA led the $120M Series B, a classic precision‑oncology leadership round.
- Pahr TherapeuticsLeadPlatform for pulmonary arterial hypertension; RA co‑led the $14M Seed, showing early‑stage company building.
- Ventricle HealthLeadVirtual cardiology care network; RA led the $8M Seed, illustrating selective health‑tech bets with clinical impact.
Co-invested with
Other firms in this catalog who've backed the same companies.
No catalog overlap found yet. Co-investors are derived from each firm's notable investments — connections may surface as more firms are added.
Partners
Full firm roster — key partners, partners, and the wider team.
Key partners
Peter Kolchinsky
Managing Partner
RA Capital Management
Founder and Managing Partner at RA Capital Management, focused on public and private life sciences investments.
Rajeev Shah
Managing Partner and Portfolio Manager
RA Capital Management
Managing Partner and Portfolio Manager at RA Capital Management, focused on public and private healthcare and life-sciences investments.
Derek DiRocco, PhD
Partner
RA Capital Management
Partner at RA Capital Management focused on public and private healthcare investments.
Jake Simson, PhD
Partner
RA Capital Management
Partner at RA Capital Management investing across public and private healthcare companies.
Joshua (Josh) Resnick, MD
Partner
RA Capital Management
RA Capital Partner focused on early-stage healthcare investing and new company creation.
Partners
Rebecca Silberman, Ph.D.
Investment Director
RA Capital Management
RA Capital investment director focused on early-stage biotech and company creation.
Megan Lipscey
Investment Director, Invest Venture
RA Capital Management
RA Capital venture investment director focused on biotech diligence.
Laura Stoppel
Partner
RA Capital Management
RA Capital partner investing across public and private biotech companies.
Laura Tadvalkar
Managing Director
RA Capital Management
RA Capital venture MD focused on biotech company creation and early-stage investments.
Jonathan Pritz
Investment Director
RA Capital Management
Venture investment director supporting biotech theses and portfolio strategy.
Matthew Hammond
Partner
RA Capital Management
RA Capital partner investing across public and private life sciences companies.
Jeremy Lack
Senior Managing Director and Partner, Structured Capital
RA Capital Management
Structured capital partner focused on commercial-stage healthcare financing.
Brent Sanders
Chief Information Officer
RA Capital Management
CIO overseeing RA Capital's IT, security, development, data, and AI capabilities.
Monica Stanciu, PhD
Director
RA Capital Management
TechAtlas director supporting RA Capital's strategic research and diligence work.
Nandita Shangari
Managing Director
RA Capital Management
RA Capital venture MD with prior Novartis Venture Fund and Kymriah program experience.
Tess Cameron
Managing Director
RA Capital Management
RA Capital venture MD with biotech finance and corporate transactions experience.
Zach Scheiner
Partner
RA Capital Management
RA Capital partner investing across public and private biotech companies.
Alyssa Larson
Director, Healthcare Specialist - Investor Relations
RA Capital Management
TechAtlas director supporting healthcare diligence and investor relations.
Emily Minkow
Managing Director
RA Capital Management
Venture managing director leading biotech investments and company creation.
Jenna Hebert, PhD
Investment Director, Invest Venture
RA Capital Management
Venture investment director focused on biotech due diligence and early-stage opportunities.
Alexander Martinez-Forte
Director, Quantitative Research & Strategy
RA Capital Management
RA Capital director leading quantitative analyses for investment decisions and portfolio management.
Allison Harrigan
Senior Director Corporate Development
RA Capital Management
Raven corporate development leader focused on biotech company creation.
Team
Eric Wei
Associate, Structured Capital
RA Capital Management
Structured capital associate focused on healthcare and life sciences deals.
Vincent Miao
Senior Associate, HTS
RA Capital Management
HTS senior associate evaluating healthcare technology and life-science investment opportunities.
Elena Rubini
Associate
RA Capital Management
TechAtlas associate focused on therapeutic diligence and pipeline strategy.
Dawei Zhang
Associate
RA Capital Management
TechAtlas associate focused on therapeutic diligence, competitive landscapes, and portfolio strategy.
Davis Buchanan
Associate, Structured Capital
RA Capital Management
Structured Capital associate supporting healthcare sourcing, diligence, and deal execution.
Kerry Klemmer
Associate
RA Capital Management
Planetary Health Associate focused on climate solutions, atmospheric modeling, and competitive landscapes.
Jacqueline Rhuda
Analyst, Quantitative Research & Strategy
RA Capital Management
Quantitative research analyst supporting RA Capital's investment decisions.
Ami Thakrar, PhD
Associate
RA Capital Management
TechAtlas associate focused on biotech diligence and program strategy.
Xinzhe Fang
Associate
RA Capital Management
TechAtlas associate focused on biotech investing, business development, and program strategy.
Tyler Carney
Associate, Structured Capital
RA Capital Management
Structured Capital Associate focused on healthcare sourcing, diligence, modeling, and execution.
Tim Howard, PhD
Senior Infectious Disease Associate
RA Capital Management
Senior Infectious Disease Associate focused on biotech diligence and program strategy.
Sahiba Baveja
Associate, Structured Capital
RA Capital Management
Structured Capital Associate supporting healthcare sourcing, diligence, modeling, and execution.
Alana MacDonald, Ph.D.
Senior Associate
RA Capital Management
Senior TechAtlas associate focused on biotech diligence, landscapes, and portfolio strategy.
Matt Renna
Managing Partner
RA Capital Management
Healthcare investor and former RA Capital Senior Equity Analyst, now Managing Partner at Westfield.
Christopher Brown
Senior Associate, Planetary Health
RA Capital Management
RA Capital Planetary Health senior associate focused on competitive landscapes.
Nick Picca
Senior Associate, Strategic Initiatives
RA Capital Management
Strategic Initiatives Senior Associate focused on healthcare technology and services.
Breanna O'Reilly
Analyst
RA Capital Management
Investment analyst focused on biotech due diligence.
Emory Werner, MD
Investment Director, Invest Venture
RA Capital Management
Venture investment director focused on biotechnology diligence.
Prithviraj Singha Roy
Analyst
RA Capital Management
Healthcare technology and services investor on RA Capital's Investment Team.
Anurag Kondapalli
Principal
RA Capital Management
Principal investing across public and private healthcare technology and services companies.
Santiago A.
Associate
RA Capital Management
TechAtlas Associate with cancer biology, genomics, and biotech venture diligence experience.
Neil P.
Associate
RA Capital Management
TechAtlas Associate and former deep-tech and healthtech venture investor.
Peter Balogh
Analyst
RA Capital Management
Investment Team Analyst focused on biotech diligence and portfolio pipeline strategy.
Tobias Kaiser, PhD
Associate
RA Capital Management
TechAtlas Associate with biotech company-building, drug-development, and neuroscience experience.
Julie (Philippe) Gupta, PhD
Senior Associate, Corporate Development, Venture
RA Capital Management
Venture senior associate focused on therapeutics investing and portfolio strategy.
Gene Ng
Analyst-Equity
RA Capital Management
Former RA Capital equity analyst.
Justin Waney
Vice President, Structured Capital
RA Capital Management
Structured capital VP focused on healthcare and life sciences investments.
Abigail (Lauterbach) Schmitz
Senior Associate
RA Capital Management
TechAtlas senior associate evaluating biotech opportunities and competitive landscapes.
Henry Stusnick
Analyst
RA Capital Management
Investment analyst focused on therapeutics diligence and portfolio strategy.
Victoria Blake
Associate
RA Capital Management
TechAtlas associate focused on biotech landscapes, genetic medicines, and portfolio strategy.
Nishi Jain
Associate
RA Capital Management
TechAtlas Associate focused on biotech diligence and therapeutic-area investment evaluation.
Maxwell DeNies
Analyst
RA Capital Management
Biotech investor and RA Capital analyst focused on diligence and pipeline strategy.
Shan Shan Wang
Associate Director
RA Capital Management
TechAtlas Associate Director focused on strategic diligence, vaccines, and gene therapies.
Walter Dauksher
Associate, Strategic Initiatives
RA Capital Management
Strategic initiatives associate supporting RA Capital research and diligence.
Anish K. More
Vice President, Corporate Development
RA Capital Management
Raven corporate-development VP focused on investment evaluation and NewCo creation.
Alex Miller
Senior Associate, Venture
RA Capital Management
Venture senior associate focused on biotech diligence and portfolio strategy.
Fuad Naser
Analyst
RA Capital Management
Investment analyst focused on HTS, medical devices, diagnostics, and life science tools.
Kristopher Shuman
Associate, Quantitative Research and Strategy
RA Capital Management
Quantitative Research & Strategy Associate supporting RA Capital investment analysis.
Nicholas Surdel
Senior Associate, Strategic Initiatives
RA Capital Management
Strategic Initiatives Senior Associate focused on robotics and labor productivity.
Kelcee Everette, PhD
Associate
RA Capital Management
TechAtlas Associate focused on biotech diligence, genome editing, and portfolio strategy.
Adam Prince, MD
Senior Associate, Strategic Initiatives
RA Capital Management
RA Capital TechAtlas senior associate with cardiology and medical training.
Meredith Collins
Associate Director, Research
RA Capital Management
Associate Director of Research leading RA Capital's TechAtlas research operations.
Alex T. Zhang
Vice President, Structured Capital
RA Capital Management
Structured Capital VP focused on healthcare and life-sciences credit investments.
Alejandro Sevilla
Associate
RA Capital Management
Planetary Health associate focused on climate-tech landscapes and investment evaluation.
Caitlin Blinkhorn
Associate, Corporate Development
RA Capital Management
Corporate-development associate focused on biotech landscapes and investment evaluation.
Michael Chan
Primary Market Research Associate
RA Capital Management
Primary market research associate supporting healthcare investment teams with custom surveys.
Sarah Y Neshat, PhD
Associate
RA Capital Management
TechAtlas Associate with biotech investing, gene therapy, and venture-creation experience.
Public voice
Notable statements and public positions.
- “We are dedicated to evidence‑based investing in public and private healthcare and life science companies developing drugs, medical devices, diagnostics, services, and research tools.” – RA Capital website
- “We judge how investible a company is not by the maturity of the company itself but by how validated the concept is and, if not validated, how much time and money it will take to validate it… we might not invest in a public company that is running a five‑year Phase 3 trial with a novel mechanism based on a post‑hoc analysis of a failed Phase 2 study.” – RA Capital FAQ
- “Superluminal’s platform and team have demonstrated success, and we are pleased to continue to support the company’s further growth and development.” – Andrew Levin, MD, PhD, Partner & Managing Director, RA Capital (on leading Superluminal’s $120 M Series A)
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