RA Capital Management: Platform Profile

Overview

RA Capital Management is a Boston-based investment manager focused on healthcare, life sciences and related planetary-health opportunities. The firm invests across company creation, venture stages, crossover rounds, IPOs, public markets and structured capital.

That full-lifecycle model makes RA Capital broader than a traditional public-biotech hedge fund.

May fit better for

• investors seeking specialist healthcare and life-sciences exposure;
• allocators comfortable with public/private crossover investing;
• investors interested in venture, public equity and structured capital within one platform;
• qualified investors able to tolerate clinical, regulatory and financing risk;
• investors with long time horizons across company-development stages.

May fit less well for

• investors seeking sector-neutral diversification;
• retail users seeking public self-service hedge-fund access;
• users who treat the 13F as RA Capital's complete portfolio;
• investors uncomfortable with private-company valuation and liquidity;
• investors expecting all RA vehicles to have identical terms.

RA Capital is SEC registered

• Legal adviser: RA Capital Management, LP
• CRD: 160174
• SEC number: 801-73980
• SEC registration effective: 2012-03-30
• SEC registered investment adviser: Yes

First-party public AUM is $14.4B+ as of December 31, 2025

Current first-party About page:

• Public AUM: $14.4B+
• Public AUM as of: 2025-12-31
• Team size: 200+

The public figure is dated and should remain dated.

Current regulatory AUM is $16.4B

Current March 31, 2026 Form-ADV disclosures show:

• Regulatory AUM: $16.4B
• Regulatory AUM as of: 2026-03-31
• Client accounts: 13

Q2 2026 13F value is $11.508B

Current SEC filing:

• Q2 2026 13F value: $11.508B
• Q2 2026 13F exact value: $11,507,522,068
• Q2 2026 13F as of: 2026-06-30
• Q2 2026 13F holding count: 84
• Q2 2026 13F filing ID: 000110465926097251

Full-lifecycle investing is the defining strategy feature

Current first-party materials support:

• Healthcare and life sciences: Yes
• Company creation: Yes
• Seed investing: Yes
• Series a to c: Yes
• Crossover investing: Yes
• IPO investing: Yes
• Public market investing: Yes
• Structured capital: Yes
• Venture capital: Yes

RA Capital's healthcare platform is designed to invest across stages rather than only after companies become public.

Portfolio page is explicitly not a complete economic portfolio

First-party portfolio materials explain that displayed investments are not necessarily complete and that portfolio management can include hedging and short positions.

Current private-fund GAV is $16.3B

Current March 31, 2026 adviser-derived fund data:

• Private fund count: 6
• Private fund gross assets: $16.3B
• Hedge fund gross assets: $14.5B
• Venture capital fund gross assets: $1.8B

Representative current vehicle data include:

• RA Capital Healthcare Fund gross assets: $14.5B
• Nexus III gross assets: $972M
• Nexus II gross assets: $332M
• Nexus IV gross assets: $196M
• Nexus Fund gross assets: $195M
• Planetary Health gross assets: $118M

Form D totals are cumulative offering figures, not NAV

Current 2026 Form D-derived examples include:

• RA Capital Healthcare Fund Form d total raised: $4B
• RA Capital Healthcare International Form d total raised: $1.89B

Universal terms remain undisclosed

• Public self service retail signup: No

Assessment

RA Capital requires four separate asset concepts: $14.4B+ dated public AUM, $16.4B RAUM, $16.3B private-fund GAV and $11.508B of Q2 13F securities.

The first three are numerically close. That does not make them interchangeable.