Does RA Capital invest in private companies?

Yes. RA Capital invests actively and across all stages of private and public companies. Our multi-stage, science-first strategy means we support companies from early validation through commercialization, helping founders navigate complex scientific and regulatory pathways.We've invested as early as pre-seed (even helping form companies from scratch through our Raven healthcare incubator), through crossover/IPO rounds to later-stage structured capital solutions. We've led rounds, co-led rounds, and joined rounds others are leading. What matters isn't the stage label – what matters is whether the science is compelling, the evidence supports the approach, and the path to meaningful impact is credible.We provide both capital and strategic insight tailored to development-stage value creation. This might mean helping a seed-stage company design early validation studies, supporting a Series B company's clinical trial strategy, or advising a late-stage company on IPO readiness.

Does RA Capital lead rounds and work with other investors?

Yes, RA capital can lead, co-lead, or participate in venture rounds. Our role depends on what makes sense for the company and the opportunity.When we lead or co-lead, we take responsibility for:Shaping the syndicate and introducing other high-quality investorsArticulating our investment thesis to help peers reach decisions fasterManaging round dynamics and ensuring alignment across institutional partnersSetting terms that balance founder-friendliness with investor protectionWhen we participate in rounds others are leading, we're constructive partners. We'll share our diligence, introduce additional investors to help fill out the round, and support the process to help companies close financings efficiently.We prefer working with investors who demonstrate deep diligence and constructive problem-solving. Fortunately, that describes a lot of our peers. We tend to collaborate well with funds that take larger positions (>$10M) since their interests align well with ours and with long-term value creation.

Is any round too early for RA Capital?

No. RA Capital invests as early as seed stage and pre-seed. We've even invested when something is just an idea and no one has been hired. We help form companies from scratch through Raven.We judge how investible a company is not by its maturity but by how validated the concept is and, if not validated, how much time and capital it will take to validate it. For example, we might invest in a newly formed private company that is three years from IND that requires a reasonable amount of capital to reach proof-of-concept data for solving an important problem.

Does RA Capital have a minimum check size for a financing round?

When deciding how much to invest, RA Capital focuses on whether the return is likely to be impactful for our fund. That means we might invest a small amount in a very small company, maybe even under $1M in a seed round, or a larger amount in a large company that we think has significant upside (we've invested as much as $200M in a single round).

Does RA Capital have a valuation range you stick to?

We have no rigid valuation bands. RA Capital has invested in companies with valuations ranging from nominal (companies we help form) to multi-billion dollar enterprises.What matters more than headline valuation is how much value remains to be created. A company valued at $500M with a clear path to becoming worth $5B is more interesting than a company valued at $50M that might become worth $200M. We focus on the magnitude of the opportunity and the probability of capturing it, not arbitrary valuation cutoffs.That said, we're not price-insensitive. We underwrite deals carefully and want to see meaningful potential returns that justify the risk. But we won't pass on a great company just because it's "expensive" if the long-term value creation opportunity is compelling.

Yes, we will sign a CDA when we are interested in learning more than you can provide non-confidentially. We can provide a simple CDA template to accelerate the process.

Scientists collaborating in modern laboratory at night

Healthcare

Healthcare investing and company building

RA Capital's healthcare investing spans evidence-based investing, incubation, and company-building services. We partner with founders and management teams to advance breakthrough therapeutics, diagnostics, and medical technology that transform human health.

Healthcare Investing

The right capital at the right time

Early-stage & venture

RA Capital's venture investments support companies through discovery, preclinical development, and early clinical milestones. We originate the conviction to lead seed and venture rounds, identifying and financing breakthrough science.

Later-stage / privates & publics

As programs mature, RA Capital can scale commitments. We lead crossover financings, anchor IPOs, and provide follow-on capital in public markets to give companies the runway they need to reach inflection points.

Close-up of numerous medical vials in a pharmaceutical manufacturing line

Structured capital

For commercial-stage companies, RA Capital offers customized credit and structured solutions. Our structured capital team provides flexible financing to fuel growth, product launches, and strategic initiatives.

Structured capital

RA Capital companies transforming the future of health¹

Healthcare Portfolio

Scientists who invest. Investors who understand science.

RA Capital’s healthcare team includes MDs, PhDs, operators, and strategists with deep domain knowledge across therapeutic areas and technologies. We collaborate closely with founders, teams, and boards to invest, guide, support, and scale.

Peter Kolchinsky, PhD

Managing Partner

Rajeev Shah

Managing Partner

Laura Stoppel, PhD

Partner

Josh Resnick, MD

Partner

Zach Scheiner, PhD

Partner

Jake Simson, PhD

Partner

Matt Hammond, PhD, MBA

Partner

Derek DiRocco, PhD

Partner

Jeremy Lack, DPhil

Partner

Adam Kaye

Senior Managing Director and Partner, Structured Capital

Executional insight and strategic clarity through landscape intelligence

RA Capital’s knowledge engine, TechAtlas, helps us target the best technologies for any disease or opportunity space by mapping what exists, what’s coming, and what must be true for a new approach to win clinically and commercially. TechAtlas distills complexity into actionable strategy, for diligence and for portfolio support.

TechAtlas

News / Rapport

Insights and opinion from Rapport

06/01/26

RA Capital’s work in China: A personal viewpoint

Biotech

Culture

05/23/26

The paradox of biotech protectionism: Why walling off China biotech weakens America

Biotech

Policy

Finance

05/15/26

It Is Never Too Early – or Too Late – to Tell Your Drug’s Value Story

Cidara Therapeutics

Biotech

Policy

Finance

05/01/26

The infectious positivity of Mario Barro

Cidara Therapeutics

Biotech

Science

Culture

04/10/26

I move for joy: Let’s reinvent biotech boards

Biotech

Culture

Finance

03/11/26

The role of insurance in rare disease drug funding

Biotech

Finance

Policy

01/21/26

China is the reason why the US’s Most Favored Nation drug pricing experiment will likely be short-lived

Biotech

Finance

Policy

01/10/26

Semper Maior 2026: Biotech M&A – Inside the Room Where It Happens

Biotech

Finance

12/23/25

GLOBE, GUARD, and weighing the “most-favored nation” coal in the drug industry’s stocking

Biotech

Finance

Policy

10/16/25

Three years in: How the IRA’s “Fair Pricing” has affected the biopharma development pipeline

Biotech

Policy

Healthcare investing FAQs

All information presented here is accurate as of 12/31/2025.

: Yes. RA Capital invests actively and across all stages of private and public companies. Our multi-stage, science-first strategy means we support companies from early validation through commercialization, helping founders navigate complex scientific and regulatory pathways.
We’ve invested as early as pre-seed (even helping form companies from scratch through our Raven healthcare incubator), through crossover/IPO rounds to later-stage structured capital solutions. We’ve led rounds, co-led rounds, and joined rounds others are leading. What matters isn’t the stage label – what matters is whether the science is compelling, the evidence supports the approach, and the path to meaningful impact is credible.
We provide both capital and strategic insight tailored to development-stage value creation. This might mean helping a seed-stage company design early validation studies, supporting a Series B company’s clinical trial strategy, or advising a late-stage company on IPO readiness.
: Yes, RA capital can lead, co-lead, or participate in venture rounds. Our role depends on what makes sense for the company and the opportunity.
When we lead or co-lead, we take responsibility for:
Shaping the syndicate and introducing other high-quality investors
Articulating our investment thesis to help peers reach decisions faster
Managing round dynamics and ensuring alignment across institutional partners
Setting terms that balance founder-friendliness with investor protection
When we participate in rounds others are leading, we’re constructive partners. We’ll share our diligence, introduce additional investors to help fill out the round, and support the process to help companies close financings efficiently.
We prefer working with investors who demonstrate deep diligence and constructive problem-solving. Fortunately, that describes a lot of our peers. We tend to collaborate well with funds that take larger positions (>$10M) since their interests align well with ours and with long-term value creation.
: No. RA Capital invests as early as seed stage and pre-seed. We’ve even invested when something is just an idea and no one has been hired. We help form companies from scratch through Raven.
We judge how investible a company is not by its maturity but by how validated the concept is and, if not validated, how much time and capital it will take to validate it. For example, we might invest in a newly formed private company that is three years from IND that requires a reasonable amount of capital to reach proof-of-concept data for solving an important problem.
: When deciding how much to invest, RA Capital focuses on whether the return is likely to be impactful for our fund. That means we might invest a small amount in a very small company, maybe even under $1M in a seed round, or a larger amount in a large company that we think has significant upside (we’ve invested as much as $200M in a single round).
: We have no rigid valuation bands. RA Capital has invested in companies with valuations ranging from nominal (companies we help form) to multi-billion dollar enterprises.
What matters more than headline valuation is how much value remains to be created. A company valued at $500M with a clear path to becoming worth $5B is more interesting than a company valued at $50M that might become worth $200M. We focus on the magnitude of the opportunity and the probability of capturing it, not arbitrary valuation cutoffs.
That said, we’re not price-insensitive. We underwrite deals carefully and want to see meaningful potential returns that justify the risk. But we won’t pass on a great company just because it’s “expensive” if the long-term value creation opportunity is compelling.
: Yes, we will sign a CDA when we are interested in learning more than you can provide non-confidentially. We can provide a simple CDA template to accelerate the process.

Contact

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