RTW Investments
RTW Investments is a New York-based, full-lifecycle life sciences investment firm managing $9.2B AUM across company creation, venture, crossover and public-equity stages, with a proprietary OMNI Research platform and 17 MDs/PhDs underwriting investments in biotech and medtech globally.
- Company typePrivate
- Founded2010
- HeadquartersNew York, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What RTW Investments does
RTW Investments, LP is a privately held, New York-based full-lifecycle life sciences investment and innovation firm founded by Roderick Wong, MD. As of December 31, 2025, the firm manages approximately $9.2 billion in assets under management across 42 core portfolio companies, with offices in New York, London, Shanghai, and Abu Dhabi, and a team of 80 — including 17 MDs and PhDs dedicated to scientific diligence. RTW evaluates opportunities through proprietary OMNI Research, an in-house genetics function, and a publicly described 'alpha stacking' methodology, covering genetic medicine, RNA, antibodies, cell therapy, targeted protein degradation, gene therapy, and small molecules.
The firm's core products include the London-listed RTW Biotech Opportunities Ltd (LON:RTW) closed-ended fund charging a 1.25% management fee and 20% performance fee over an 8% hurdle; the RTW Royalty Funds platform, which provides non-dilutive capital in exchange for tiered single-digit royalties on net sales; and the company-creation division, which originates biotechs de novo from academic licences and discarded assets (e.g., Rocket Pharmaceuticals, CORXEL, Prolium, Amani, Windward). The firm also operates the affiliated RTW Foundation (ultra-rare disease philanthropy) and RTW Institute.
RTW's revenue model is multi-stream: recurring management fees on pooled vehicles, performance fees tied to long-term NAV and total shareholder return, capital appreciation from public-equity positions (including a ~$172.4M stake in Kailera Therapeutics post-IPO), direct private-investment gains across company-creation and crossover rounds, and royalty financing economics. Distribution is enterprise field sales to institutional LPs and family offices globally, with public RTW Bio shares distributed via UK retail platforms and the LSE Main Market.
RTW Investments firmographics
Firmographics- Name
- RTW Investments
- Legal name
- RTW Investments, LP
- Website
- http://www.rtwfunds.com
- Company type
- Private
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- RTW Investments is a New York-based, full-lifecycle life sciences investment firm managing $9.2B AUM across company creation, venture, crossover and public-equity stages, with a proprietary OMNI Research platform and 17 MDs/PhDs underwriting investments in biotech and medtech globally.
- Ownership category
- akta.pro rank
RTW Investments industry classification
Industry- Product category
- Life Sciences Investment Management
- NAICS
- Portfolio Management and Investment Advice (52394)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Equity Long/Short — TMT Focus (FSAHAAAJ)
Keywords
Where RTW Investments is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
RTW Investments business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Management fees: Recurring management fee of 1.25% charged on the RTW Biotech Opportunities Ltd (LON:RTW) fund. The firm also earns management fees on other pooled vehicles and separately managed accounts it manages.
- Performance fees: Performance fee of 20% above an 8% hurdle with catch-up on RTW Biotech Opportunities Ltd, generating economics tied to long-term NAV per share and total shareholder return performance.
- Public equity investment gains: Capital appreciation from public-equity positions (e.g., 10.78M shares / ~$172.4M position in Kailera Therapeutics after RTW Investments acquired 500,000 additional shares at $16.00 on April 20, 2026).
- Private equity / venture investment gains: Capital appreciation from direct private investments and crossover rounds (e.g., participation in Obsidian/Galera $350M private placement, Corxel $287M Series D1, Century Therapeutics $135M private placement, Yarrow Bioscience, Prolium, Amani).
- Royalty funding agreements: Non-dilutive royalty financing where RTW provides capital contingent on regulatory milestones in exchange for tiered single-digit royalties on net sales (e.g., $100M royalty deal with Candel Therapeutics for CAN-2409, $75M deal with Savara for MOLBREEVI, $75M with Milestone Pharmaceuticals for CARDAMYST, and a $5M additional investment in Aquestive). Capped at certain levels per agreement.
- 13F-reportable public-equity portfolio income: Income and gains from RTW Investments LP's 13F-reportable public-equity book of $9.98 billion in assets under management across 91 positions, with stakes across mid- and small-cap biotech (e.g., Kalaris Therapeutics, Kailera, Fulgent Genetics).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | RTW Biotech Opportunities Ltd (LON:RTW) — public closed-ended biotech fund |
| Other | Multi-year contract | Custom LP commitments to private RTW vehicles |
| Outcome Based/ Performance | Multi-year contract | Royalty-based financing to biopharma companies |
Go-to-market motion1 record
Distribution channels6 records
Marketing channels9 records
RTW Investments product offering
Product offeringCore offering
RTW Investments is a New York-based life sciences investment and innovation firm that operates a full-lifecycle investment platform spanning company creation, early-stage venture, crossover, and public-equity stages. The firm manages approximately $9.2 billion in assets across 42 core portfolio companies, combining proprietary OMNI Research and in-house genetics/data science capabilities with 17 MDs and PhDs to evaluate biotech and medtech opportunities. Its primary public vehicle is RTW Biotech Opportunities Ltd (LON:RTW), a London-listed closed-ended fund.
Product overview
RTW Investments is a New York-based life sciences investment and innovation firm operating a platform-plus-modules architecture. The core platform is its Full Lifecycle Investment Services practice spanning company creation, early stage venture, crossover, and public company investing, with $9.2B in assets under management across 42 core portfolio companies and offices in New York, London, and Shanghai. The principal module is the publicly listed RTW Biotech Opportunities Ltd (LON:RTW) closed-ended fund, complemented by the RTW Royalty Funds for non-dilutive royalty-based financings, the RTW Foundation charitable arm supporting ultra-rare disease research, and the RTW Institute for medical innovation. The firm's investment methodology combines proprietary data science, 'alpha stacking' analysis, and a team of 17 MDs/PhDs evaluating opportunities across disease area, modality, and genetics lenses.
Differentiator
Problem solved
Functional benefit
Brands
- RTW Biotech Opportunities Ltd: London-listed closed-ended investment fund focused on identifying transformative assets with growth potential across the life sciences sector; managed by RTW Investments, LP.
- RTW Foundation
- RTW Institute
Products and services
- RTW Biotech Opportunities Ltd RTW's flagship publicly listed closed-ended investment fund (LON:RTW, SEDOL: BKTRRM2, ISIN: GG00BKTRRM22) focused on identifying transformative assets with growth potential across the life sciences sector through deep scientific expertise and a long-term investment horizon. Managed by RTW Investments, LP with a 1.25% management fee and 20% performance fee over an 8% hurdle.
- RTW Royalty Funds Royalty-based investment vehicles providing non-dilutive capital to biotech and medtech companies in exchange for tiered single-digit percentage royalties on US net sales, contingent on regulatory milestones and capped at specified levels. Includes $100M to Candel (CAN-2409), $75M to Savara (MOLBREEVI), $75M to Milestone (CARDAMYST), and $5M to Aquestive (Anaphylm).
- Full Lifecycle Investment Services Core investment management service spanning company creation, early-stage venture capital, crossover, and public company investments, applying deep scientific expertise and 'alpha stacking' methodology. The firm manages approximately $9.2B in assets and supports 42 core portfolio companies across genetic medicine, antibody, cell therapy, targeted protein degradation, small molecule, RNA, and medtech modalities.
- Company Creation Division Origination of new biotech companies around promising academic licenses and discarded assets from oversized pipelines, partnering with universities and in-licensing academic programs. Recent examples include Prolium Bioscience ($50M Series A for PRO-203) and Amani Therapeutics ($25M Series A for AM-01).
- RTW Foundation Charitable foundation supporting pioneers in the fight against ultra-rare diseases, enabling them to pursue promising science regardless of commercial prospects. Co-chaired by Marti Speranza Wong, with grant programs supporting rare disease research organizations across multiple countries, including a $8 million donation to Penn's Perelman School of Medicine.
- RTW Institute Institute focused on advancing medical innovation and life sciences research, operating alongside RTW's investment and foundation activities.
Quantifiable outcome
- 11 drugs commercialized from RTW's top 10 most successful investments since inception
- +5 more outcomes
Companies that use RTW Investments
Customer profileNamed customers1 record
Ideal customer profiles3 records
RTW Investments technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability5 records
Feature5 records
RTW Investments partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core and flagship.
- Kelun-Biotech (SKB378) and Harbour BioMed (HBM9378)coreWindward Bio, backed by RTW Investments, in-licensed global rights (excluding Greater China and several Southeast/West Asian countries) for WIN378, an ultra-long-acting anti-TSLP antibody, from Kelun-Biotech and Harbour BioMed. The asset is in Phase 2/3 for asthma and is being developed for COPD.
- Qyuns Therapeutics (QX027N)coreWindward Bio (RTW-backed) in-licensed global rights (excluding Greater China) for WIN027, a long-acting TSLPxIL-13 bispecific antibody, from Qyuns Therapeutics. WIN027 is currently in Phase 1 studies.
- AstraZenecacoreAstraZeneca in-licensed worldwide rights to a Phase 3-ready novel chemical entity (NCE) to Amani Therapeutics, an RTW-backed biotech. The NCE is a component of Amani's lead program AM-01, a fixed-dose combination with clozapine aimed at treating serious neuropsychiatric disorders including treatment-resistant schizophrenia.
- KeyMed Biosciences and InnoCare PharmacoreProlium Bioscience (founded by RTW) in-licensed global rights in all non-oncology indications and ex-Asia oncology rights to PRO-203, a CD20xCD3 T-cell engager, from KeyMed Biosciences and InnoCare Pharma. The asset is being developed for severe autoimmune diseases including systemic sclerosis and lupus nephritis.
- NYU Abu DhabiflagshipNYU Abu Dhabi and RTW Investments announced a strategic collaboration to advance executive education, thought leadership, and cross-sector engagement in healthcare, biotechnology, and life sciences across the GCC. The partners will co-develop a flagship Healthcare Event and an executive education program targeted for late 2026, with offerings tailored to sovereign wealth funds, major institutions, and policymakers, building on a longstanding relationship between NYU and RTW.
- GenSci (Changchun High-Tech Industry Group)flagshipGenSci and RTW Investments announced a strategic partnership on the anti-TSHR antibody GS-098 (YB-101 outside China) for Graves' disease and thyroid eye disease. The deal includes a $70M upfront payment to GenSci, up to $1.365B in milestone payments plus tiered royalties; global ex-China development is led by Yarrow Bioscience (an RTW-founded / backed company).
- Cadarn CapitalcoreCadarn Capital serves as Distribution Partner and Public Relations firm for RTW Biotech Opportunities Ltd (LON:RTW), supporting UK investor outreach and PR.
- Deutsche Numis and BofA SecuritiescoreDeutsche Numis and BofA Securities serve as Corporate Brokers for RTW Biotech Opportunities Ltd on the London Stock Exchange.
- Morgan Stanley Fund Services (Fund Administrator); Altum (Guernsey) Limited (Company Secretary); KPMG (Auditor)coreRTW Biotech Opportunities Ltd operates with outsourced service providers: Morgan Stanley Fund Services as Fund Administrator; Altum (Guernsey) Limited as Company Secretary; KPMG as Auditor; Goldman Sachs, Morgan Stanley, Jefferies, Bank of America, JP Morgan Chase as Prime Brokers/Custodians.
Scale indicators18 records
Recent moves6 records
Expansion highlights6 records
RTW Investments competitors and assessment
Company assessmentDirect peers
- Baker Bros. Advisors: Long-standing healthcare-focused investment manager with deep biotech public-equity and crossover franchise. Comparable in scientific research depth and full-lifecycle healthcare investing, with substantially larger AUM.
- Atlas Venture: Early-stage biotech venture firm that co-invests with RTW (Kailera, Obsidian) and pursues a similar company-creation approach to building new therapeutics companies. Comparable in science-driven early-stage focus, though with less public-equity crossover activity.
- Bain Capital Life Sciences: Healthcare-dedicated arm of Bain Capital that co-led the $600M Kailera Series B alongside RTW. Operates a full-lifecycle healthcare platform with significantly larger AUM, making it a relevant scaled comparable for RTW's growth ambitions.
- OrbiMed: One of the world's largest healthcare-dedicated investment firms across venture, growth, public equity, and royalty/credit. OrbiMed led the $165M Windward Bio crossover that RTW participated in, and competes directly for the same biotech mandates.
- Logos Capital: Biotech-focused crossover fund that co-invests in rounds like Obsidian/Galera alongside RTW. Similar fund size and focus on public-to-private biotech investing.
- RA Capital Management: Healthcare-focused crossover and venture investor that co-leads and co-invests alongside RTW across multiple rounds (e.g., CORXEL, Obsidian, Serapha/Boundless, Windward Bio). Operates a similar full-lifecycle model with dedicated scientific research, making it the most directly comparable peer.
- Perceptive Advisors: Healthcare-focused crossover and venture investor with a public-equity hedge-fund and life sciences venture arm. Direct competitor for biotech crossover rounds and public positions alongside RTW.
- Janus Henderson Investors: Large diversified asset manager with a dedicated healthcare/biotech team that co-invests in biotech rounds (Obsidian/Galera, Windward Bio). Comparable in healthcare public-equity franchise, though broader and less biotech-pure.
- TCGX (TCG Crossover): Biotech-dedicated crossover fund that has co-led and co-invested in several of RTW's rounds (Century Therapeutics, CORXEL, Obsidian). Direct competitor for crossover biotech mandates of similar scale.
Broad incumbents
- Blackstone Life Sciences: Scaled healthcare investment platform within Blackstone offering venture, growth, and royalty/credit products. Broader and larger than RTW, but increasingly competing for the same biotech crossover and structured-financing mandates.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
RTW Investments social profiles
Digital presenceRTW Investments compliance and trust
Trust signalCompliance2 records
RTW Investments financial estimates
Financial estimateRevenue estimate
Valuation estimate
RTW Investments leadership team
Management profileNumber of profiles
Profiles22 records
RTW Investments subsidiaries and ownership
Company hierarchySubsidiaries1 record
RTW Investments funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
RTW Investments M&A and investment
M&A and investmentM&A
Investments152 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about RTW Investments
What does RTW Investments do?
RTW Investments is a New York-based life sciences investment and innovation firm that operates a full-lifecycle investment platform spanning company creation, early-stage venture, crossover, and public-equity stages. The firm manages approximately $9.2 billion in assets across 42 core portfolio companies, combining proprietary OMNI Research and in-house genetics/data science capabilities with 17 MDs and PhDs to evaluate biotech and medtech opportunities. Its primary public vehicle is RTW Biotech Opportunities Ltd (LON:RTW), a London-listed closed-ended fund.
Is RTW Investments a public or private company?
RTW Investments is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was RTW Investments founded?
RTW Investments was founded in 2010. It employs 101 to 250 people.
Where is RTW Investments based?
RTW Investments is headquartered in New York, United States, in the North America region.
How does RTW Investments make money?
Six revenue lines are on record. Management fees are the primary driver. The others are performance fees, public equity investment gains, private equity / venture investment gains, royalty funding agreements and 13F-reportable public-equity portfolio income.
Who are RTW Investments's main competitors?
Direct peers on record are Baker Bros. Advisors, Atlas Venture, Bain Capital Life Sciences, OrbiMed, Logos Capital, RA Capital Management, Perceptive Advisors, Janus Henderson Investors and TCGX (TCG Crossover). Blackstone Life Sciences is listed as a broad incumbent.
Does RTW Investments have an API?
No public API is recorded for RTW Investments.
What industry is RTW Investments in?
RTW Investments's product category is Life Sciences Investment Management. Its primary akta.pro industry code is FSAHAAAJ, Equity Long/Short — TMT Focus. Its NAICS code is 52394 and its SIC code is 6282.