Fund of the week: RTW Investments

RTW Investments has transformed from a specialized healthcare hedge fund into a $9.8 billion life sciences investment platform that bridges the gap between academic discovery and commercial success. Founded in 2009 by Dr. Roderick Wong, the firm operates at the intersection of deep scientific expertise and sophisticated financial engineering, positioning itself uniquely in the competitive landscape of biotech investing.

This comprehensive analysis examines RTW through both critical and favorable lenses, providing institutional investors and industry observers with a data-driven assessment of the firm's capabilities, vulnerabilities, and strategic positioning as of August 2025. The analysis reveals a complex portrait of a firm with exceptional scientific acumen and exit success, tempered by recent regulatory challenges and governance controversies that warrant careful consideration.

Company Overview and Background

From hedge fund origins to full-lifecycle innovation

RTW Investments emerged from Dr. Roderick Wong's vision to combine rigorous scientific analysis with long-term investment horizons in life sciences. Wong, who holds an MD from the University of Pennsylvania Medical School and an MBA from Harvard Business School, founded the firm after serving as Managing Director and sole Portfolio Manager for the Davidson Kempner Healthcare Funds. His founding thesis centered on the belief that deep scientific understanding could identify transformative opportunities that traditional investors might overlook.

The firm's organizational structure reflects its interdisciplinary approach, employing 75 professionals including 22 partners across three global offices in New York, London, and Shanghai. The leadership team combines medical and scientific expertise with financial acumen. Beyond Wong's role as Managing Partner and Chief Investment Officer, key executives include Stephanie Sirota as Partner and Chief Business Officer, who brings investment banking experience from Lehman Brothers, and Dr. Peter Fong as Partner and President, who previously led company creation efforts at Flagship Pioneering.

RTW's investment philosophy centers on what they term "full lifecycle investing," supporting companies from academic discovery through public markets. The firm states that "our strategy starts with science" and emphasizes identifying companies developing life-changing therapies for patients with severe diseases and limited treatment options. This approach spans multiple therapeutic areas including cardiovascular, muscular, ophthalmology, immunology, neurology, oncology, and respiratory diseases, with particular expertise in emerging modalities such as oligonucleotides, gene therapy, and RNA medicine.

Strategic transformation and global expansion

The firm's evolution from hedge fund to comprehensive investment platform accelerated significantly in January 2022 with the addition of Dr. John Maraganore as Executive Partner. Maraganore, the former founding CEO of Alnylam Pharmaceuticals who pioneered RNAi therapeutics, brought deep operational expertise and credibility to RTW's company creation efforts (Source: Business Wire). This strategic hire, coupled with Dr. Peter Fong's promotion to lead company creation, marked RTW's formal transformation into a full-lifecycle investor.

RTW operates through multiple investment vehicles designed to capture opportunities across different stages and geographies. The firm's fund structure includes RTW Master Fund Ltd as the primary hedge fund vehicle, RTW Innovation Master Fund Ltd for growth-focused investments, and RTW Biotech Opportunities Ltd, a closed-end fund listed on the London Stock Exchange (Source: WhaleWisdom). The firm also recently closed its RTW 4010 Royalty Fund at $250 million in 2025, focusing on royalty-based financing for life sciences companies (Source: Brighton House Associates).

The cultural foundation of RTW rests on six core values: progress, collaboration, leadership, rigor, tenacity, and humility. These values manifest in the firm's mission-driven approach, with team members describing themselves as "passionate about transforming the lives of patients" (Source: RTW website). The firm's commitment extends beyond financial returns through the RTW Charitable Foundation, established in 2018, which has provided $900,000 in research grants for ultra-rare disease gene therapy studies (Source: RTW Charitable Foundation).

Investment Portfolio Analysis

Portfolio Composition Overview

Current portfolio composition reveals concentrated conviction

RTW's investment portfolio as of August 2025 demonstrates a concentrated approach to high-conviction opportunities in transformative therapeutics. The firm's 13F filing for Q1 2025 reveals 68 public holdings worth $6.54 billion, with the top 10 positions representing 52.67% of the portfolio. This concentration reflects RTW's philosophy of backing companies with the highest probability of clinical and commercial success.

The largest public holding is Madrigal Pharmaceuticals (MDGL) with 1,993,687 shares, representing a significant bet on NASH and liver disease therapeutics. RTW increased this position by 77,825 shares in Q3 2024 at $212.22 per share, demonstrating continued conviction despite the stock's volatility. Other major holdings include argenx SE (ARGX), which portfolio company testimonials confirm RTW "spotted ahead of the curve," and PTC Therapeutics (PTCT), where RTW holds a 9.56% ownership stake totaling 7,093,298 shares.

Recent portfolio activity in Q1 2025 shows RTW adding 10 new positions including GE HealthCare Technologies, Beta Bionics, and Beam Therapeutics, while significantly increasing stakes in Verona Pharma (+$85 million) and Rocket Pharmaceuticals, where Dr. Wong serves as Chairman and RTW holds 18.4 million shares representing 17.6% of their portfolio. The firm's public portfolio turnover of 8% reflects a long-term holding strategy, with positions held for an average of 9.03 quarters.

Historical performance showcases exit excellence

RTW's track record includes 43 IPOs and 11 acquisitions among portfolio companies, establishing the firm as a proven architect of successful exits. Recent 2025 IPOs include Beta Bionics at a $695 million market cap and BioAge Labs at $615 million, both focused on addressing major therapeutic areas in diabetes management and metabolic disease respectively.

The firm's most notable success story is Immunovant Sciences, which merged with RTW's Health Sciences Acquisitions SPAC in December 2019. The transaction achieved zero shareholder redemptions—rare for SPAC deals—and delivered 143% returns from the $10 offer price. Historical successes that validate RTW's scientific selection capabilities include early investments in Avexis, acquired by Novartis for $8.7 billion in 2018, and recent exits such as Landos Biopharma's acquisition by AbbVie for $212 million in March 2024.

Sector focus and geographic distribution

RTW maintains laser focus on life sciences, with 79 of 83 portfolio investments in biotechnology and medical technology companies (Source: Tracxn). Within this concentration, the firm demonstrates particular expertise in rare diseases through gene therapy investments like Rocket Pharmaceuticals and metabolic disorders via companies like AIRNA. The autoimmune and immunology space features prominently with holdings in argenx for myasthenia gravis and Immunovant for FcRn inhibitors.

Geographically, RTW's investments span 10 countries but maintain a U.S. core with 60 investments in American companies. The firm's international presence includes 4 UK investments and strategic positions in companies from Canada, Switzerland, and the Netherlands (Source: Tracxn). This geographic distribution aligns with RTW's office locations and reflects the global nature of biotech innovation while maintaining proximity to major innovation hubs.

Investment sizing demonstrates institutional scale

RTW's check sizes vary significantly based on investment stage and conviction level. In private markets, the firm participates in mega-rounds exceeding $100 million, frequently co-leading with other institutional investors. Recent examples include co-leading Kailera Therapeutics' $400 million Series A with Bain Capital Life Sciences and Aktis Oncology's $175 million Series B round in 2025 (Source: RTW portfolio announcements).

Average round sizes where RTW participates include $121 million for Series B investments across 27 companies and $92.2 million for Series C rounds across 13 investments. In public markets, RTW takes substantial positions, with its Madrigal Pharmaceuticals stake worth approximately $421 million based on 1.99 million shares (Source: Q1 2025 13F filing). The firm's ability to write large checks and maintain positions through multiple funding rounds demonstrates both its institutional scale and commitment to portfolio company success.

Limited Partners Analysis

Institutional Capital Structure Overview

Institutional investor base reflects confidence despite limited transparency

RTW's limited partner composition reveals a sophisticated institutional investor base, though specific LP identities remain largely confidential as typical for private investment firms. The firm reports 10 institutional clients managing approximately $9.8 billion in discretionary assets as of March 2025. This concentrated client base suggests deep relationships with large institutional allocators who appreciate RTW's specialized life sciences expertise.

Confirmed limited partners include university endowments, with Central Michigan University Endowment publicly disclosed as an investor. The LP base comprises a mix of U.S. and international institutional investors, including pension funds, endowments, and family offices. The recent successful close of RTW's 4010 Royalty Fund at its $250 million target in 2025 attracted both existing and new institutional and family office LPs, indicating continued confidence in the platform.

Fundraising momentum demonstrates market validation

RTW's fundraising history shows steady growth from its 2009 founding to current AUM of $9.8 billion. The firm's ability to attract and retain institutional capital through volatile biotech cycles demonstrates LP confidence in its investment approach. The 2024 merger of RTW Biotech Opportunities with Arix Bioscience expanded the firm's public market presence and provided additional permanent capital for investments (Source: QuotedData).

Recent fundraising success includes closing the RTW 4010 Royalty Fund at target despite a challenging fundraising environment for biotech-focused funds. Brighton House Associates served as sole placement agent, highlighting RTW's established relationships in the institutional fundraising ecosystem. The fund's focus on royalty-based financing represents RTW's expansion into alternative financing structures beyond traditional equity investments.

Geographic and strategic LP considerations

The international composition of RTW's investor base aligns with its global investment footprint across New York, London, and Shanghai offices. While specific LP geographic breakdowns remain undisclosed, the firm's master-feeder fund structure accommodates both U.S. and international investors, suggesting a globally diversified LP base.

The concentrated nature of RTW's client base—10 clients for nearly $10 billion AUM—indicates average institutional commitments approaching $1 billion. This concentration provides stability but also creates potential key person risk if major LPs were to withdraw. The firm's multiple fund structures allow LPs to access different risk-return profiles, from the hedge fund strategies of RTW Master Fund to the public equity focus of RTW Biotech Opportunities.

Financial Performance and Business Model

Revenue model built on scale and performance

RTW's revenue model follows industry standards with management fees calculated on assets under management and carried interest on investment gains. While specific fee percentages remain confidential, the firm's $9.8 billion AUM generates substantial management fee revenue even at conservative industry-standard rates. Multiple fund series allow for differentiated fee arrangements based on strategy and investor type (Source: Form ADV).

Beyond traditional management fees and carried interest, RTW generates revenue through investment advisory services, company building activities, and transaction advisory fees. The firm's involvement in company creation and operational support for portfolio companies creates additional value capture opportunities beyond pure financial returns. The recent launch of the RTW 4010 Royalty Fund adds royalty income streams to the revenue mix.

Performance metrics showcase outperformance despite volatility

RTW Biotech Opportunities, the firm's only public vehicle with transparent performance data, provides insights into investment returns. The fund achieved 73.8% NAV growth since its IPO, significantly outperforming the Russell 2000 Biotech Index (+7.4%) and Nasdaq Biotech Index (+27.6%) over the same period. In 2024, the fund's NAV rose from $399 million to $607 million, driven by successful exits and portfolio company performance.

Recent exit multiples validate RTW's selection and value creation capabilities. The Numab acquisition by Johnson & Johnson delivered a 2.6x uplift, while positions in Avidity Biosciences and Tarsus Pharmaceuticals contributed +221% and +173% respectively to fund performance. However, performance has shown volatility, with the RTW Venture Fund experiencing a -10.2% NAV decline in 2022, primarily due to a markdown in Ji Xing Pharmaceuticals.

Comparison to industry benchmarks

RTW's performance compares favorably to healthcare and biotech investment benchmarks when measured over longer time horizons. The firm's 73.8% return since the RTW Biotech Opportunities IPO substantially exceeds typical biotech venture capital IRR expectations of 20%+ for mature funds. In 2023, RTW Biotech Opportunities delivered 23.5% NAV returns compared to 10.6% for the Russell 2000 Biotech Index and 3.7% for the Nasdaq Biotech Index (Source: QuotedData).

The firm's concentrated portfolio approach creates higher volatility but has generated superior returns during favorable biotech cycles. RTW's ability to participate across the full investment lifecycle—from venture creation through public markets—provides multiple opportunities for value capture that pure venture or public equity funds cannot access. This structural advantage partially explains RTW's outperformance relative to more constrained competitors.

Business model resilience through market cycles

RTW's business model demonstrates both strengths and vulnerabilities through biotech market cycles. The firm's evergreen fund structure avoids forced selling during downturns, allowing patient capital deployment when valuations become attractive. However, the high concentration in biotech creates significant exposure to sector-wide volatility, as evidenced by challenging performance during the 2021-2022 biotech bear market.

The addition of alternative financing strategies through the RTW 4010 Royalty Fund provides some diversification to the business model. Royalty financing offers more predictable cash flows compared to equity investments and can perform well even when equity markets struggle. This evolution toward multiple revenue streams enhances business model resilience while maintaining core focus on life sciences innovation.

Competitive Analysis

Healthcare Investment Landscape Positioning

Market positioning among specialized healthcare investors

RTW operates in a highly competitive landscape dominated by established healthcare investment firms with longer track records and larger asset bases. OrbiMed Advisors, founded in 1989, manages approximately $15 billion across 100+ professionals globally, having completed 151 IPOs and 120 acquisitions from a portfolio of 473+ companies. This scale provides OrbiMed with superior deal flow and market presence compared to RTW's more focused approach.

RA Capital Management and Perceptive Advisors represent RTW's most direct competitors in the crossover investment space, combining public and private healthcare investing with deep scientific expertise. RA Capital consistently ranks among the top three most active healthcare investors and operates a dedicated venture incubator called "Raven" that competes with RTW's company creation efforts. Cormorant Asset Management, ranked third most active by CB Insights in Q1, focuses on similar crossover strategies.

Differentiation through full lifecycle capabilities

RTW's primary differentiation stems from its "full lifecycle" investment approach, supporting companies from academic discovery through public markets within a single platform. This contrasts with competitors who typically specialize in either venture capital or public equity investing. The firm's evergreen structure avoids the temporal constraints of traditional venture funds, enabling patient capital deployment aligned with drug development timelines.

The depth of RTW's scientific expertise, with over 30 professionals holding advanced scientific or medical degrees, matches or exceeds most competitors. However, RTW's younger vintage (founded 2009) and mid-tier scale place it outside the top 10 most active healthcare investors dominated by firms like OrbiMed, RA Capital, and established venture platforms like Arch Venture Partners, which is raising a $3 billion fund focused on similar therapeutic areas (Source: Industry databases).

Competitive advantages in execution and relationships

Portfolio company testimonials provide compelling evidence of RTW's competitive advantages in selection and value creation. Leadership from companies including argenx, Alnylam, BioCryst, and Establishment Labs consistently highlight RTW's ability to identify opportunities "ahead of the curve" and provide value beyond capital through board participation and strategic guidance (Source: RTW website testimonials). This reputation for partnership enhances RTW's ability to access competitive deals despite smaller scale than mega-funds.

RTW's global presence with offices in New York, London, and Shanghai provides geographic advantages, particularly in accessing Asian markets through ventures like Ji Xing Pharmaceuticals. The firm's recent expansion into royalty financing through the RTW 4010 Fund adds another differentiation vector, competing with specialized royalty funds while maintaining equity investment capabilities. These structural advantages partially offset scale disadvantages relative to larger competitors.

Industry headwinds affecting competitive dynamics

The biotech funding landscape in 2025 presents challenges for all healthcare investors. Global biotech venture funding fell to $12.7 billion in the first half of 2025, down 25% from the prior year, though median round sizes reached $33 million, the highest in the past decade. This shift toward fewer, larger "megarounds" favors established players with substantial capital like OrbiMed while potentially constraining smaller funds.

New competitive dynamics include increased deal flow from China offering clinical-stage assets at attractive valuations, the retreat of crossover investors with only 2 of the top 8 rounds including new crossover participation, and a shift toward acquisition exits with 17 private biotech acquisitions in 2024—the highest since 2020. RTW's full lifecycle model positions it well for this environment, though competition for quality assets remains intense among well-capitalized healthcare specialists.

Red Team Analysis: Critical Assessment

Regulatory compliance failures reveal governance vulnerabilities

RTW's most significant vulnerability emerged through SEC enforcement actions in 2023, resulting in a $1.4 million civil penalty for violations of Investment Advisers Act antifraud provisions related to SPAC investments. The firm failed to adequately disclose conflicts of interest where RTW personnel and advised funds owned SPAC sponsors and stood to receive compensation from business combinations. This failure extended to inadequate 13G beneficial ownership filings, suggesting systemic compliance weaknesses.

More concerning are allegations in a 2024 federal lawsuit against RTW and Masimo founder Joe Kiani for orchestrating an "empty voting" scheme to manipulate corporate governance. The suit alleges RTW artificially inflated voting power to nearly 10% while reducing economic exposure through short selling, forming an undisclosed voting group that potentially controlled up to 19% of voting power. These allegations, if proven, would represent serious violations of federal securities laws and raise fundamental questions about RTW's ethical standards.

Portfolio concentration creates systemic risk exposure

RTW's investment strategy creates multiple concentration risks that could severely impact performance during sector downturns. With 79 of 83 investments in life sciences and the top 10 public holdings representing 52.67% of the portfolio, the firm lacks diversification to weather biotech bear markets (Source: WhaleWisdom). This concentration proved costly during the 2021-2022 biotech drawdown, with the RTW Venture Fund NAV declining 10.2% in 2022.

The firm's largest position in Madrigal Pharmaceuticals exemplifies single-stock risk, with nearly 2 million shares representing a massive bet on NASH therapeutics—a therapeutic area with a history of clinical failures. Similarly, RTW's 17.6% portfolio allocation to Rocket Pharmaceuticals, where Dr. Wong serves as Chairman, creates both concentration and conflict of interest concerns. Gene therapy, a core RTW focus area, faces ongoing challenges with manufacturing scalability and durability of response that could impact multiple portfolio holdings simultaneously.

Operational opacity limits performance assessment

Unlike larger competitors who provide regular performance reporting, RTW maintains limited transparency around fund-level returns outside the publicly listed RTW Biotech Opportunities vehicle. HedgeFollow shows incomplete performance metrics for RTW's hedge fund strategies, preventing comprehensive evaluation of risk-adjusted returns across market cycles (Source: HedgeFollow). This opacity makes it difficult for potential LPs to assess whether RTW's concentrated approach generates sufficient alpha to justify the risks.

The firm's rapid growth from inception to $9.8 billion AUM may strain operational infrastructure and investment discipline. With only 10 institutional clients, the loss of even one major LP could significantly impact AUM and fee revenue. The concentration of decision-making authority with Dr. Wong, who serves as Managing Partner, CIO, and Chairman of key portfolio companies, creates key person risk that could disrupt the platform if he became unavailable.

Market timing vulnerabilities in current environment

RTW's full lifecycle model, while differentiated, exposes the firm to extended holding periods during challenging market conditions. The firm's venture investments require patient capital through clinical development, but public market holdings provide limited liquidity during biotech downturns. This structural mismatch became evident with Ji Xing Pharmaceuticals' delayed IPO contributing the largest loss to RTW Venture Fund performance in 2022.

Current market dynamics present additional challenges. Interest rate uncertainties, with the Fed signaling fewer cuts in 2025, pressure biotech valuations and make exit opportunities scarcer. The retreat of crossover investors reduces competition for deals but also eliminates potential follow-on funding sources for portfolio companies. RTW's concentrated approach offers limited flexibility to pivot toward defensive positioning during prolonged sector weakness.

Blue Team Analysis: Strengths and Opportunities

Exceptional exit track record validates selection expertise

RTW's portfolio has generated 43 IPOs and 11 acquisitions, establishing one of the strongest exit track records among healthcare investment firms founded in the past 15 years. Recent successes include Third Harmonic Bio's $185.3 million IPO in September 2022, with shares trading up 15.8% on the first day, and Apogee Therapeutics' $300 million upsized IPO despite challenging capital markets. The 143% return on Immunovant Sciences from RTW's SPAC transaction demonstrates the firm's ability to create value through creative deal structures.

Major acquisition successes validate RTW's scientific selection capabilities. Prometheus Biosciences' acquisition by Merck after RTW co-led crossover financing, Cincor's acquisition by AstraZeneca in February 2024, and the historic Avexis exit to Novartis for $8.7 billion where RTW was an early investor all demonstrate the firm's ability to identify transformative therapies before broader market recognition. These exits generated substantial returns for LPs while advancing important medicines to patients.

Deep scientific expertise drives competitive advantage

RTW's investment team includes 30+ professionals with advanced scientific or medical degrees, providing genuine technical depth to evaluate complex therapeutic platforms. This scientific firepower, led by Dr. Wong's medical training and supplemented by recruits from leading institutions, enables RTW to assess novel modalities like gene therapy, RNA medicines, and cell therapy that generalist investors struggle to understand.

The addition of Dr. John Maraganore, who built Alnylam into an RNAi powerhouse with four approved medicines, brings unparalleled operational expertise in translating platform technologies into commercial products. Dr. Peter Fong's background at Flagship Pioneering, where he led creation of four companies including Harbinger Health, adds company creation capabilities that few competitors can match. This combination of scientific, medical, and operational expertise creates a sustainable competitive advantage in sourcing and evaluating opportunities.

Portfolio company testimonials confirm value creation

RTW's value proposition extends beyond capital, as confirmed by extensive portfolio company testimonials. The CEO of argenx noted RTW "spotted the investment opportunity ahead of the curve and rapidly developed from investor to loyal partner and friend." BioCryst's leadership emphasized that "Rod dug into our company when many other investors disappeared," highlighting RTW's conviction during difficult periods.

These testimonials consistently emphasize RTW's long-term partnership approach. Establishment Labs' CEO described RTW as "a true partner long after our IPO" and "the entrepreneur's investor and a real value add." Alnylam credited RTW with believing in RNAi "when the rest of the world was skeptical." This reputation for partnership enhances RTW's ability to win competitive deals and maintain board positions that drive value creation beyond initial investment.

Strategic positioning for next wave of innovation

RTW's focus areas align with the most promising opportunities in biotechnology. The firm's emphasis on genetic medicines positions it to capitalize on the gene therapy revolution, with portfolio company Rocket Pharmaceuticals advancing multiple clinical programs for rare pediatric diseases. RTW's early recognition of the obesity therapy opportunity, with Dr. Wong featured in Cambridge Associates podcasts discussing next-generation treatments, demonstrates forward-thinking positioning.

The firm's global presence provides unique advantages in an increasingly international biotech landscape. RTW's Shanghai office and Ji Xing Pharmaceuticals venture create pathways to access China's large patient populations for clinical trials and commercialization. The London office taps into the UK's strong academic research base and supportive regulatory environment for cell and gene therapy. This geographic diversification provides deal flow advantages as innovation globalizes beyond traditional U.S. biotech hubs.

Institutional quality platform supports continued growth

RTW has built institutional-grade infrastructure to support its $9.8 billion platform. The 75-person team includes not just investment professionals but also dedicated legal, compliance, and operational staff. The firm's values-driven culture emphasizing progress, collaboration, leadership, rigor, tenacity, and humility creates organizational cohesion rare in investment firms.

The RTW Charitable Foundation, which has provided $900,000 in grants for ultra-rare disease research, demonstrates commitment beyond financial returns that resonates with impact-oriented LPs. The foundation's pivot to COVID-19 response in 2020 showed organizational agility and community commitment. This combination of professional infrastructure and mission-driven culture positions RTW to attract top talent and maintain LP relationships through market cycles.

Performance leadership within biotech specialist peer group

RTW Venture Fund earned #1 ranking over both 12 months and 2 years in the AIC Biotechnology & Healthcare sector, outperforming established competitors like Syncona. RTW Biotech Opportunities' 73.8% NAV growth since IPO far exceeds the Russell 2000 Biotech Index (+7.4%) and Nasdaq Biotech Index (+27.6%), demonstrating sustainable alpha generation.

This outperformance stems from RTW's concentrated conviction approach combined with full lifecycle participation. Unlike venture funds forced to exit at IPO or public funds restricted from private investments, RTW captures value throughout company development. The firm's average exit multiple of 1.3x on recent IPOs and reverse mergers, with standout returns like Numab's 2.6x acquisition multiple, validates the selection and value creation process. These returns, achieved during a challenging biotech cycle, suggest the model can generate exceptional performance when sector conditions improve.

Conclusions and Strategic Implications

RTW Investments presents a complex investment proposition that combines exceptional scientific capabilities and exit success with meaningful governance and concentration risks. The firm's transformation from specialized hedge fund to $9.8 billion full lifecycle platform demonstrates execution excellence, while recent regulatory failures and ongoing litigation raise questions about risk management culture.

For potential limited partners, RTW offers differentiated exposure to life sciences innovation through a proven team with strong portfolio company relationships. The firm's 43 IPOs and consistent outperformance of biotech indices validate its selection process. However, the concentrated portfolio approach and regulatory compliance issues require careful due diligence and potentially enhanced governance oversight as conditions for investment.

The competitive landscape will likely favor firms like RTW that combine scientific depth with flexible capital structures as biotech funding concentrates into fewer, larger rounds. RTW's full lifecycle model provides structural advantages, though the firm must address governance vulnerabilities to maintain institutional LP confidence. Success requires balancing the entrepreneurial culture that drives investment success with the operational discipline expected of a nearly $10 billion platform.

Looking ahead, RTW appears well-positioned to capitalize on the next wave of genetic medicine innovation, with established positions in gene therapy, RNA therapeutics, and emerging modalities. The firm's global presence and creative financing capabilities through vehicles like the RTW 4010 Royalty Fund provide additional growth vectors. However, realizing this potential requires resolving current legal challenges and demonstrating improved governance practices that match the firm's scientific and investment excellence.