Investor Profile: RTW Investments — Thesis, Cheque Size & How to Apply

RTW Investments funding is built for life sciences founders who need a partner that can stay from the first company-building cheque through to the public markets. Headquartered in New York, with offices in London and Shanghai, RTW Investments describes itself as a life sciences investment and innovation firm that invests across the full lifecycle, from company creation to public companies.

Thesis & focus

RTW Investments takes a science-led, full-lifecycle approach. Rather than specialising in a single stage, it backs transformational therapeutics and medical technologies that can change existing treatment standards, and it only backs assets its team ranks in the highest quartile of probable success. Its stated mission, unchanged since launch, is to identify transformational therapeutics that can change treatment standards.

Sectors & stages

The firm invests across the biopharmaceutical and medical technology sectors, in both private and public companies. Its toolkit spans company creation, early-stage venture capital, alternative financing such as royalty and structured deals, and public company investments. This range lets it support a company as it moves from preclinical work into clinical trials, commercialisation and beyond, instead of handing it over at the next round.

Fund size & cheque size

RTW Investments does not publish a standard cheque-size range, so founders should treat cheque size as not publicly disclosed. Edison reported $5.6 billion in assets under management in May 2023, across two private funds and the listed RTW Venture Fund. The scale of individual financings it joins is substantial: it participated in the $125 million strategic financing of Milestone Pharmaceuticals and a $48 million convertible senior secured note financing for Allurion Technologies. Those are examples of deal sizes, not a published range.

Notable portfolio

RTW Investments created Rocket Pharmaceuticals in 2015, a gene therapy company for rare paediatric diseases, and founded Ji Xing Pharmaceuticals (now Corxel Pharmaceuticals) in 2019 to bring late-stage therapies into China. Other names associated with its funds include Prometheus Biosciences, acquired by Merck at a large premium in 2023, Immunocore, Orchestra BioMed, Milestone Pharmaceuticals and Alcyone Therapeutics, which is developing gene therapies for central nervous system disorders.

Partners & team

The firm was founded in 2009 by Dr Roderick Wong, its Managing Partner and Chief Investment Officer, who previously ran healthcare funds at Davidson Kempner. Edison reported a team of 75 professionals, more than 30 of whom hold advanced scientific or medical degrees. Stephanie Sirota serves as Chief Business Officer.

Programmes, credits & perks

No public accelerator programme, credits scheme or perks programme was found for RTW Investments. Its support is investment-led: company creation, scientific and drug-development expertise, and bespoke financing solutions such as royalty funding and convertible notes. Founders should not expect a cohort programme or cloud credits from this firm.

How to apply for funding

RTW Investments does not operate a public pitch-submission portal that could be verified. The practical route is through its website at rtwfunds.com, or through an introduction from a scientist, entrepreneur or investor already known to the team. Because the firm builds some companies itself, an approach that leads with strong scientific evidence and a clear clinical path is more useful than a generic deck. Note that the firm's website opens with a regulatory disclaimer.