Exit History
With an anticipated three year horizon to exit for our typical investments, on schedule we are beginning to see the earliest Rapha investments, Poseida Therapeutics, Inc. (www.poseida.com, RCI III, first investment July 2017 prior to the formal founding of Rapha Capital) and NexImmune, Inc. (www.neximmune.com, first investment July 2018, RCI II) closing successful IPOs recently and moving toward exits for our investors.
Poseida Therapeutics, Inc.
Translating best-in-class gene engineering technologies into lifesaving cell therapies. The company is developing CAR T-cell immunotherapies for multiple myeloma, prostate and other cancer types, as well as gene therapies for orphan diseases.
First Investment Amount
$1 Million
First Day of Investment
July, 2017
First Investment Financing
Series A-1
First Investment Pre-Money
$95 million
Total Investment
$4.5 Million
IPO Date
July, 2020
IPO Market Cap
$989 Million
Market Cap as of 3/10/21
$448 Million
NexImmune, Inc.
NexImmune is a rapidly growing leader in the emerging field of antigen-directed immunotherapies. We are developing a novel technology that uses natural biology to orchestrate a targeted cell-mediated immune response across a broad range of diseases. We can customize our technology to “intensify” a targeted immune response to treat cancer or infectious disease. Conversely, we can also customize it to “dampen” an overactive immune response to treat autoimmune disorders.
First Investment Amount
$1.7 million
First Day of Investment
July, 2018
First Investment Financing
Series A
First Investment Pre-Money
$20 Million
Total Investment
$1.9 Million
IPO Date
February, 2021
IPO Market Cap
$366 Million
Market Cap as of 3/10/21
$455 Million
XIRR at end of lockup August 2021 at assumed stock price $25/share, net of fees and 15% carried interest after a 10% preferred return
59.2%
ROIC at end of lockup August 2021 at assumed stock price $25/share, net of fees and 15% carried interest after a 10% preferred return
4.1x
(a) Subject to Section 5.01(c), distributions of available cash of the Company (as determined in the Manager’s sole and absolute discretion) shall be made at times and in such amounts as the Manager shall determine in its sole and absolute discretion as follows:
- first, to pay all outstanding reasonable operating expenses and Administrative Expenses of the Company;
- second, to the Members pro rata in accordance with their respective Membership Interest until the Members have received (A) distributions in an amount equal to their respective Capital Contributions and (B) a 10% aggregate preferred return on each Members respective Capital Contributions;
- thereafter, (A) 15% to RCM, and (B) 85% to the Members pro rata in accordance with their respective Membership Interest.
Disclaimer
This material does not constitute an offer or the solicitation of an offer to purchase an interest in Rapha Capital Bioventures Fund I, LP (the “Fund”), which such offer will only be made via a confidential private placement memorandum (the “Memorandum”). An investment in the Fund is speculative and is subject to a risk of loss, including a risk of loss of principal. There is no secondary market for interests in the Fund and none is expected to develop. No assurance can be given that the Fund will achieve its objective or that an investor will receive a return of all or part of its investment. All statements herein are qualified in their entirety by reference to the Memorandum, and to the extent that this document contradicts the Memorandum, the Memorandum shall govern in all respects.
This material is confidential and may not be distributed or reproduced in whole or in part without the express written consent of Rapha Capital Management, LLC (the “Investment Manager”). This material is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisers before engaging in any investment transaction.
This material contains certain forward-looking statements and projections regarding market trends, investment strategy, and the future asset allocation of the Fund, including indicative guidelines regarding position limits, exposures, position sizing, diversification, and other indications regarding the Fund’s strategy. These projections and guidelines are included for illustrative purposes only, are inherently predictive, speculative, and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. The guidelines included herein do not reflect strict rules or limitations on the Fund’s investment program and the Fund may deviate from the guidelines described herein. There are a number of factors that could cause actual events and developments to differ materially from those expressed or implied by these forward-looking statements, projections, and guidelines, and no assurances can be given that the forward-looking statements in this document will be realized or followed, as described. These forward-looking statements will not necessarily be updated in the future.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
