Raga Partners

Raga Partners Research Investment Thesis Raga Partners is a New York-based private investment and family office advisory firm founded in 2013, anchored by their flagship fund. The firm operates with a flexible mandate and no fixed time horizon, seeking to partner for the long term in opportunities where they believe they are uniquely positioned to help improve outcomes. They apply extensive public markets expertise, institutional training, and entrepreneurial sensibilities to private market investments, prioritizing compounding equity returns. Investment Approach Raga Partners combines disciplined investment methodology with hands-on portfolio support: Core Values: Authentic Relationships: Building trusted partnerships that compound over time Patient Excellence: Committing only to what they can achieve with high quality Disciplined Curiosity: Entering conversations with humility and open-mindedness Investment Process: Proprietary sourcing through trusted, long-standing relationships Dynamic underwriting leveraging extensive public markets expertise Bespoke approach to improving outcomes for each portfolio company Stage Focus Raga Partners operates across multiple stages with a flexible mandate: Series A and beyond (primary focus) Growth equity investments Some late-stage and mature company investments Opportunistic across stages based on conviction Check Size Based on their portfolio and institutional approach: Typical investment: $5M-$25M+ Flexible sizing based on opportunity and conviction Able to scale for follow-on rounds Can structure co-investments with strategic partners Recent Activity Raga Partners has been actively deploying capital: November 2025: Led investment in Joy (Series A) Continues active deployment from flagship fund Portfolio shows consistent investment activity across 2024-2025 14+ portfolio companies with recent additions in 2025 Portfolio Portfolio includes successful companies across multiple sectors: Sky Harbour (IPO exit) Joy (Series A, 2025) Diverse sector representation including consumer, enterprise, and technology Focus on companies with strong management teams and compelling risk-reward profiles Team Leadership: Atul S. Joshi, Co-CIO: Extensive capital and risk management in public and private markets, investment partner since 2013 David B. Heller, Co-CIO: Successful capital management and investment partnership since 2013 Extended Team: Institutionally trained team with entrepreneurial agility Multi-disciplinary experience spanning public markets, private equity, and operations Investment committee brings together diverse experience across disciplines Advisors & Network: Strong network of trusted relationships for sourcing Spencer Tirella, Noel Sullivan, Jaden Stevens, Peyton Skill, Matt Senatore and additional team members Access to entrepreneurial and operational expertise Decision Process Investment committee approach: Cross-disciplinary investment committee evaluation Public markets perspective applied to private investments Collaborative underwriting and structuring Bespoke approach to each investment Founder Preferences Raga Partners seeks: Management teams with strong track records Compelling risk-reward opportunities Founders operating in areas where Raga can add unique value Long-term partnership orientation Entrepreneurs with disciplined, patient approach to building Geographic Focus Primarily US-focused with New York base, but maintains flexibility for compelling opportunities nationally and internationally through their network. Fund Status Flagship fund is actively deploying capital with consistent recent investments through 2025, indicating strong capital availability and active portfolio management. Notable Characteristics SEC-registered investment adviser (Form ADV filed) Flexible mandate with no fixed time horizon Family office advisory capabilities Long-term partnership approach (firms like Maywic Select regularly co-invest) Combines institutional discipline with entrepreneurial agility