Saturday, 30 July 2016
Last updated 8 hours ago
Jun 11 2012 | 1:49am ET
Hedge fund RA Capital Management is opening up, and has added some marketing firepower to double its assets—or more.
The Boston-based firm hired Michael Calore to market its long/short equity Healthcare Fund for the first time. The decade-old offering, which focuses on small-cap biotechnology and life sciences companies, currently manages $230 million, but RA hopes to actively raise $100 million, leaving room to organically grow to $500 million to $700 million. The fund was initially launched as the private fund of Rich Aldrich, who was a founding member of Cambridge, Ma.-based Vertex Pharmaceuticals.
Calore is to target family offices, funds of hedge funds and small- and mid-sized institutional investors. It has a $2 million minimum investment requirement with a one-year soft lockup and charges 2% for management and 20% for performance.
RA, which was co-founded by Peter Kolchinsky, is making things as easy for Calore as possible. The fund is up 19% this year and returned 14% last year.
Calore worked at Brighton House Associates before joining RA.