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