RP Management, LLC

RP Management provides discretionary investment management exclusively to pooled investment vehicles, including four private feeder funds and two MIP clients that invest through Irish collective asset vehicles and hold interests in Royalty Pharma Holdings Ltd.; the firm reported approximately $2.14 billion in regulatory assets under management as of December 31, 2025. Investors in the Clients are generally institutional and high‑net‑worth entities, and the funds are closed to new subscriptions.

The firm’s investment approach focuses on acquiring and managing revenue‑producing royalty interests and related direct or indirect equity and contractual rights linked to marketed and late‑stage biopharmaceutical products, and it may co‑fund clinical development or acquire synthetic royalties as part of that strategy. RP Management evaluates clinical data, intellectual property, marketer strength and competitive dynamics to estimate royalty streams and conducts ongoing portfolio monitoring in accordance with each Client’s governing documents.

Noteworthy features include that all Clients pay performance‑based compensation to the firm or its affiliates and the firm does not manage non‑performance‑fee accounts, creating a uniform incentive structure across its funds. The firm also relies on affiliated shared‑services and cost‑plus administrative arrangements with an investment sub‑manager, acts as general partner/manager of the feeder funds (with custody implications), uses leverage in its capital structure, and has indirect ownership ties to a publicly traded parent and other affiliated managers, which produce operational linkages and potential conflicts beyond what many peers report.