RA Capital Management, L.P. and affiliated reporting persons filed a Schedule 13G with the SEC on October 26, 2026, disclosing beneficial ownership of 750,000 Class A Ordinary Shares of TCGX Acquisition Corp. II, representing 7.2% of the class, based on an event date of October 19, 2026.

Key Highlights

  • Four reporting persons: RA Capital Management, L.P., Peter Kolchinsky, Rajeev Shah, and RA Capital Healthcare Fund, L.P. each report 750,000 Class A Ordinary Shares beneficially owned.
  • 7.2% ownership: Each reporting person's stake represents 7.2% of the class, based on 10,450,000 Class A Ordinary Shares outstanding as of October 19, 2026.
  • Direct holder: According to the filing, RA Capital Healthcare Fund, L.P. directly holds the 750,000 Class A Ordinary Shares.
  • No sole voting or dispositive power: All four reporting persons report 0 shares with sole voting power and 0 shares with sole dispositive power.
  • Delegated authority: The filing states the Fund "has delegated to RA Capital the sole power to vote and the sole power to dispose of all securities held in the Fund's portfolio," revocable only on no less than 61 days' notice.
  • Beneficial ownership disclaimed: RA Capital, Dr. Kolchinsky, and Mr. Shah each disclaim beneficial ownership of the reported securities "other than for the purpose of determining their obligations under Section 13(d) of the Act."

RA Capital Healthcare Fund's Position in TCGX Acquisition Corp. II

According to the Schedule 13G filing, RA Capital Healthcare Fund, L.P., a Delaware limited partnership, directly holds 750,000 Class A Ordinary Shares (par value $0.0001 per share, CUSIP G87082106) of TCGX Acquisition Corp. II, whose principal executive offices are located at 245 Lytton Ave., Suite 350, Palo Alto, CA 94301. The percentage figure of 7.2% is calculated against 10,450,000 Class A Ordinary Shares outstanding as of October 19, 2026, as reported in the issuer's final prospectus dated October 15, 2026, filed with the SEC on October 16, 2026.

The filing identifies RA Capital Management, L.P. as the investment adviser for the Fund and notes that RA Capital Healthcare Fund GP, LLC serves as the Fund's general partner. RA Capital's own general partner is RA Capital Management GP, LLC, of which Peter Kolchinsky and Rajeev Shah are described as the controlling persons. Because of these relationships, RA Capital, Dr. Kolchinsky, and Mr. Shah are each deemed to beneficially own the same 750,000 shares, though all three disclaim such beneficial ownership except as required for Section 13(d) purposes.

The filing further notes that the Fund has divested voting and investment power over the reported securities to RA Capital and "may not revoke that delegation on less than 61 days' notice," leading the Fund itself to also disclaim beneficial ownership for Section 13(d) purposes. The reporting persons expressly disclaim status as a "group." The filing certifies that the securities "were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer."

What Was Disclosed

A Schedule 13G filed October 26, 2026 discloses that RA Capital Healthcare Fund, L.P. directly holds 750,000 Class A Ordinary Shares of TCGX Acquisition Corp. II, equal to 7.2% of the class, with related persons RA Capital Management, Peter Kolchinsky, and Rajeev Shah each reporting the same aggregate beneficial ownership figure.