The roots of RAJ Capital are based in the swimwear industry when the firm was formed by brother and sister duo Alex Bhathal and Lisa Bhathal Merage in 2006.  The first investment of RAJ Capital was the acquisition, along with Swander Pace Capital and Goldman Sachs, of the family business RAJ Swim founded by their parents in 1967. RAJ Swim and its direct-to-consumer e-commerce platform, SwimSpot, has grown over the decades to become the industry's leading house of fashion.