RAJ Capital was founded in 2006 by siblings Alex Bhathal and Lisa Bhathal Merage, rooted in their family's swimwear business, RAJ Swim, established in 1967. Partnering with Swander Pace Capital and Goldman Sachs, RAJ Capital's first investment was the acquisition of RAJ Swim, which has since become a stalwart in the swimwear industry, successfully adapting to industry changes for over six decades.