Frazier Healthcare raises $377M venture fund, surpassing target

frazier-alan_f_bio

Alan Frazier

Frazier Healthcare has raised a $377 million fund, one of the largest in recent years by a Seattle venture firm. The firm, whose portfolio includes Achaogen, Atterocor, Portola Pharmaceuticals and other firms, had targeted $300 million.

“We are very appreciative of the support that we received from existing limited partners and pleased to have brought in a number of high quality new limited partners into FH VII” said Jamie Topper, General Partner and co-lead of Frazier’s Biopharma Venture practice.

A SEC filing indicated that Frazier raised the funds from 41 investors, with three percent of the funds coming from the firm. Backers include public pension plans, foundations and endowments. The firm now has more than $2 billion under management across seven funds.

Frazier was founded in 1991 by Alan Frazier, a former executive at Immunex. With the new fund closed, Frazier Healthcare has promoted Brian Morfitt to general partner and Ben Magnano to partner. It also named Dan Estes — formerly of McKinsey & Company —as vice president.

Several Seattle area venture capital firms have struggled to raise capital in recent years or decided to forego new funds, including OVP Venture Partners and Frazier Technology Ventures — an offshoot of Frazier Healthcare.