Frazier Healthcare Partners today announced the closure of a $780 million fund. It’s the firm’s 11th fund and will be used to invest in profitable healthcare companies in the lower middle market.
The fund, officially called Frazier Healthcare Growth Buyout Fund IX, L.P., is part of the firm’s Growth Buyout team, which invests in healthcare and pharmaceutical services.
“We are appreciative of the continued support from our existing investors and pleased to have added a few new select blue-chip limited partners that together represent a world-class group of investors,” Nader Naini, managing partner at Frazier Healthcare Partners, said in a statement. “The commitment and confidence they have shown in our team is directly related to our rich 27-year history of developing category-leading healthcare companies. The team is particularly gratified by the overwhelming response to this offering.”
Founded in 1991, the Seattle-based firm now has more than $4.2 billion in capital under management and has invested in more than 170 companies. It has a Life Sciences arm that invests in therapeutics and related areas, in addition to the Growth Buyout group, that raised $419 million this past November.
Frazier employs 28 people in Seattle and also operates as Silicon Valley office.
U.S. healthcare venture fundraising reached $9.1 billion in 2017, up 26 percent from 2016, according to a Silicon Valley Bank report.