Frazier Healthcare closes $600m fund

The life sciences-focussed venture firm has held a first and final close on its sixth fund.

US venture firm Frazier Healthcare Ventures’ sixth fund has hit its hard cap for commitments and held a first and final close on $600 million (€404 million).

The increase in size from the firm’s previous fund, which closed on $475 million in 2005, will enable it to expand the scope of its growth-equity stage investments and also take larger positions in venture capital deals, Nader Naini, general partner, said in a statement.

FH VI will employ the same strategy as its predecessor funds, investing in the biopharma, medical devices and healthcare services sectors. The fund will be stage-agnostic.

Limited partners include existing investors as well as a “select number of high quality investors added to our roster”, managing partner Alan Frazier said in a statement. The California State Teachers’ Retirement System was among the firm’s LPs for FH V.

The closure of Fund VI brings the 16-year old firm’s total capital under management to $1.8 billion.