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Frazier Healthcare raises $377m for seventh fund

1 Oct 2013

Sector-focused growth and venture capital firm Frazier Healthcare has closed its seventh healthcare fund, Frazier Healthcare VII (FH VII) on $377m, exceeding its target of $300m.

LPs comprised corporate and public pension plans, foundations, endowments, and funds of funds, the firm said, but declined from revealing any specific investors.

In May the firm was reported to be nearing a final close for its first fund since the financial crisis after gathering more than $280m from LPs. The firm, which exclusively targets healthcare, medical device and biotechnology investments, last gathered capital in 2007 through its $600m sixth fund.

Founded in 1991, Frazier Healthcare focuses on emerging healthcare service and biopharma companies. With over $2bn under management across seven funds, the fim has invested in more than 150 companies from venture investments to leveraged recapitalizations.

In conjunction with the closing, Brian Morfitt will be promoted to general partner and Ben Magnano will be promoted to partner. Morfitt joined Frazier in 2003 from Summit Partners and Magnano joined Frazier in 2006 from Morgan Stanley Venture Partners. In addition, Dan Estes will be promoted to vice president, having joined Frazier in 2011 from McKinsey & Company.

Earlier this year the firm lost general partner Robert More to the Bill and Melinda Gates Foundation after he was hired by the philanthropic body as head of venture investing.

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