Diana Frazier will retire from FLAG Capital Management, the fund of funds she co-founded in 1994, a spokesperson for the firm confirmed.
A founding partner and co-head of FLAG’s US venture capital strategy, Frazier will be succeeded by FLAG partner Peter Denious, who will co-lead the venture capital programme alongside co-founder Peter Lawrence. Prior to co-founding FLAG, Frazier worked at BancBoston Ventures for nine years, eventually rising to the role of president. She also oversaw fund investments, private investments and public investments for a family office.
FLAG’s venture capital fund of funds programme is expected to launch the fundraising process for its ninth fund of funds this year. The firm’s previous venture vehicle closed on $180 million.
In 2012, FLAG acquired Hong Kong-based peer Squadron Capital, which manages Asian private equity funds for institutional investors, family offices and high net worth individuals. The deal, which was the first time FLAG had ever acquired another fund of funds, added about $1.5 billion of assets to the firm.
Connecticut-based FLAG has also raised a number of private equity fund of funds, the latest of which, FLAG Private Equity V, launched in 2012 with a $220 million target. Fund V had raised about $217 million as of last October, according to documents filed with the US Securities and Exchange Commission.