Frazier Healthcare Partners held a final close for its second growth buyout vehicle and 11th institutional fund at a hard cap of $780 million.
Frazier Healthcare Growth Buyouts Fund IX will exclusively target lower mid-market healthcare firms. The fund, which was oversubscribed, surpassed its initial $700 million target after just four months on the road. According to Frazier, the fund will invest in bite sizes averaging about $70 million.
The Seattle-based firm’s predecessor growth buyout vehicle, Fund VIII, closed on $525 million in 2016. The Maryland State Retirement and Pension System committed $50 million to Fund VIII.