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Seattle-based Frazier Healthcare Partners closed its 11th flagship Growth Buyout Fund at a $2.3 billion hard cap in limited-partner commitments on November 20, 2024. The fund, formally named Frazier Healthcare Growth Buyout Fund XI, L.P. (FHGB XI), was oversubscribed and closed six months after launch. This is a 2024 fundraising announcement, not a new 2026 raise.
What is Frazier Healthcare Partners’ 11th fund?
FHGB XI is Frazier’s 11th flagship Growth Buyout Fund. The firm said it would use the fund to acquire controlling interests in middle-market healthcare companies. Its announcement describes the strategy broadly; it does not name the fund’s eventual portfolio companies or individual limited partners.
The $2.3 billion figure is the fund’s hard cap in limited-partner commitments, not a statement that the full amount had already been invested in companies. Frazier’s announcement also said the fund was significantly oversubscribed and reached its close six months after launch. Frazier’s November 20, 2024 announcement provides the fund’s stated terms.
What companies and sectors was it expected to target?
Frazier’s stated mandate is middle-market healthcare buyouts in which it acquires controlling interests. Separately, GeekWire reported that Frazier expected to acquire around 10 companies and cited pharmaceutical services, hospital outsourcing, and data analytics and artificial intelligence as areas of interest. The approximately 10-company figure was an expectation reported at the time, not a final portfolio count or a confirmed list of investments. GeekWire’s November 21, 2024 report gives that additional context.
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What did Frazier say about its investment team?
In the closing announcement, Frazier reported that the fund had 24 investment professionals and that its portfolio-operations group, called the Center of Excellence, had 22 professionals. These are team counts stated by the firm in November 2024.
Co-managing partner Nader Naini said the firm believed its healthcare focus, industry experience, and approach of pairing investment themes with experienced executives had resonated with investors. Co-managing partner Ben Magnano described Frazier’s approach as thesis-driven and centered on its Executive in Residence model. Those comments are the partners’ explanation of the fundraise and strategy, rather than independent assessments of their results. Both statements appear in Frazier’s announcement.
How does this fund fit Frazier’s history?
Frazier described itself in 2024 as a healthcare-focused private-equity firm founded in 1991 and headquartered in Seattle, with investment activity in the United States, Canada, and Europe. The company said it had raised more than $9 billion for private funds and co-investment opportunities and invested in more than 200 companies over 33 years. These are cumulative figures reported by Frazier, not independently audited totals. The firm’s news archive continues to identify the FHGB XI close as a November 20, 2024 announcement.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the reported Fund IX returns do—and do not—show
Preqin’s November 21, 2024 coverage discussed Frazier’s Fund IX, a 2018-vintage fund, and reported a 23.0% net IRR. Preqin compared that figure with an 18.8% median for its North America-focused mid-sized buyout benchmark and an 18.2% median for a broader North America-focused private-equity benchmark. These figures concern Fund IX and the benchmarks cited by Preqin; they are not returns for FHGB XI and do not establish its future performance. Preqin’s coverage provides the vintage and benchmark context.
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