Frazier Healthcare Partners

What Frazier Healthcare Partners does

Frazier Healthcare Partners is a Seattle-based private equity firm founded in 1991 by Alan Frazier that invests exclusively in the healthcare sector. It operates two principal investment platforms: a Growth Buyout franchise making control investments in profitable US middle-market healthcare businesses (most recently an oversubscribed $2.3 billion Fund XI closed in November 2024), and the affiliated Frazier Life Sciences, which backs private and publicly traded biopharmaceutical discovery, development, and commercialization companies. In January 2025 the firm added a Structured Solutions team led by General Partner J.P. Michael, extending the offering into structured capital solutions alongside traditional buyouts. In March 2025, Petershill at Goldman Sachs Alternatives made a passive minority investment to support fund expansion and strategic initiatives.

Name

Frazier Healthcare Partners

Legal name

Frazier Healthcare Partners

Website

https://frazierhealthcare.com

Company type

Private

Founded year

1991

Operating status

Operating

Headcount range

101–250 employees

Short description

Frazier Healthcare Partners is a Seattle-based private equity firm founded in 1991 that invests exclusively in profitable US middle-market healthcare businesses through its Growth Buyout fund, with affiliate Frazier Life Sciences backing biopharmaceutical companies.

Ownership category

akta.pro rank

Product category

Healthcare Private Equity

NAICS

Other Financial Vehicles (52599)

SIC

Investment Advice (6282)

akta.pro primary industry

Healthcare & Life Sciences Growth Equity (FSANACAB)

akta.pro secondary industry

Business Services (B2B) Growth Equity (FSANACAD)

Keywords

• Healthcare private equity
• Growth buyout investments
• Biopharmaceutical venture capital
• Middle-market healthcare
• Portfolio value creation

Headquarters

HQ city

Seattle

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Private Equity Growth Buyout Fund Management: Primary revenue model: raising and managing private equity funds (e.g., 11th Growth Buyout Fund at $2.3B, oversubscribed and closed in six months) that invest in profitable US middle-market healthcare businesses. Generates management fees on committed/invested capital and carried interest on fund returns.
2. Strategic Minority Investment / Capital Partnership: Frazier received a passive minority investment from Petershill at Goldman Sachs Alternatives to support growth and strategic initiatives, indicating capital partnerships with alternative asset managers.
3. Life Sciences Venture Investments: Affiliate Frazier Life Sciences invests in private and publicly traded biopharmaceutical discovery, development, and commercialization companies, generating carried interest and investment returns.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Frazier Healthcare Partners is a healthcare-focused private equity firm that raises and manages Growth Buyout funds (most recently a $2.3 billion Fund XI) to invest in profitable US middle-market healthcare businesses, and operates an affiliated Frazier Life Sciences vehicle that invests in private and publicly traded biopharmaceutical companies. It pairs high-conviction investment theses with a proprietary Executive in Residence program and an in-house Center of Excellence of 27 functional experts to drive operational value creation across portfolio companies.

Differentiator

Problem solved

Functional benefit

Brands

• Frazier Life Sciences: Affiliated brand operated through Frazier Life Sciences Management, L.P., investing in private and publicly traded biopharmaceutical companies that discover, develop, and commercialize innovative therapies; operates at frazierls.com.

Products and services

• Frazier Healthcare Partners Growth Buyout Fund Frazier's flagship private equity fund strategy that makes Growth Buyout investments in profitable US middle-market healthcare businesses across pharma services, medical devices, healthcare IT, behavioral health, infusion, and imaging. Generates management fees on committed/invested capital and carried interest on fund returns.
• Frazier Life Sciences Sister investment vehicle to the Growth Buyout fund, investing in private and publicly traded companies that discover, develop, and commercialize innovative biopharmaceuticals. Operates as a complementary franchise under Frazier Life Sciences Management, L.P.
• Frazier Structured Solutions New investment team announced January 2025, led by General Partner J.P. Michael, Partner Douglas Hollenbeck, and Vice President Hannah Maatallah, providing structured capital solutions to healthcare companies alongside the traditional Growth Buyout fund.
• Executive in Residence (EIR) Program Formal program that sources accomplished C-level industry leaders through Frazier's deep healthcare network to identify and run portfolio companies. Current EIRs include David Kosloff, Maria Molland, Randy Hyun (added April 2026), and Milton Boyer (added June 2026).
• Center of Excellence (CoE)

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability9 records

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core, minor and flagship.

• CaryHealthcoreStrategic or Co-development Partner · 7 May 2026CareTria (Frazier portfolio; formerly Knipper Health) acquired CaryHealth, a digital pharmacy company, in May 2026 to combine telehealth, pharmacy fulfillment and AI-driven patient engagement into a single direct-to-patient platform across all 50 states.
• TrustCommerce (Waud Capital Partners)coreStrategic or Co-development Partner · 23 February 2026RevSpring (Frazier portfolio) acquired TrustCommerce from Waud Capital Partners, announced February 20, 2026, combining enterprise gateway connectivity and EHR integrations with RevSpring's patient financial engagement platform.
• Cozeva (Vatica Health merger)coreStrategic or Co-development Partner · 1 October 2025Vatica Health (Frazier portfolio) merged with Cozeva in November 2025, expanding leadership in value-based care enablement.
• Kyruus HealthcoreStrategic or Co-development Partner · 23 September 2025RevSpring (Frazier portfolio) agreed to acquire Kyruus Health in Q4 2025 to combine provider search, scheduling, and payment solutions. Kyruus connects 500,000+ providers across 1,400 hospitals and 550 medical groups.
• Molecular Testing LabsminorStrategic or Co-development Partner · 23 July 2025Matrix Medical Network (Frazier portfolio) announced a strategic partnership with Molecular Testing Labs in July 2025 to enhance in-home diagnostic offerings.
• eBlu SolutionscoreStrategic or Co-development Partner · 17 July 2025Knipper Health (Frazier portfolio; rebranded CareTria) acquired eBlu Solutions in July 2025 to create an industry-leading therapy initiation platform with real-time benefit investigation and prior authorization.
• VizientminorStrategic or Co-development Partner · 16 October 2024AirLife (Frazier portfolio) recognized as Vizient 2024 Supplier Partner of the Year, signaling a strategic supplier relationship with Vizient's healthcare member network.
• DirectMed ImagingflagshipStrategic or Co-development Partner · 15 October 2024DirectMed Imaging is a Frazier Healthcare Partners portfolio company acquired in October 2024 from NMS Capital. DirectMed provides aftermarket parts and repairs for diagnostic imaging equipment and has acquired Tri-Imaging Solutions (January 2026) and Richardson Healthcare (January 2025) to scale globally.
• BioMatrix (now LUX Infusion)flagshipStrategic or Co-development Partner · 25 June 2024BioMatrix, a home infusion services provider acquired by Frazier in June 2024, rebranded as LUX Infusion in April 2026. Subsequent add-on acquisitions include Total Infusion Care (December 2025) and LUX Infusion (October 2025).
• Carenet HealthminorStrategic or Co-development Partner · 30 April 2024Matrix Medical Network (Frazier portfolio) selected Carenet Health in April 2024 to enhance and personalize member outreach.
• Linkwell HealthminorStrategic or Co-development Partner · 9 April 2024Matrix Medical Network (Frazier portfolio) elevated patient engagement in partnership with Linkwell Health in April 2024.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• KKR: Global alternatives manager with significant healthcare PE investing across services and life sciences. Overlaps with Frazier on healthcare buyouts while operating across many other industries and strategies.
• TPG: Global private equity firm with the TPG Capital Healthcare and Rise Climate platforms. Competes for healthcare buyout assets but as part of a broad multi-strategy alternatives platform rather than healthcare-exclusive.
• Warburg Pincus: Global growth equity firm with a long-standing healthcare practice spanning services, pharma services, and devices. Overlaps with Frazier in healthcare growth investing but operates more broadly across geographies and sectors.
• The Carlyle Group: Global private equity firm with a dedicated US Buyout healthcare team investing across services, products, and distribution. Comparable to Frazier on healthcare buyouts but as part of a much larger diversified PE platform.
• Bain Capital: Global private equity firm with dedicated healthcare and life sciences franchises (Bain Capital Life Sciences, Bain Capital Health). Overlaps with Frazier in healthcare buyouts but operates across multiple industries and at much larger scale.

Direct peers

• Avista Capital Partners: Healthcare-focused private equity firm with deep experience across pharma services, devices, distribution, and healthcare IT. Highly comparable to Frazier on healthcare specialization and middle-market growth buyout approach.
• Welsh, Carson, Anderson & Stowe: Healthcare-focused private equity firm investing in US middle-market healthcare businesses. It is one of the closest direct competitors to Frazier Healthcare Partners given the similar healthcare-only thesis, middle-market focus, and long-tenured franchise.
• GTCR: Chicago-based PE firm with a long-standing Leaders Strategy approach and a strong healthcare portfolio. Directly comparable to Frazier in middle-market healthcare buyouts; GTCR was also the seller of RevSpring to Frazier in March 2024.
• New Mountain Capital: Growth-oriented private equity firm with a deep healthcare franchise spanning services, pharma services, and healthcare IT. Comparable to Frazier on healthcare focus and growth buyout strategy, though typically at larger equity checks.
• Linden Capital Partners: Healthcare-dedicated private equity firm focused on middle-market healthcare businesses in the US. Comparable to Frazier on healthcare-only mandate, middle-market size, and buy-and-build strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/frazier-healthcare-partners
• Xx.com/FrazierHealth

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles25 records

Subsidiaries17 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A14 records

Investments236 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Frazier Healthcare Partners