Frist Cressey Ventures

What Frist Cressey Ventures does

Frist Cressey Ventures (FCV) is a Nashville-based venture capital firm founded in 2015 by former U.S. Senate Majority Leader Bill Frist, M.D., and Bryan Cressey. The firm invests in early-stage healthcare companies focused on transforming care delivery through technology, value-based care models, and AI-native business models, explicitly excluding biotech and medical devices. Over its first decade, FCV has made 44 investments and produced 14 successful exits, with two prior funds ranking in the top 5% of all venture capital funds for their respective vintages.

FCV's business model is standard venture capital: the firm raises limited-partner capital in discrete funds, deploys equity into portfolio companies, and generates returns through exits via acquisition, IPO, or secondary transactions. The firm closed its fourth fund at $425 million in February 2026, bringing total assets under management to approximately $1 billion. Revenue is generated through management fees (typically 1.5%–2.0% on committed or invested capital) and carried interest on realized gains, with no pricing model applicable to portfolio companies. Beyond capital, FCV delivers strategic support through board participation, governance assistance, and direct introductions to its strategic LP network.

The firm's competitive differentiation rests on its strategic limited-partner base, anchored by The Cigna Group Ventures, MedStar Health, and OhioHealth, which collectively provide healthcare to over 50% of the U.S. population and serve as distribution and pilot channels for portfolio companies. Portfolio companies include Ambience Healthcare, Thyme Care, Qualified Health, Monogram Health, Devoted Health, Visana Health, Chamber Cardio, Oshi Health, Aradigm, and One to One Health. Beyond investing, FCV operates the FCV Collective executive network program, the FCV Forum annual event, and the FCV Policy Perspectives thought leadership initiative, all of which reinforce ecosystem engagement. The firm is registered as Frist Cressey Ventures, LLC in Tennessee and maintains offices in Nashville, New York, and Chicago.

Name

Frist Cressey Ventures

Legal name

Frist Cressey Ventures, LLC

Website

https://fcventures.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Frist Cressey Ventures is a Nashville-based venture capital firm investing in early-stage healthcare companies transforming care delivery through technology, value-based care, and AI-native models. Founded in 2015, FCV manages approximately $1 billion across four funds with 44 investments and 14 exits.

Ownership category

akta.pro rank

Product category

Venture Capital / Healthcare Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Corporate Strategic Partnership & Ecosystem Investment Arms (FSANAHAF)

Keywords

• Healthcare venture capital
• Early-stage investing
• Value-based care
• Healthcare technology investing
• Portfolio company support

Headquarters

HQ city

Nashville

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Venture Capital Returns: The firm generates returns through equity investments in early-stage healthcare companies, realizing gains via exits through acquisitions, IPOs, or secondary transactions. With 44 total investments and 14 successful exits, the firm has demonstrated a track record of exits across value-based care and applied AI sectors.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Frist Cressey Ventures is a venture capital firm that raises capital from limited partners and invests it as equity in early-stage healthcare companies transforming care delivery through technology, including AI-native business models and value-based care models. Beyond capital, the firm provides portfolio companies with strategic support, governance expertise, and preferential access to its strategic LP network of major payers and health systems. The firm also operates complementary programs (FCV Collective, FCV Forum, FCV Policy Perspectives, FCV Job Board) to convene healthcare executives and support portfolio growth.

Product overview

Frist Cressey Ventures is a healthcare-focused venture capital firm that provides capital investment and strategic partnership to early-stage healthcare companies transforming care delivery with technology. The firm operates its FCV Collective program for healthcare executive networking and education, the FCV Forum for annual industry events, and the FCV Policy Perspectives content initiative. Additionally, the firm operates an FCV Job Board connecting talent with portfolio companies. The firm does not offer a standalone technology product but facilitates connections between portfolio companies and strategic limited partners including health systems and payers.

Differentiator

Problem solved

Functional benefit

Brands

• FCV Collective: A platform that convenes top-level industry executives for shared learning and thought leadership while building a lasting network in support of innovation and a better healthcare system.
• FCV Forum
• FCV Policy Perspectives

Products and services

• Fund IV (Healthcare Venture Capital Fund) Oversubscribed $425 million venture capital fund for early-stage U.S. healthcare companies transforming care delivery through technology, AI-native business models, and value-based care. The fund is offered to institutional and strategic limited partners and is the firm's fourth flagship fund.
• FCV Collective An executive network program that convenes top-level healthcare industry executives for shared learning, thought leadership, and networking to support innovation and systemic change in healthcare, including annual cohorts, Washington D.C. policy sessions, and an alumni community.
• FCV Forum An annual in-person forum bringing together healthcare industry leaders, portfolio company founders, and policy makers for discussions on healthcare transformation.
• FCV Policy Perspectives A thought leadership content initiative bringing together healthcare policy experts including former Senator Bill Frist and Mark Tipps to examine regulatory shifts, legal developments, and executive actions affecting healthcare innovation.
• FCV Job Board A job board platform powered by Getro that connects job seekers with employment opportunities across FCV's portfolio companies and network organizations.

Quantifiable outcome

• 14 successful exits across value-based care and applied AI sectors
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Flare Capital Partners: Boston-based healthcare-focused venture capital firm investing in early-stage health tech, digital health, and tech-enabled services. Direct comparable to FCV given shared focus on early-stage healthcare services and value-based care theses.
• Oak HC/FT: Healthcare-focused venture capital firm investing in early-to-growth stage health tech and fintech. Comparable to FCV for its concentrated healthcare services thesis and similar fund size.
• Town Hall Ventures: Healthcare-focused venture capital firm targeting companies serving Medicaid, Medicare, and underserved populations. Same healthcare-services-only mandate and value-based care orientation as FCV.
• Healthier Capital: Healthcare-focused venture capital firm investing in early-stage tech-enabled healthcare companies. Similar fund size, stage focus, and value-based care/AI orientation to FCV.
• SignalFire: Tech and healthcare-focused venture capital firm using a data-driven platform. Co-investor with FCV in Qualified Health and shares similar early-stage healthcare tech/health services focus.

Broad incumbents

• General Catalyst: Large multi-stage venture capital firm with a significant healthcare practice (Health Assurance). Comparable to FCV as a participating investor in several portfolio companies (e.g., Chamber Cardio), though broader in scope and stage.
• Andreessen Horowitz (Bio + Health): Major multi-stage venture capital firm with a dedicated Bio + Health fund. Comparable to FCV through co-investments in Aradigm and Thyme Care, though broader across biotech and digital health.
• New Enterprise Associates (NEA): Large multi-stage venture capital firm with a long-standing healthcare investing practice. Comparable to FCV as a lead investor in Qualified Health's Series B and broader healthcare portfolio.
• CVS Health Ventures: Corporate venture capital arm of CVS Health, investing in healthcare companies that align with CVS's strategic priorities. Comparable to FCV's strategic LP structure (Cigna, MedStar, OhioHealth) and recent co-investments.

Regional players

• Noro-Moseley Partners: Southeast-based venture capital firm with a healthcare focus, leading the Visana Health Series A alongside FCV. Comparable for its healthcare services investing focus and similar fund size, though broader across stages and sectors.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/frist-cressey-ventures

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

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

M&A

Investments67 records

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

Frequently asked questions about Frist Cressey Ventures