Frazier Healthcare Partners, a Seattle, WA-based healthcare-focused investment firm, closed its 10th dedicated healthcare private equity fund focused on the middle market, at $1.4 billion.
Frazier Healthcare Growth Buyout Fund X, L.P. (FHGB X) received support from new and existing limited partners, which including public pension funds, financial institutions, foundations and endowments, family offices, corporate pensions and sovereign wealth funds, with commitments coming globally from investors in the United States, Europe, the Middle East and Asia. The majority of investors from its previous fund, FHGB IX, increased their commitment for FHGB X.
Frazier focuses on acquiring controlling interests in healthcare companies with EBITDA between $10 million and $75 million where it can invest between $50 million and $300 million of equity. Investments can take the form of corporate carveouts of private and publicly traded companies, recapitalizations and buy-and-build strategies.
Recent investments include the corporate carveout of MedData from Mednax (Ticker: MD) in October 2019. MedData is a provider of technology-enabled revenue cycle management services for hospitals, health systems and healthcare providers. More recently, in December 2020, Frazier acquired a 50% stake in CSafe Global, a Dayton, Ohio-based provider of cold chain shipping and air cargo solutions to the life science and pharmaceutical industries. Recent exits include the December 2020 sale of PCI, a pharmaceutical and biopharmaceutical global supply-chain solutions provider, to Kohlberg and Mubadala in a $3.0+ billion transaction. Northfield, a provider of operating room instrument, scope and power system repair services was sold to Agiliti in March 2021 for $475 million.
Founded in 1991, Frazier Healthcare Partners has invested in more than 200 companies with transaction types ranging from buyouts of profitable healthcare companies to venture capital and company creation. The firm has offices in Seattle, Wash., and Menlo Park, Calif., and invests broadly across the U.S., Canada and Europe.