Frazier is an investment manager focused exclusively on the healthcare sector and a leading
provider of growth equity to emerging health care companies. Frazier was founded in 1991 by
Alan D. Frazier. The firm is principally owned by Nader J. Naini, Nathan Every, and Ben Magnano.
As of December 31, 2023, Frazier’s regulatory assets under management was $5,201,676,548,
all of which is managed on a discretionary basis.
Frazier provides discretionary investment management services to U.S. private investment
funds which includes Frazier Healthcare VI, L.P. (managed by its general partner, FHM VI, L.P.),
Frazier Healthcare VII, L.P. (managed by its general partner, FHM VII, L.P.), Frazier Healthcare
VII-A, L.P. (managed by its general partner, FHM VII, L.P.), Frazier Healthcare Growth Buyout
Fund VIII, L.P. (managed by its general partner FHM Growth Buyout VIII, L.P.), Frazier Healthcare
Growth Buyout Fund VIII PV, L.P. (managed by its general partner FHM Growth Buyout VIII, L.P.),
Frazier Healthcare Growth Buyout Affiliates VIII, L.P. (managed by its general partner FHM
Growth Buyout VIII, L.P.), Frazier Healthcare Growth Buyout Fund IX, L.P. (managed by its
general partner FHM Growth Buyout IX, L.P.), Frazier Healthcare Growth Buyout Fund IX PV, L.P.
(managed by its general partner FHM Growth Buyout IX, L.P.), Frazier Healthcare Growth Buyout
Affiliates IX, L.P. (managed by its general partner FHM Growth Buyout IX, L.P.), Frazier
Healthcare Growth Buyout Fund X, L.P. (managed by its general partner FHM Growth Buyout X,
L.P.), Frazier Healthcare Growth Buyout Fund X PV, L.P. (managed by its general partner FHM
Growth Buyout X, L.P.), Frazier Healthcare Growth Buyout Affiliates X, L.P. (managed by its
general partner FHM Growth Buyout X, L.P.), FH CSF Holdings, LLC (managed by its general
partner FHM Growth Buyout IX, L.P.), FH Sunrise Co-Investment I, L.P. (managed by its general
partner FH Sunrise GP, LLC), Mercury Fortuna Buyer, LLC (managed by its general partner FHM
Growth Buyout VIII, L.P.), Frazier Pacific Partner, L.P. (managed by its general partner FHMGB X,
L.P.) and Targa Frazier Holdings, LLC (managed by its general partner FHM Growth Buyout VIII,
L.P. each a “General Partner,” and collectively, together with any future affiliated general partner
entities, the “General Partners”)(collectively, the “Frazier Funds”). In providing such advisory
services, Frazier utilizes strategies based on evaluating pharmaceutical, biotechnology, medical
device, healthcare services and other companies in the global healthcare sector. Such strategies
may include, within the healthcare sector and subject to the investment program of each Frazier
Fund, investments in the securities of U.S. and non-U.S. public and private companies. In
providing its investment
advisory services, the General Partners determine when and which
investments will be acquired, disposed of, or exchanged on behalf of its fund clients to maintain
a portfolio consistent with each client’s objectives. Additionally, Frazier has provided and may
in the future provide certain current or prospective investors or other persons (including other
sponsors, market participants, finders, consultants and other service providers, portfolio
company management or personnel, Frazier personnel and/or certain other persons associated
with Frazier and/or its affiliates) the opportunity to participate directly in certain portfolio
companies by co-investing alongside the Frazier Funds or in co-invest vehicles that will invest in
certain portfolio companies alongside a Frazier Fund.
Frazier’s advisory services to the Frazier Funds consist of (i) investigating, identifying and
evaluating investment opportunities; (ii) structuring, negotiating and making investments on
behalf of the Frazier Funds; (iii) managing and monitoring the performance of such investments;
and (iv) exiting such investments on behalf of the Frazier Funds. Frazier’s advisory services to
each Frazier Fund are subject to the specific investment objectives and restrictions applicable to
such Frazier Fund, as set forth in such Frazier Fund’s limited partnership agreement, confidential
private placement memorandum and other governing documents (collectively, the “Governing
Documents”). Investors and prospective investors in each Frazier Fund should refer to the
Governing Documents of that Frazier Fund for information on the investment objectives and
investment restrictions with respect to that Frazier Fund. There can be no assurance that any of
the Frazier Funds’ investment objectives will be achieved or that investors will not lose
investment capital.
One or more of the Frazier Funds or their General Partners have entered and expect in the future
to enter into “side letters” or similar agreements with certain investors pursuant to which the
Frazier Fund or its General Partner grants the investor specific rights, benefits, or privileges that
are not made available to investors generally. Such “side letters” or similar agreements generally
are disclosed only to investors in the applicable Frazier Fund that have separately negotiated
with Frazier for the right to review such “side letters” or similar agreements. Certain side letter
rights are likely to confer benefits on the relevant limited partner at the expense of the relevant
Frazier Fund or of limited partners as a whole, including in the event that a side letter confers
additional reporting, information rights and/or transfer rights, the costs and expenses of which
are expected to be borne by the relevant Frazier Fund.