Healthcare-focused private equity firm

Frazier Healthcare Partners

At a glance

Latest fundFrazier Healthcare Growth Buyout Fund XI, $2.3B (Nov 2024) S6
Deal typesPlatform, Add-on S6
GeographyUnited States, Canada, Europe S7
SectorsHealthcare Services

What Frazier Healthcare Partners buys

Frazier Healthcare Partners is a Seattle firm, founded in 1991 and with a second office in New York, that invests only in healthcare. This profile covers its growth buyout business, which buys controlling stakes in middle market healthcare companies. The firm says it has raised more than $11 billion since it began, and its eleventh growth buyout fund closed at its $2.3 billion hard cap in November 2024. Frazier Life Sciences, the venture business that once shared its name, is now a separate and unaffiliated firm.

Frazier starts with an investment theme, such as infusion care, behavioral health pharmacy or healthcare payments, and pairs it with an experienced executive in residence who often becomes the CEO. It then grows each platform through add-ons and counts 49 platform investments and more than 180 acquisitions. It invests across the US, Canada and Europe and does not publish revenue or EBITDA ranges. Smaller providers, such as independent infusion centers, are most likely to meet Frazier as add-ons to platforms like LUX Infusion, CareTria or RevSpring.

Recent deals

Announced in the 24 months before October 20, 2026.

DateCompanyTypeSectorSource
Sep 2026South Jersey Pediatric and Adult Infusion Center and Northeast Infusion TherapyInfusion centers in Cherry Hill, New Jersey and Latham, New York added to LUX InfusionAdd-onHealthcare ServicesSource
Sep 2026MatrixCarePurchase of the cloud-based health records software company completed, with a new CEO named at closingPlatformSoftware & SaaSSource
May 2026AltruixBehavioral health pharmacy acquired; Frazier executive in residence Randy Hyun named CEOPlatformHealthcare ServicesSource
May 2026CaryHealthAI-driven digital pharmacy added to CareTria to build a direct-to-patient platformAdd-onHealthcare ServicesSource
Feb 2026TrustCommerceHealthcare payments company bought by RevSpring from Waud Capital PartnersAdd-onSoftware & SaaSSource
Feb 2026Rare Patient VoiceAdded to Konovo, Frazier's healthcare market research and insights platformAdd-onSource
Jan 2026Tri-Imaging Solutions and DirectMed ImagingTwo Frazier imaging companies merged into one larger imaging solutions platformInvestmentSource
Dec 2025Total Infusion CareHenderson, Nevada infusion provider added to BioMatrix, now LUX InfusionAdd-onHealthcare ServicesSource
Nov 2025CozevaVatica Health merged with Cozeva to broaden its value-based care enablement offeringInvestmentSource
Oct 2025LUX Infusion (Alaska)Three Alaska infusion centers bought by BioMatrix, which later took the LUX Infusion nameAdd-onHealthcare ServicesSource
Sep 2025Kyruus HealthAgreement for RevSpring to buy the provider search and scheduling software companyAdd-onSoftware & SaaSSource
Aug 2025Elevate Patient Financial SolutionsRevenue cycle services company sold to Audax Private Equity and Parthenon CapitalExitHealthcare ServicesSource
Jul 2025eBlu SolutionsAdded to Knipper Health, now CareTria, to build out its therapy initiation platformAdd-onHealthcare ServicesSource
Jul 2025Knipper Health (now CareTria)Investment in the therapy initiation company; former Frazier executive in residence Willis Chandler named CEOPlatformHealthcare ServicesSource
Jan 2025Richardson HealthcareAdded to DirectMed ImagingAdd-onSource
Nov 2024Frazier Healthcare Growth Buyout Fund XIClosed at its $2.3 billion hard cap in six monthsFund closeSource
Nov 2024NYX Health Eligibility ServicesEligibility services business added to Elevate Patient Financial SolutionsAdd-onHealthcare ServicesSource

Portfolio by sector

From the firm's portfolio page S3.

Growth Buyout

  • Accuity Delivery Systems
  • Altruix
  • CareTria
  • Effective School Solutions (ESS)
  • LUX Infusion
  • Matrix Medical Network
  • United Derm Partners
  • Vatica Health
  • MatrixCare
  • RevSpring
  • CSafe
  • EPTAM Precision
  • Adare Pharma Solutions
  • AirLife
  • Konovo
  • Leiters
  • Tri-Imaging Solutions

Past investments: Elevate Patient Financial Solutions

Greymont’s take

How Frazier Healthcare Partners fits a seller

Frazier suits owners of healthcare businesses that match one of its current themes and who want a buyer with long healthcare experience and a large operations team behind it; its Center of Excellence has 27 functional specialists who work with portfolio companies. The trade-off is leadership. Frazier builds platforms around its executives in residence, and at Knipper Health in 2025 and Altruix in 2026 an executive from Frazier's bench became CEO at closing. A founder who wants to stay in charge should raise that early.

For smaller operators the more common route is an add-on. LUX Infusion bought infusion centers in Alaska, Nevada, New Jersey and New York over the past year, and RevSpring and CareTria have bought software and pharmacy businesses. Owners should ask whether the platform plans to keep their brand, staff and location after the deal, and what role they would have.

Questions owners ask

Does Frazier Healthcare Partners still make life sciences venture investments?

Its website says Frazier Life Sciences is a separate, independent firm with no common ownership or control and that any earlier affiliation has ended. Frazier Healthcare Partners itself runs a growth buyout strategy in healthcare.

How large is Frazier's current buyout fund?

Frazier Healthcare Growth Buyout Fund XI closed in November 2024 at its $2.3 billion hard cap, six months after launch. The fund buys controlling interests in middle market healthcare companies.

Does the founder stay on as CEO after a Frazier deal?

Not always. Frazier pairs each theme with an executive in residence, and when it invested in Knipper Health in July 2025 and Altruix in May 2026, an executive from its bench was named CEO. At Knipper, the outgoing CEO stayed on the board.

Sources

  1. S1Frazier Healthcare Partners home page Accessed October 20, 2026
  2. S2Frazier Healthcare Partners: Approach Accessed October 20, 2026
  3. S3Frazier Healthcare Partners: Portfolio Accessed October 20, 2026
  4. S4Frazier Healthcare Partners: News Accessed October 20, 2026
  5. S5Frazier Healthcare Partners: Contact Accessed October 20, 2026
  6. S6Frazier Healthcare Partners closes oversubscribed $2.3 Billion 11th Growth Buyout Fund in six months (PR Newswire, November 20, 2024) Accessed October 20, 2026
  7. S7Willis Chandler to Lead Knipper Health as New President and Chief Executive Officer (PR Newswire, July 8, 2025) Accessed October 20, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Frazier Healthcare Partners. Figures are as reported on the dates shown and may have changed. Request a correction

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