Frazier closes new $25M fund

Frazier & Co. was to announce today the initial $25 million closing of Frazier Healthcare Investments, a new fund that Frazier believes is the first formed specifically to target long-term, equity investment in late-stage private companies and private investments in newly public companies.

Frazier & Co. will serve as the fund's managing partner. Mayfield Fund and Invemed Associates are limited partners. General Electric Pension Fund is the lead investor. Frazier expects the fund's investment in each company will last two to four years. Investments in public companies may include product-focused investments...