The exits achieved by portfolio companies of Frazier Healthcare in 2011 are another indication that things could be looking up for the venture community and the LPs that fund it. The firm recently reported a record $1.1 billion in upfront payments from the sales of four portfolio companies last year.

According to Frazier, the takeouts validate its shift several years ago to a strategy of explicitly cultivating relationships with potential acquirers in an effort to build young companies to the right specifications.