Frazier levels up with $1.3B early-stage fund: Finance Report

Frazier Life Sciences has closed its latest early-stage fund at $1.3 billion, again choosing to invest from an enlarging capital pool. The firm’s new vehicle, Fund XII, is more than 30% bigger than its $987 million, 2022-vintage Fund XI, and doubles the size of its $617 million Fund X from 2020.

It’s the latest firm to upsize in an oversubscribed investment vehicle, although some others have chosen to hold steady or even downsize, as start-ups have found the IPO market barren and M&A trends choppy, forcing them to stay private for longer...