12:00 AM
 | 
Oct 07, 2013
 |  BioCentury  |  Finance

Lucky No. 7

Frazier tailors seventh biotech fund to fit in LPs' $250-$400M sweet spot

In raising its seventh fund, Frazier Healthcare took the advice of LPs who suggested bigger is not always better. The fund closed last week at $377 million, overshooting its $300 million target but coming in well below the $600 million fund Frazier closed in 2007.

LPs are decreasing their venture exposure. But rather than exiting the space, they are getting more selective, according to Frazier's James Topper.

"The feedback we got from LPs was that they are favoring smaller funds, as those in the $250-$400 million range had performed a lot better than larger funds last time around," he said.

Frazier approached investors...

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