Goldman Sachs’ GP Arm Petershill Invests in Frazier Healthcare Partners
Frazier Healthcare Partners, a Seattle-based private equity firm, has secured a passive minority investment from Petershill at Goldman Sachs Alternatives. The capital provides an additional lift to the firm, coming on the heels of the successful close of its 11th flagship fund, Frazier Healthcare Growth Buyout Fund XI. That fund hit its hard cap of $2.3 billion in six months.
Frazier Healthcare Partners, established in 1991, boasts a 34-year track record of investing in over 200 companies. Among its recent moves, the Seattle-based firm has acquired DirectMed Imaging and BioMatrix Holdings
“Frazier is a world-class institutional firm that possesses a remarkable depth of expertise, strong investment track record, differentiated value-creation capabilities, and a strategic industry network which gives us confidence in Frazier’s continued growth and success,” said Ali Raissi-Dehkordy, global co-head of Petershill.
In January, Petershill offloaded most of its stake in venture capital firm General Catalyst for $789 million. This transaction followed a series of divestitures throughout 2024, including a partial exit from Accel-KKR and a complete sale of its position in LMR Partners in September, totaling $1.5 billion in realizations for the year
The firm, which focuses on collaborating with alternative asset managers via minority investments, is anticipating a robust performance in 2025, forecasting that its partner firms will raise between $20 billion and $25 billion in fee-eligible assets under management. Additionally, the firm projects potential realizations of up to $10 billion throughout the year.
Houlihan Lokey acted as financial advisor for Frazier, with Kirkland & Ellis serving as legal counsel. Fried, Frank, Harris, Shriver & Jacobson provided legal advice to Petershill.