Overview

• Frazier finalized the new $1.3 billion early-stage biotechnology fund on July 31, 2025, ranking as its largest to date and following Omega’s $647 million and Deerfield Management’s $600 million raises in recent weeks.
• The fund will focus on oncology and novel therapeutic modalities, with commitments to companies such as Alentis Therapeutics, Tubulis, Enlaza Therapeutics, Maze Therapeutics and Sudo Biosciences.
• William Blair data show Frazier was one of the most active life-sciences venture investors in 2024, participating in 17 deals and leading nearly one-third.
• Earlier exits from Frazier’s early-stage portfolio include Scorpion Therapeutics’ drug sale to Eli Lilly valued at up to $2.5 billion and IPOs by Metagenomi and MBX Biosciences.
• Overall seed and Series A venture funding for biotech fell to $4.8 billion in Q2 2025, one of the lowest quarterly totals in recent years, driving capital toward larger fundraising vehicles.