Frazier Life Sciences Raises $1.3 Billion Amid Biotech Downturn

Frazier Life Sciences raised $1.3 billion for its 12th venture fund, FLS XII, focusing on early-stage private biopharmaceutical companies and company creation1235.

The fund was oversubscribed and saw strong support from both longstanding and new limited partners13.

This raise brings Frazier’s total capital across five dedicated venture funds since 2016 to over $3.6 billion, excluding more than $1.7 billion in public biotech funds123.

Frazier has recently backed or launched over 20 new biotech companies since 2020, with successful exits such as Alpine Immune Sciences and Amunix Pharmaceuticals1.

Frazier’s ability to raise this fund amid a broader biotech market slump is seen as evidence of the firm's reputation and continued investor confidence123.

FLS XII is Frazier’s largest venture fund to date, surpassing the $987 million raised for its previous fund in 202212.

Sources:

1. https://www.fiercebiotech.com/biotech/frazier-life-sciences-raises-13b-latest-early-stage-biotech-venture-fund

2. https://www.geekwire.com/2025/frazier-life-sciences-raises-1-3-billion-for-latest-fund/

3. https://www.businesswire.com/news/home/20250731285238/en/Frazier-Life-Sciences-Closes-Oversubscribed-$1.3-Billion-Venture-Fund

5. https://www.geneonline.com/frazier-healthcare-partners-closes-1-3-billion-fund-for-early-stage-biotech-investments/