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Frazier Life Sciences Management, LP
Patrick Heron · Venture Capital · Venture
Frazier Life Sciences Management, LP is a premier healthcare-focused investment firm specializing in the biopharmaceutical sector. Headquartered in Palo Alto, California, the firm was established as a dedicated life sciences management entity in 2021, building upon the deep institutional heritage of Frazier Healthcare Partners, which was founded in 1991. The firm manages over $5 billion in capital across specialized venture and public investment funds, targeting innovative therapeutics from initial company formation through commercial scale. Frazier is widely recognized for its hands-on approach to company building, having successfully launched and scaled numerous biopharmaceutical companies that have reached significant clinical and commercial milestones.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +39.0% |
| YTD return | +1.3% |
| Sharpe ratio | 3.87 |
| Win rate | 46% |
| AUM | $3.5B |
| Inception | Oct 1, 2025 |
| Updated | Oct 2, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $3.5B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://frazierls.com |
Current Holdings
Updated on Oct 2, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| MIRM | Mirum Pharmaceuticals Inc | 19.4% | -3.7% |
| NAMS | NewAmsterdam Pharma Company N.V. Ordinary Shares | 12.3% | -22.1% |
| ERAS | Erasca Inc | 10.2% | +50.9% |
| MBX | MBX Biosciences, Inc. Common Stock | 10.2% | +102.5% |
| ARQT | Arcutis Biotherapeutics Inc | 7.3% | +18.1% |
| KRYS | Krystal Biotech Inc | 4.7% | +38.8% |
| TRVI | Trevi Therapeutics Inc | 4.1% | +17.9% |
| MAZE | Maze Therapeutics, Inc. Common Stock | 3.7% | -5.5% |
| PVLA | Palvella Therapeutics, Inc | 3.6% | +24.5% |
| ATTO | Attovia Therapeutics, Inc. | 3.6% | -18.4% |
| BRVE | Braveheart Bio, Inc. Common Stock | 3.1% | -21.6% |
| BBIO | BridgeBio Pharma Inc | 2.9% | +14.7% |
| PHAT | Phathom Pharmaceuticals Inc | 2.6% | -38.8% |
| IRON | Disc Medicine Inc. | 2.5% | -5.0% |
| CYTK | Cytokinetics Inc | 2.1% | +3.1% |
| PBLS | Parabilis Medicines, Inc. Common Stock | 1.7% | -22.3% |
| ACHV | Achieve Life Sciences Inc | 1.7% | -9.8% |
| TARS | Tarsus Pharmaceuticals Inc | 1.6% | -18.6% |
| DYN | Dyne Therapeutics Inc | 1.5% | -5.7% |
| ASND | Ascendis Pharma AS | 1.4% | -13.6% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Sep 28, 2026 | SELL | PHAT | 2.5% → 2.6% |
| Sep 28, 2026 | BUY | KRYS | 4.4% → 4.7% |
| Sep 28, 2026 | BUY | PVLA | 3.6% → 3.6% |
| Sep 28, 2026 | SELL | VOR | 1.5% → 0.0% |
| Sep 28, 2026 | BUY | IRON | 2.5% → 2.5% |
Investment Style Analysis
Frazier Life Sciences Management, LP is widely recognized for employing a Venture strategy. As of Oct 2, 2026, the firm oversees approximately $3.5B in assets under management (AUM). The portfolio demonstrates a clear preference for the Biotechnology sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Sep 28, Frazier Life Sciences Management, LP made a significant move by reducing the position in PHAT. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Frazier Life Sciences focuses on partnering with exceptional entrepreneurs to advance therapeutic programs that address significant unmet medical needs. The firm employs a collaborative, hands-on company-building model, frequently creating new companies from scratch around in-licensed assets or breakthrough technologies. By leveraging a team of MDs and PhDs with deep scientific and clinical expertise, the firm seeks to invest in biopharmaceutical companies near key value inflection points. Their strategy spans the entire development lifecycle, aiming to drive long-term capital appreciation and improve patient outcomes through the advancement of novel drugs from seed-stage startups to publicly traded entities.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Frazier Life Sciences Management, LP.
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Frequently asked questions
How is the simulated portfolio for Frazier Life Sciences Management, LP constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Frazier Life Sciences Management, LP's largest holding?
As of the latest filing, Frazier Life Sciences Management, LP's top position is Mirum Pharmaceuticals Inc (MIRM), representing 19.4% of the portfolio. This reflects a high-conviction bet by the institution.
What is Frazier Life Sciences Management, LP's historical performance and risk profile?
Our simulation indicates a total return of +39.0% with a win rate of 46%. Notably, the portfolio maintains a Sharpe Ratio of 3.87, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does Frazier Life Sciences Management, LP primarily invest in?
Frazier Life Sciences Management, LP has a strong preference for the Biotechnology sector, which makes up 100.0% of their disclosed assets. The portfolio also has exposure to other industries, indicating a specific thematic focus.
Is Frazier Life Sciences Management, LP's portfolio concentrated or diversified?
Frazier Life Sciences Management, LP runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 41.9% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Frazier Life Sciences Management, LP performed in 2026?
Our AI-simulated model portfolio for Frazier Life Sciences Management, LP tracks a Year-to-Date (YTD) return of +1.3%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Patrick Heron manage Frazier Life Sciences Management, LP directly?
Yes, Patrick Heron serves as the key portfolio manager for Frazier Life Sciences Management, LP, overseeing the investment strategy and final capital allocation decisions.