Frist Cressey Ventures is partnering with health systems on its new $425 million fund.
The venture capital firm is working with limited strategic partners including Columbia, Md.-based MedStar Health and Columbus-based OhioHealth to invest in early-stage health tech and AI companies. The health systems serve as both investors and collaborators.
“We have a greater opportunity than ever to use tech to address some of the most complex challenges in healthcare,” said Bill Sheahan, senior vice president and chief innovation officer of MedStar Health and executive director of the MedStar Institute for Innovation, in a news release. “Frist Cressey helps us identify real innovations, and advises on where we should be spending our time and capital.”
Frist Cressey Ventures closed on its oversubscribed fourth fund Feb. 18, bringing its total assets under management to almost $1 billion.
“We are growing our partnership and engagement with Frist Cressey because of its proven combination of meaningful strategic value while generating top decile investment returns,” stated Jesse Longoria, senior vice president and chief strategy and growth officer of OhioHealth. “The collaboration with Frist Cressey will help us see around corners and bring innovative opportunities to our organization.”
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