Frist Cressey Ventures Announces Oversubscribed $425M Fund IV to Reshape Care Delivery

Firm accelerates growth with fourth fund and expanded platform capabilities; welcomes fifth cohort to FCV Collective, its industry‑defining healthcare leadership network

NASHVILLE, Tenn., Feb. 18, 2026 /PRNewswire/ -- Frist Cressey Ventures (FCV) announced today that it has closed an oversubscribed $425 million Fund IV, bringing total assets under management to nearly $1 billion. The new fund reflects strong demand from strategic partners and confidence in the firm's approach, and will expand FCV's platform and founder-support capabilities through its differentiated healthcare network, hands-on leadership support, and healthcare policy expertise. Fund IV will also continue to drive the firm's focus on early-stage healthcare companies transforming care delivery with technology and tech-enabled services, including AI-native business models.

"This milestone reflects the clarity of purpose, conviction, and deep commitment of our team, investors, and portfolio companies, all united by a shared mission to advance innovation in healthcare that improves lives and keeps patients at the center of everything we do," said Sen. Bill Frist, MD, Co-Founder and Managing Partner, Frist Cressey Ventures. "As we enter this next chapter, we're excited to build strong, transformative, and enduring partnerships – and to serve as a trusted partner to the leaders and companies shaping the future of patient-centered care."

The close of this oversubscribed fund caps a decade of momentum for FCV, coinciding with the firm's ten-year anniversary and building on the strength of its previous funds. With 44 total investments and 14 successful exits, the firm has a track record of successfully investing across both value-based delivery and transformational AI technologies. Fund I and Fund II rank in the top 5% of all venture capital funds for their respective vintages and have emerged as market leaders across key benchmarks.

This successful track record makes the firm a partner of choice for founders. "Frist Cressey Ventures believed in Thyme Care's model early, before the category was clearly defined, and has stayed committed as we have grown into a category-defining leader in specialty care management," said Robin Shah, chief executive officer and co-founder of Thyme Care. "The firm has been a close partner and mentor throughout that journey, and its perspective has shaped how we think about scaling patient-centered care to help more people with cancer in more meaningful ways."

"FCV brings a rare combination of healthcare experience and long-term strategic thinking," said Justin Norden, chief executive officer and co-founder of Qualified Health. "As we build the operating layer that enables health systems to deploy governed AI across the enterprise, their support has been grounded in a clear understanding of both the urgency and complexity of this moment in healthcare."

Fund IV continues FCV's established success in partnering with leading healthcare organizations, including The Cigna Group Ventures, MedStar Health, and OhioHealth – an element integral to FCV's model. FCV's strategic LPs provide healthcare to more than 50% of the U.S. population, giving them expansive reach and underscoring their strong alignment with FCV's mission. This LP base also reflects significant confidence in FCV as both an investor and a collaborative partner; 25% of the firm's portfolio companies include at least one investor from among its strategic partners.

"Advancing a simpler, more connected health care experience requires a shared commitment to collaboration and continuous innovation across the industry," said Craig Cimini, head of The Cigna Group Ventures. "Our collaboration with Frist Cressey will help advance solutions that drive better health outcomes, affordability, and experiences for the people we serve."

"We have a greater opportunity than ever to use tech to address some of the most complex challenges in healthcare. Frist Cressey helps us identify real innovations, and advises on where we should be spending our time and capital," said Bill Sheahan, Senior Vice President and Chief Innovation Officer of MedStar Health and Executive Director of the MedStar Institute for Innovation.

"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," said Jesse Longoria, Senior Vice President and Chief Strategy & Growth Officer of OhioHealth. "The collaboration with Frist Cressey will help us see around corners and bring innovative opportunities to our organization."

Fifth Class of the FCV Collective
In tandem, Frist Cressey is announcing the fifth class of the FCV Collective, a curated group of 16 executives from diverse segments of the healthcare industry united by a commitment to durable systems-level change. The Collective meets throughout the year, both virtually and in person, to discuss the most pressing topics facing our system, learn from each other, and build relationships with peers across the country. FCV also leverages its deep policy connectivity through key activities, including a visit to Washington D.C. to meet with policymakers and administration officials to better understand healthcare policy priorities and agenda-setting. Click here for the complete Collective 2026 cohort.

Frist Cressey Ventures' Fund IV will serve as a catalyst towards building with the healthcare industry, providing backing and partnership to companies that improve millions of lives.

About Frist Cressey Ventures
Founded by former U.S. Senate Majority Leader Bill Frist, MD and Bryan Cressey, Frist Cressey Ventures (FCV) is a healthcare venture capital firm with $846M AUM focused on accelerating the growth of high potential healthcare companies through a differentiated healthcare network, hands-on leadership support, and healthcare policy expertise. Our mission is simple: to transform healthcare to improve lives. Our strategic partners, including The Cigna Group, MedStar Health and OhioHealth, provide healthcare to more than 50% of the U.S. population. We invest in early-stage startups that build technology or tech-enabled services to advance quality of care, system integration, patient outcomes, affordability, and access. To learn more about Frist Cressey Ventures, visit our website at www.fcventures.com.

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Elena Riecke 
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SOURCE Frist Cressey Ventures, LLC