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Ex-Sen. Bill Frist Forms Venture Capital Group

December 15, 2015, 6:02 PM UTC
Aspen Institute Ideas Festival
ASPEN, CO - JUNE 26: Bill Frist speaks during the Aspen Ideas Festival at the Aspen Institute on June 26, 2015 in Aspen, Colorado. (Photo by Leigh Vogel/WireImage)
PHOTOGRAPH BY LEIGH VOGEL—WIREIMAGE/GETTY IMAGES

Former U.S. Senate Majority Leader Bill Frist and investing partner Bryan Cressey are hiring investment staff to handle their personal investments in healthcare technology and services companies, Fortune has learned.

The new effort will be separate from Cressey & Co., a healthcare-focused private equity firm in which both Frist and Cressey are (and will continue to be) partners.

Frist says that there are no current plans to raise a dedicated fund, but rather that the new effort will be focused on small deals that he and Cressey have made (mostly independent of one another).

Prior to being elected to the U.S. Senate in 1994, Frist was a heart surgeon whose family founded the HCA (HCA) hospital chain (where Bill continues to serve as a director). Brian Cressey is a well-known private equity investor who, prior to Cressey & Co., co-founded firms that would later become known as GTCR and Thoma Bravo.

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