Saracens won the title in 2010 and finished runners up in 2011 but failed to reproduce that form 12 months ago as they missed out on the showpiece event.
Fraser, who enjoyed a breakthrough season for Saracens and scored on his debut for England Saxons, and the likes of current British and Irish Lion Owen Farrell have both featured in the past in this tournament.
And the flanker is confident that the next generation of Sarries stars have what it takes to take down defending champions London Irish.
"Everyone really looks forward to playing in it," said Fraser.
"You only have to look at the players who have played in the tournament and are now playing in the England Sevens side to see how big of a tournament it is now.
"It's a huge opportunity to get your face out there for not only sevens but XVs for both your club and internationally and with sevens at the Olympics that is another massive opportunity.
"Teams want to win it now, everyone wants to win it obviously, but I think to begin with it was more a case of giving young guys a go, but now teams are taking it very seriously.
"It is a great opportunity to get a bit of silverware early on, start the season well and set the tone for the rest of the year. It's an integral part of everyone's pre-season."
Jonathan Joseph was the Exiles man of the match in the final last year, inspiring them to victory against Gloucester Rugby in a dramatic final that saw Irish overhaul a 28-5 half-time deficit.
And while the centre, who is currently in Argentina as part of England's summer tour, has left Irish for Bath, the 21-year-old is still anticipating a fantastic tournament.
"It is a great way of getting back into the swing of things," he said.
"People have been away on holiday and they come back and it is pretty soon into pre-season for us.
"It is the first time you play against other teams and you want to set a marker down against them to prove you are coming for them.
"Exposure is very important at a young age and you have young players and a few older heads there as well, so it is great to get out there.
"The J.P. Morgan is the first tournament that comes in so everyone is raring to go as soon as that kicks off and a lot of people will be very excited about playing in it. I am sure it will be a good tournament again next season."
The third leg of J.P Morgan Premiership Rugby 7s will be at Allianz Park, the home of Saracens, on Saturday 3 August. For tickets and more information visit: www.jpmorgan7s.com or follow @jpmorganrugby7s