The construction of a new $400 million hospital for Lancaster, Calif.-based Antelope Valley Medical Center was taken one step closer to reality following approval by the system's new board of directors to set up a $50 million investment vehicle, according to an Antelope Valley Press Dec. 27 report.
The $50 million fund, set up with Portland-based Fiat Lux Motus, is designed to generate 12 percent returns annually. Fiat Lux Motus is a qualified opportunity fund that invests in building new hospitals and clinics in under-served areas, among other projects, the report said.
Antelope Valley Medical Center was formerly known as Antelope Valley Hospital but rebranded in February to more accurately reflect the services it provides.