New York City-based Ascend Partners, a private equity firm, has closed its inaugural fund of $570 million after it hit its cap, which now positions the firm to invest in the physician practice management market.
The fund's limited partners contain public and private pension funds, foundations, financial institutions and family offices, according to a Dec. 9 news release.
Ascend has created a management services organization called CareAbout to help its portfolio companies. CareAbout encompasses a team of executives with experience in healthcare delivery.
The firm hopes to make healthcare more accessible and affordable, while also providing physicians with technology to improve care and help patients understand the healthcare system, the news release said.
"The closing of our inaugural fund enables us to continue bringing high-quality, affordable care to communities that need it most," co-founder In Seon Hwang said. "As children of poor immigrants, our shared experience of growing up in disadvantaged communities has made [co-founder Richard Park, MD] and me acutely aware of how impactful high-quality healthcare is and what it takes to deliver it. We founded Ascend on the belief that serving these communities requires more than just financial capital — we need to build genuine partnerships with community-based healthcare providers and support them with operational, network, and technology resources."