Ascend Capital Partners, a healthcare-focused private equity firm dedicated to improving access, affordability, and quality of healthcare for underserved and vulnerable populations, announced the final close of Ascend Capital Partners Fund II and its parallel vehicles, with total commitments of $791 million. The fund exceeded its initial $700 million target.
Ascend Fund II received backing from both existing and new limited partners across a range of investor categories, including public and private pension funds, foundations, endowments, consultants, family offices, and funds of funds. The firm’s inaugural fund closed at its $570 million hard cap in December 2021 and has since been fully deployed across eight investments.
Building on its first fund, Ascend Fund II will invest in physician and provider services, value-based care enablement companies, and healthcare IT businesses. The firm plans to apply its operational expertise to strengthen healthcare delivery operations, partnering with physicians, clinical leaders, and management teams to build scaled platforms focused on clinical quality, operational performance, and sustainable growth.
Ascend Fund II is already actively deploying capital, with investments completed in Seoul Medical Group and Unison Therapy Services.
Support: Advisors to the fund included Kirkland & Ellis as legal counsel, William Blair as exclusive placement agent, and Joele Frank, Wilkinson Brimmer Katcher as strategic communications advisor.
KEY QUOTES:
“We are grateful for the support from our limited partners for Ascend Fund II, reflecting their confidence in our mission, strategy, and the meaningful progress we have achieved alongside our portfolio companies. We look forward to building on our momentum and remain focused on partnering closely with physicians and management teams to build stronger healthcare organizations that improve patient outcomes while generating durable, long-term value.”
In Seon Hwang, Managing Partner, Ascend Capital Partners
“We invest in and support efforts designed to strengthen healthcare quality, expand access, and improve patient outcomes. Our differentiated operating expertise and dedicated in-house resources enable us to partner closely with physicians and management teams to strengthen clinical performance, enhance compliance and documentation integrity, and build scaled platforms positioned for sustainable growth and long-term impact.”
Dr. Richard Park, Managing Partner, Ascend Capital Partners
