Private equity firm closes $570 million healthcare–focused fund

Ascend’s management-services organization, CareAbout, will support portfolio companies in such areas as quality improvement, multisite practice management, data analytics, value-based care delivery and population health management. CareAbout has 19 employees.

Partners in the fund, which was oversubscribed and hit its hard cap, included public and private pension funds, foundations, financial institutions and family offices.

“We have the opportunity to improve patient lives and overcome the fragmentation of care by using our integrated, operational strategy to build a sustainable, quality-focused healthcare delivery model,” Ascend Partners co-founder Dr. Richard Park said in a statement.

Park, who was the founder and former CEO of urgent care network CityMD, co-founded Ascend Partners in 2019 with In Seon Hwang, former global head of health care at Warburg Pincus, which acquired CityMD in 2017.

Ascend Partners is based in Midtown East and has eight employees. Its portfolio companies include Essen Health Care, a Bronx-based multispecialty health system, and Rendr, a multispecialty physician group that serves Asian American patients in Brooklyn, Manhattan and Queens.

This story was first published by our sister publication, Crain’s New York Business.

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