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

The fund’s partners were oversubscribed and reached the hard cap, including public and private pension funds, foundations, financial institutions and family offices.

Dr. Richard Park, co-founder of Ascend Partners, said in a statement: “We have the opportunity to use our integrated operating strategy to establish a sustainable, quality-centric healthcare delivery model that will improve patients’ lives and overcome Decentralization of care.”

Park is the founder and former CEO of the emergency care network CityMD. In 2019, he co-founded Ascend Partners with In Seon Hwang, the former global head of Warburg Pincus Investment Healthcare, which acquired CityMD in 2017.

Ascend Partners is headquartered in Midtown East and has eight employees. Its portfolio companies include Essen Health Care, a multi-specialty medical system in the Bronx, and Rendr, a multi-specialist physician group that serves Asian American patients in Brooklyn, Manhattan, and Queens.

This story was originally published by our sister publication, Crane’s New York operations.