Ascend Capital Fund II has closed with $791 million in capital commitments, exceeding its original target by $91 million, the firm announced on February 25.
Ascend Capital Partners, the parent company of Seoul Medical Group (SMG), said it finalized commitments totaling $791 million, including parallel investments, for “Ascend Capital Partners Fund II.” The amount surpasses its initial $700 million goal.
The firm attracted a broad group of domestic and international institutional investors. These included public and private pension funds, foundations, endowments, family offices, and funds of funds. As a result, the fund closed above target despite a competitive fundraising environment.
In comparison, Ascend formed its first fund in December 2021 with $570 million in commitments. That fund invested in eight companies and has since fully deployed its capital.
With Ascend Capital Fund II, the firm plans to expand its portfolio in physician practice management and medical services companies. In addition, it will focus on value-based care support businesses and healthcare IT.
The firm said it aims to move beyond purely financial investment. Instead, it intends to build a platform structure in which physicians and management teams participate together. Therefore, Ascend seeks to improve both clinical quality and operational efficiency at portfolio companies.
Richard Park, managing partner, said the firm prioritizes raising the quality and accessibility of medical services to improve patient outcomes. He added that Ascend works closely with physicians and executives, leveraging operational expertise and dedicated personnel to strengthen clinical performance and regulatory compliance systems.
In Seon Hwang, also a managing partner, said the performance achieved alongside portfolio companies has reinforced investor confidence. Moreover, he emphasized that the firm will continue fostering patient-centered healthcare organizations.
He added that Ascend remains focused on creating long-term and sustainable value while supporting healthcare providers.
Through Ascend Capital Fund II, the firm signals continued expansion in healthcare investment, building on the full deployment of its first fund and broad institutional backing for its second.
BY EUNYOUNG LEE [lee.eunyoung6@koreadaily.com]
![Distraction thefts targeting seniors are on the rise. Suspects scouting for victims at an Eagle Rock ATM last month (left) and suspects involved in a Feb. 25 incident. [NBC4 • KTLA capture]](https://www.koreadailyus.com/wp-content/uploads/2026/02/0227-distraction-1-1-100x70.jpg "A moment’s distraction at the ATM, then the card is gone")
