ST. LOUIS--(EON: Enhanced Online News)--Ascension Ventures (AV) has finalized its latest strategic venture capital fund at $255 million. This fourth fund for AV, CHV IV, L.P., brings the firm’s total assets under management to more than $800 million. The new fund is backed by 13 health system partners, which enable AV to continue to add value to its portfolio companies while simultaneously delivering financial and strategic returns to the partners.
“AV has been a great partner in many ways that have informed different aspects of critical strategic decisions we are making every day”
AV was launched in 2001 by Ascension, the nation’s largest Catholic and nonprofit health system. Since then, AV has raised three successive funds, while progressively expanding the limited partner base. AV has brought the voice of the customer to the board room of the more than 55 companies in which it has invested.
AV invests in healthcare companies that provide services and solutions that help health systems in the areas of healthcare IT, healthcare services, and medical devices. AV seeks portfolio companies that meet the most pressing needs of its partners and their patients.
“Ascension has been an early adopter of innovation investing, having done this for more than 15 years and we are proud of the professional and experienced AV team, its accomplishments, and the new partners who have chosen to collaborate with us,” said Anthony R. Tersigni, EdD, FACHE, President and Chief Executive Officer, Ascension.
“In this time of continuous and monumental change, more health systems are seeking out ways to transform their businesses to be successful for the future healthcare reality,” said Matt Hermann, Senior Managing Director at AV. “Our proven success of delivering benefit to our health system partners and our portfolio companies has enabled AV to become a critical component of the health venture ecosystem.”
Success is measured not just in financial returns, but also by the value added to limited partners. Many of the companies backed by AV have been adopted by the partners and ultimately progressed to successful exits.
Joining Ascension as limited partners in CHV IV are Adventist Health System, Carle Foundation, Catholic Health Initiatives, CentraCare Health, Children’s Medical Center of Dallas, Dignity Health, Inova Health System, Intermountain Healthcare, Mercy, Novant Health, OhioHealth and OSF HealthCare.
“AV has been a great partner in many ways that have informed different aspects of critical strategic decisions we are making every day,” said Jeffrey Graff, Adventist Health System Vice President of Treasury and AV Board member. “We have been exposed to and engaged with management teams and companies that offer solutions that are important to our health system.”
“As Inova thinks about its future, we know that the status quo will not suffice. We recognize that we must innovate to excel,” said Hooks Johnston, Managing Director, Inova Strategic Investments and AV Board member. “Our commitment to AV is a critical and complementary component of our innovation initiative.”
About Ascension Ventures
Ascension Ventures (www.ascensionventures.org) is a strategic healthcare venture firm with four funds and more than $800 million in capital under management. The firm is a wholly owned subsidiary of Ascension, the nation’s largest Catholic and non-profit health system. Ascension Ventures’ role is to construct and manage a strategic portfolio of investments that deliver venture-level investment returns, have the potential to transform the healthcare industry, and significantly enhance the experience for patients, their families and their caregivers. Its health system limited partners operate 474 hospitals, have 578,000 employees and generate $88 billion in annual revenue.
Ascension (www.ascension.org) is a faith-based healthcare organization dedicated to transformation through innovation across the continuum of care. As the largest non-profit health system in the U.S. and the world’s largest Catholic health system, Ascension is committed to delivering compassionate, personalized care to all, with special attention to persons living in poverty and those most vulnerable. In FY2016, Ascension provided more than $1.8 billion in care of persons living in poverty and other community benefit programs. Ascension includes approximately 150,000 associates and 36,000 aligned providers. Ascension’s Healthcare Division operates 2,500 sites of care – including 141 hospitals and more than 30 senior living facilities – in 24 states and the District of Columbia, while its Solutions Division provides a variety of services and solutions including physician practice management, venture capital investing, investment management, biomedical engineering, facilities management, clinical care management, information services, risk management, and contracting through Ascension’s own group purchasing organization.