Kirkland Advises Ascend Capital on Close of Oversubscribed Fund II Above Target at $791 Million
Kirkland & Ellis advised healthcare-focused private equity firm Ascend Capital Partners on the final close of Ascend Capital Partners Fund II (“Fund II”) with $791 million in total commitments, exceeding Fund II’s initial $700 million target. Ascend received strong support from both existing and new limited partners across major investor categories, including public and private pension funds, foundations, endowments, consultants, family offices and funds of funds, underscoring continued alignment with Ascend’s mission, investment strategy, and operating approach. Ascend’s inaugural fund closed at its $570 million hard cap in December 2021 and is now fully deployed across eight investments. Building on its inaugural fund, Fund II will invest across physician and provider services, value-based care enablement companies and healthcare IT, applying Ascend’s operational expertise to strengthen healthcare delivery operations.
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The Kirkland team included investment funds lawyers August Sangese, Luzia Vaczy, Ramen Costa, Maggie Lyerly, Caroline Gozigian, Zacaria Alahmad and Isabelle Ng; corporate lawyer Jai Agrawal; tax lawyers David Grenker, Ali Godoy, Ally Nelson, Alexander Cox, Art Ward and Serene Ho; investment funds regulatory lawyers Joshua Westerholm and Danielle Sartain; sustainability lawyers Daniel D’Ambrosio, Lucía Soley Saborío and Avery Dillion; investment funds ERISA lawyers Sabrina Glaser and Theodore Brown; and litigation lawyer Nick Niles.
