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 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.”