Ascend Partners acquires Seoul Medical Group

Overview

Size $225 Million
Senior Secured Credit Facility
Client & Transactional Partners Ascend Partners
Seoul Medical Group
Our Role Joint Lead Arranger
Joint Bookrunner

Summary

KeyBanc Capital Markets successfully closed the syndication of $225 million of Senior Secured Credit Facilities for Seoul Medical Group (SMG).. The Credit Facilities are composed of a $25 million Revolving Credit Facility and a $200 million Senior Secured Term Loan. Proceeds will be used to support Ascend Partners’ acquisition of SMG and fund ongoing working capital needs.

Founded in 1993, SMG is a Medicare-focused risk-bearing Independent Physician Association dedicated to empowering providers and patients in the Asian-American community. SMG’s network includes over 400 primary care physicians and 4,000 specialists, comprising over 54,000 total members throughout California, Washington, New York, New Jersey, Hawaii, and Georgia.

Founded in 2019, Ascend Partners is a New York City-based private equity firm focused exclusively on the healthcare sector. Ascend seeks to invest in businesses that provide care for underserved and vulnerable patient populations. The firm was co-founded by In Seon Hwang, former global head of Healthcare at Warburg Pincus, and Dr. Richard Park, Founder and former CEO of CityMD. The Sponsor has over $600 million assets under management and is investing out of its inaugural $570 million fund.

Cain Brothers

Ascend Partners has acquired Seoul Medical Group

Carl McCarden

Ryan Stilphen

Recent Deals

July 2025

a portfolio company of 

and

$1.815 Billion

Senior Secured Credit Facilities

$900 Million

8.50% First Lien Secured Notes due 2032

Joint Lead Arranger
Joint Bookrunner

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wwmg

formed and capitalized a joint venture with

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Financial Advisor

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$74.8 Million

Construction Loan & LIHTC Equity

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$350 Million

Senior Secured Credit Facilities

Left Lead Arranger
Joint Bookrunner
Administrative Agent

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