Ascension: Private equity joint venture systems
August 17, 2026
Private equity’s expansion into healthcare is increasingly happening through joint ventures with nonprofit health systems rather than traditional acquisitions. Our recent report, Private equity’s joint venture takeover of nonprofit healthcare, examines this growing ownership model and the questions it raises for patients, healthcare workers, and regulators.
An example we highlight is Ascension, one of the largest non-profit and Catholic health systems in the US.
Across 17 states and the District of Columbia, Ascension’s network has approximately 97,000 employees, 23,400 independent providers, 90 wholly owned or consolidated hospitals, and ownership interests in 29 additional hospitals through partnerships. Ascension also operates 22 senior living facilities and a variety of other care sites offering a range of healthcare services.[1]
During its most recent fiscal year, ending June 30, 2025, Ascension generated $25.3 billion in revenue, with most of it ($22.5 billion) coming from patient service revenue.[2]
Ascension had $44.2 billion in assets and $18.4 billion in liabilities as of December 31, 2025.[3] More than half ($23.9 billion) of Ascension’s assets consist of cash and investments, including more than $billion in alternative investments including private equity and private credit.[4]
Timeline:[5]
- 1999: Daughters of Charity National Health System and Sisters of St. Joseph Health System form Ascension Health
- 2002: Carondelet Health System joins Ascension Health
- 2004: Ascension Health recognized as largest Catholic healthcare system in the United States
- 2012: Ascension Health and subsidiaries form Ascension
- 2012: Alexian Brothers Health System joins Ascension
- 2013: Health ministries of the former Marian Health System – Ministry Health Care, Wisconsin; St. John Health System, Oklahoma; and Via Christi Health, Kansas – join Ascension
- 2014: Ascension Senior Living, one of the largest nonprofit senior living providers in the U.S., is formed
- 2014: Ascension At Home – a joint venture with Evolution Health, a division of Envision Healthcare – is established to provide non-acute care services including home and hospice care and infusion therapy
- 2015: Crittenton Hospital Medical Center in Michigan joins Ascension
- 2016: The Southeast Wisconsin operations and related corporate services of Wheaton Franciscan Healthcare join Ascension.
- 2018: Presence Health joins Ascension
After a 1998 ruling by the Internal Revenue Service created a pathway for nonprofit hospitals to profit tax-free from partnerships with for-profit companies, Ascension in 2001 was one of the first large health systems to create a venture capital arm.[6]
Ascension in 2019 established Ascension Capital to formalize and expand Ascension’s direct strategic investment initiatives and also expanded its private equity joint ventures in partnership with private equity firm Towerbrook Capital.[7]
Two executives — former Ascension CEO Anthony Tersigni and former chief financial officer Anthony Speranzo — advanced the private equity operation and then resigned their clinical leadership positions in 2019 to internally manage Ascension’s investments. Both earned considerably higher salaries in the first year in their new roles, according to tax filings.[8]
Ascension Chief Operating Officer and Executive Vice President Craig Cordola later followed Tersigni’s and Speranzo’s path, shifting from an operational role at Ascension to a role at Ascension Capital, and receiving a large increase in compensation. Cordola became Executive Vice President of Ascension Capital in February 2023. At Ascension Capital, Cordola developed investment theses in partnership with TowerBrook Capital, served as a strategic advisor and board member for portfolio companies, engaged in due diligence and vetting of potential acquisition companies, and served as a liaison and bridge between portfolio companies and Ascension Operations.[13] Cordola also saw a significant jump in compensation after transitioning to Ascension Capital: from $5.3 million in year ended June 2023[14] to $6.3 million in the year ended June 2024, despite leaving Ascension at the end of 2023.[15]
Executive pay: Ascension versus Ascension Capital
| Executive | Compensation at Ascension | Compensation at Ascension Capital | Percent increase in compensation following position at Ascension Capital |
| Anthony Tersigni | $7.4 million as Ascension CEO | $10.6 million as chair of Ascension Capital | 43% |
| Anthony Speranzo | $3.2 million as Ascension CFO | $10.9 million as President and CEO of Ascension Capital | 242% |
| Craig Cordola | $5.3 million as Ascension COO and Executive VP | $6.3 million for six months as Executive VP at Ascension Capital | 238% |
Ascension-TowerBrook Joint Ventures
In the last several years, Ascension has partnered multiple times with private equity firm TowerBrook Capital to acquire healthcare companies including Compassus, Regent Surgical, and R1 Revenue Cycle Management.
TowerBrook Capital
Private equity firm TowerBrook Capital manages more than .[16]
TowerBrook’s private equity strategy makes majority investments in large and midsize companies headquartered in North America and Europe.[17]
Ascension and TowerBrook began investing jointly in late 2015.[18]
“That is quite an aggressive and controversial strategy, and it is not clear how those investment incomes or returns are aligned with Ascension’s charitable mission,” Ge Bai, a Johns Hopkins University professor of accounting and health policy, told STAT in 2021.[19]
Both former Ascension CEO Anthony Tersigni and former Ascension chief financial officer Anthony Speranzo joined the senior advisory board of TowerBrook Capital.[20] It is unknown what compensation Tersigni and Speranzo have received for their roles as TowerBrook advisors.
At a November 2025 investment meeting, one of Towerbrook Capital’s largest investors reported that “TowerBrook leverages their relationship with Ascension, one of the largest nonprofit healthcare systems in the U.S., to provide the firm with a competitive advantage in sourcing healthcare investments.”[21]
Leveraging Ascension’s massive healthcare portfolio to grow private equity investments
The “competitive advantage” TowerBrook’s investor was referring to may be that by partnering with one of the largest health systems in the United States, TowerBrook is able to not only deploy its own and Ascension’s investment capital to acquire healthcare companies, but can also leverage Ascension’s massive $25 billion hospital and healthcare delivery business to grow companies offering ancillary services like billing and collections, equipment and technology management, hospice services, ambulatory surgery centers, pharmacy services, and more.
Because the portfolio companies are owned through a unique private equity fund arrangement that is managed by TowerBrook, they may be less likely to draw the regulatory and antitrust scrutiny than they would if they were acquired by Ascension outright.
Ascension TowerBrook Healthcare Opportunities Fund
In 2019, Ascension and TowerBrook formed the Ascension TowerBrook Healthcare Opportunities fund (ATHO).[22] As of June 2024, Ascension held a $1.17 billion or 95.6% stake in the Ascension TowerBrook Healthcare Opportunities fund.[23]
As The Ascension TowerBrook Healthcare Opportunities fund is and Ian Sacks of TowerBrook serves as the fund’s president.[25]
| Asset | Date of investment | Notes |
| R1 RCM[26] | December 2015[27] | |
| TRIMEDX[28] | April 2016[29] | As part of the deal, Ascension entered into a new long-term contract with TRIMEDX “for the provision of clinical engineering and other health-care technology asset management services.”[30] TowerBrook and Ascension also agreed to make capital investments to help TRIMEDX fund acquisitions and expansion.[31] |
| Compassus[32] | October 2019[33] | |
| Regent Surgical Health[34] | March 2021[35] | Ascension made a minority investment through ATHO[36] |
| PT Solutions Holdings[39] | January 2022[40] | [41] |
| Maxor (now VytlOne)[42] | March 2023[43] | Following the acquisition, Ascension health plan Ascension Personalized Care in 2024 began utilizing Maxor to provide pharmacy benefits.[44] |
The Ascension TowerBrook Healthcare Opportunities fund has generated growing income for Ascension in recent years, based on a review of tax filings.
For the year ending June 2021, Ascension received $11.8 million in income from the Ascension TowerBrook Healthcare Opportunities fund.[45] By the year ending June 2024, the annual income had nearly doubled to $20.3 million. Ascension treats this income as related to its charitable purpose and does not pay Unrelated Business Income Tax (UBIT) on it.[46]
R1 RCM
Ascension and TowerBrook Capital’s first joint investment was in R1 Revenue Cycle Management (RCM) in December 2015,[47] then known as Accretive Health, an embattled debt collection and billing company. Prior to the Ascension and TowerBrook investment, the company had been accused of illegally trying to collect money from patients, including when they were still in the emergency room.[48]
Along with the investment, Ascension also signed a long-term contract with the company, agreeing to make R1 RCM its sole billing and debt collection partner, which buoyed R1 RCM’s finances.[49] The debt collection company grew after the cash infusion. The business had 3,000 full-time employees before the 2016 cash infusion, compared with 19,000 at the end of 2020, and services revenue grew from $117 million to $1.3 billion.[50]
Even as R1 RCM grew, Ascension continued to be an important client for R1 RCM. In 2021, Ascension accounted for the majority (61%) of R1 RCM’s net services revenue. As of[51]
Pension funds filed a lawsuit in 2021 alleging that R1 RCM directors and controlling stockholders — Ascension Health and TowerBrook — neglected their fiduciary duties.[52]
In September 2022, the Ascension TowerBrook Healthcare Opportunities fund sold $306 million worth of R1 RCM stock, just before R1 reported its third quarter 2022 results, including an unexpected $30 million loss.[56] According to one analyst, “the timing seems a little too perfect” when stock price for R1 RCM fell from more than $20 per share to below $8 following the quarterly results just weeks later.[57]
As of early 2024, R1 RCM remained the exclusive provider of RCM services and physician advisory services (PAS) for Ascension hospitals’ acute care services.[58]
In August 2024, R1 RCM announced that Towerbrook Capital and Clayton, Dubilier & Rice (CD&R), another private equity firm, were taking the firm private in an $8.9 billion deal.[59]
Pension funds sued in September 2025, challenging the 2024 take-private deal in which TowerBrook and Clayton, Dubilier & Rice acquired R1 RCM for approximately $8.9 billion.[60]
Compassus
In October 2019, Ascension and TowerBrook Capital Partners agreed to purchase Compassus, with Ascension and TowerBrook each owning half of the company.[64] Compassus operates community-based hospice, palliative, and home health care services in 30 states.[65] Compassus itself has entered into several joint ventures with not-for-profit health systems and providers.[66] In Oregon, nurses and patient advocates warned of risks associated with Compassus’ joint venture with Providence for home health and palliative care in the state.[67] After over a year of review, the Oregon Health Authority approved the joint venture with conditions.[68] The joint venture is covered in more detail in the Compassus section of this report.
Regent Surgical
TowerBrook and Ascension announced the acquisition of Regent Surgical Health in March 2021.[69] At the time, Regent owned or operated 21 ambulatory surgery centers across the U.S. in partnerships with hospitals and physicians.[70] As part of the deal, Ascension will exclusively partner with Regent for ambulatory surgery center development, and through the partnership, Regent will develop or acquire and operate ambulatory surgery centers across Ascension’s footprint.[71]
US Acute Care Solutions
US Acute Care Solutions is a hospital staffing company, providing medical staff for emergency medicine, observation medicine, hospital medicine, critical care, transitional care, post-acute care, and telemedicine.[72] The company also provides emergency room management services to “improve core metrics.”[73] US Acute Care Solutions was funded in 2015 through a partnership between Ohio-based Emergency Medicine Physicians and private equity firm Welsh, Carson, Anderson & Stowe.[74] US Acute Care Solutions acquired various medicine groups, focusing on emergency medicine, through a self-described “aggressive mergers and acquisitions strategy.”[75] The company now serves “more than 11 million patients annually in more than 400 hospital-based and post-acute program locations in 26 states.”[76]
Ascension and Towerbrook invested in US Acute Care Solutions in early 2021.[77]
Craig Cordola, Executive Vice President of Ascension Capital and former Chief Operating Officer and Executive Vice President of Ascension, joined the US Acute Care Solutions board of directors in May 2023. “USACS has seen tremendous growth as of late, and I welcome the task of ensuring the group has the support it needs to continue its trajectory,” Coldola said at the time.[78]
Ascension Ventures
In addition to its investments with Towerbrook Capital, Ascension also has a strategic healthcare venture fund, Ascension Ventures, which states that it has “more than $1 billion in capital under management.”[79]
Ascension Ventures, launched in 2001, invests on behalf of Ascension hospitals and other nonprofit health systems including Advent Health, Carle Health, Children’s Health, Endeavor Health, Intermountain Healthcare, Luminis Health, Novant Health, OhioHealth, OSF HealthCare, Sentara Health, and Texas Health Resources.[80] Previous limited Ascension Ventures investors have included Catholic Health East, Catholic Health Initiatives, Decatur Memorial Hospital, Dignity Health, and Mercy.[81]
Ascension Ventures managed funds (Collaborative Health Ventures II-V) with more than $536 million in assets as of December 2025.[82]
| Fund | Year | Gross asset value (12/31/25)[83] | Beneficial owners | Ascension share |
| CHV II, L.P. | 2007 | $11,057,002 | 5 | 67% |
| CHV III, L.P. | 2012 | $59,312,237 | 8 | 72% |
| CHV IV, L.P. | 2016 | $238,853,941 | 13 | 58% |
| COLLABORATIVE HEALTH VENTURES V, L.P. | 2020 | $227,176,309 | 14 | 58% |
| $536,399,489 |
Ascension’s venture capital enterprise has invested in nearly 80 companies.[84]
Ascension joint ventures with private equity-owned healthcare providers
Ascension also has joint ventures with multiple private equity-owned healthcare providers, including with the two private equity-owned hospital companies profiled in this report, Ardent Health and Lifepoint Health.
| Facility | Type | Partner | State |
| Ascension Saint Thomas Rehab Hospital | Rehabilitation Hospital | Lifepoint Health | TN |
| Central Texas Rehabilitation Hospital | Rehabilitation Hospital | Lifepoint Health | TX |
| Highpoint Health – Sewanee | Acute Care Hospital | Lifepoint Health | TN |
| Highpoint Health – Winchester | Acute Care Hospital | Lifepoint Health | TN |
| Highpoint Health – Riverview | Acute Care Hospital | Lifepoint Health | TN |
| Highpoint Health – Sumner | Acute Care Hospital | Lifepoint Health | TN |
| Highpoint Health – Sumner Station | Acute Care Hospital | Lifepoint Health | TN |
| Highpoint Health – Trousdale | Acute Care Hospital | Lifepoint Health | TN |
| Georgetown Surgery Center | Ambulatory Surgery Center | Regent Surgical | TX |
| Hoffman Estates | Ambulatory Surgery Center | Regent Surgical | IL |
| One Nineteen Physicians Endoscopy Center | Ambulatory Surgery Center | Regent Surgical | AL |
| Surgery Center of Appleton | Ambulatory Surgery Center | Regent Surgical | WI |
| Seton Harker Heights | Freedom Urgent Care – Belton | Urgent Care Centers | Ardent Health | TX |
| Seton Harker Heights | Freedom Urgent Care – Clear Creek | Urgent Care Centers | Ardent Health | TX |
| Seton Harker Heights | Freedom Urgent Care – Harker Heights | Urgent Care Centers | Ardent Health | TX |
| Seton Harker Heights | Freedom Urgent Care – Killeen | Urgent Care Centers | Ardent Health | TX |
| Seton Medical Center Harker Heights | Acute Care Hospital | Ardent Health | TX |
[1]https://about.ascension.org/about-us, accessed May 9, 2026
[2] Ascension 2025 Consolidated Financial Statements, https://about.ascension.org/-/media/project/ascension/about/section-about/financials/2025/consolidated-ascension-financial-statements-q4-fy25.pdf
[3] Ascension first half 2026 Consolidated Financial Statements, https://about.ascension.org/-/media/project/ascension/about/section-about/financials/2026/consolidated-ascension-financial-statements-q2-fy26.pdf
[4] Ascension first half 2026 Consolidated Financial Statements, p.25, https://about.ascension.org/-/media/project/ascension/about/section-about/financials/2026/consolidated-ascension-financial-statements-q2-fy26.pdf
[5]https://about.ascension.org/about-us/history-sponsorship, accessed May 9, 2026
[6] “How America’s largest Catholic hospital system is moonlighting as a private equity firm,” STAT, Nov 16, 2021, https://www.statnews.com/2021/11/16/ascension-investigation-moonlighting-private-equity-firm/
[7] “Regent Surgical Health Announces Strategic Investment from TowerBrook and Ascension Capital,” Media release, Mar 4, 2021, https://www.prnewswire.com/news-releases/regent-surgical-health-announces-strategic-investment-from-towerbrook-and-ascension-capital-301240926.html.
[8] “How America’s largest Catholic hospital system is moonlighting as a private equity firm,” STAT, Nov 16, 2021, https://www.statnews.com/2021/11/16/ascension-investigation-moonlighting-private-equity-firm/
[9] Ascension 2019 Form 990, Nonprofit Explorer, Schedule J, https://projects.propublica.org/nonprofits/organizations/453358926/202011369349305111/full.
[10] Ascension 2020 Form 990, Nonprofit Explorer, Schedule J, https://projects.propublica.org/nonprofits/organizations/453358926/202121379349304862/full.
[11] Ascension 2019 Form 990, Nonprofit Explorer, Schedule J, https://projects.propublica.org/nonprofits/organizations/453358926/202011369349305111/full.
[12] Ascension 2020 Form 990, Nonprofit Explorer, Schedule J, https://projects.propublica.org/nonprofits/organizations/453358926/202121379349304862/full.
[13] Craig Cordola 2024 CV, Lipscomb University, https://www.lipscomb.edu/sites/default/files/staff_cvs/Cordola_Craig%20CV%202024%20-%20Craig%20Cordola.pdf
[14] Ascension 2023 Form 990, Nonprofit Explorer, https://projects.propublica.org/nonprofits/organizations/453358926/202441369349309039/full.
[15] Ascension 2024 Form 990, Nonprofit Explorer, https://projects.propublica.org/nonprofits/organizations/453358926/202521359349310967/full. “Management Board,” Fresenius Medical Care, accessed May 28, 2026, https://freseniusmedicalcare.com/en/about-us/management-board//.
[16]https://www.towerbrook.com/#about, accessed June 21, 2026.
[17]https://www.towerbrook.com/strategy/, accessed May 9, 2026.
[18] “The Catholic hospital system Ascension is running a Wall Street-style private equity fund,” STAT, Nov 16, 2021. https://www.statnews.com/2021/11/16/ascension-running-wall-street-style-private-equity-fund/
[19] “The Catholic hospital system Ascension is running a Wall Street-style private equity fund,” STAT, Nov 16, 2021. https://www.statnews.com/2021/11/16/ascension-running-wall-street-style-private-equity-fund/
[20] “How America’s largest Catholic hospital system is moonlighting as a private equity firm,” STAT, Nov 16, 2021, https://www.statnews.com/2021/11/16/ascension-investigation-moonlighting-private-equity-firm/
[21] Washington State Investment Board private markets committee, Nov 5, 2025. https://sib.wa.gov/docs/meetings/private/25_1106final.pdf
[22] Towerbrook Capital form ADV, Mar 31, 2026, p.392. https://reports.adviserinfo.sec.gov/reports/ADV/155730/PDF/155730.pdf
[23] Ascension 2024 Form 990, Nonprofit Explorer, Schedule R, https://projects.propublica.org/nonprofits/organizations/453358926/202521359349310967/full.
[24] Towerbrook Capital form ADV, Mar 31, 2026, p.76, https://reports.adviserinfo.sec.gov/reports/ADV/155730/PDF/155730.pdf
[25] Towerbrook Capital form ADV, Mar 31, 2026, p.74, p.393, https://reports.adviserinfo.sec.gov/reports/ADV/155730/PDF/155730.pdf, https://www.towerbrook.com/our-team/ian-sacks/, accessed May 24, 2026.
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[27] Staff, “Accretive Health, Ascension Together for Another 10 Years: 3 Takeaways about the Partnership,” Becker’s Hospital Review | Healthcare News & Analysis, December 8, 2015, https://www.beckershospitalreview.com/finance/accretive-health-ascension-together-for-another-10-years-3-takeaways-about-the-partnership/.
[28] “TowerBrook Investing in Ascension Subsidiary TriMedx,” Pro Private Markets, Wall Street Journal, April 13, 2016, http://www.wsj.com/articles/towerbrook-investing-in-ascension-subsidiary-trimedx-1460558556.
[29]Wall Street Journal, “TowerBrook Investing in Ascension Subsidiary TriMedx.”
[30]Wall Street Journal, “TowerBrook Investing in Ascension Subsidiary TriMedx.”
[31]Wall Street Journal, “TowerBrook Investing in Ascension Subsidiary TriMedx.”
[32] Jim Parker, “Towerbrook, Ascension Health to Acquire Compassus for $1 Billion,” Hospice News, October 1, 2019, https://hospicenews.com/2019/10/01/towerbrook-ascension-health-to-acquire-compassus-for-1-billion/.
[33] Parker, “Towerbrook, Ascension Health to Acquire Compassus for $1 Billion.”
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[35] “Regent Surgical Health Announces Strategic Investment from TowerBrook and Ascension Capital – TowerBrook.”
[36] Jared P. Nagley, “Updated Responses to 12/09/2025 Supplemental Requests for Information – 063 Ascension – AMSURG,” Oregon Health Authority, January 22, 2026, https://www.oregon.gov/oha/HPA/HP/HCMOPageDocs/063%20Ascension%20-%20AMSURG%20Updated%20Supplemental%20Response%20to%20RFI%20dated%2012.9.2025.pdf.
[37] “U.S. Acute Care Solutions Inc. Outlook Revised To Positive From Stable On Better-Than-Expected Metrics; Ratings Affirmed,” S&P, Aug 16, 2021, https://www.spglobal.com/ratings/es/regulatory/article/-/view/type/HTML/id/2706103. Pitchbook.com, accessed Jun 21, 2026, https://my.pitchbook.com/profile/111598-12/company/deals#deal-243593-38T.
[38] “U.S. Acute Care Solutions Inc. Outlook Revised To Positive From Stable On Better-Than-Expected Metrics; Ratings Affirmed,” S&P, Aug 16, 2021, https://www.spglobal.com/ratings/es/regulatory/article/-/view/type/HTML/id/2706103.
[39] Sarah Pringle, “General Atlantic Snaps up PT Solutions at $1.2 Billion Valuation,” Axios, January 7, 2022, https://www.axios.com/2022/01/07/ga-buys-pt-solutions-1-billion-valuation.
[40] Pringle, “General Atlantic Snaps up PT Solutions at $1.2 Billion Valuation.”
[41] Pringle, “General Atlantic Snaps up PT Solutions at $1.2 Billion Valuation.”
[42]https://vytlone.com/about/, accessed May 24, 2026.
[43] TowerBrook Responsible Ownership Report 2023, p.14, https://www.towerbrook.com/wp-content/uploads/2025/05/TowerBrook_Responsible_Ownership-2023.pdf.
[44] “Information about MaxorPlus,” Ascension Personalized Care, Jan 2024, https://www.ascensionpersonalizedcare.com/-/media/project/aca/aca/member-pages/news/member-newsletters/member-newsletter-volume-3-issue-1-january-2024.pdf.
[45] Ascension 2021 Form 990, Nonprofit Explorer, Schedule R, https://projects.propublica.org/nonprofits/organizations/453358926/202241369349312519/full.
[46] Ascension 2024 Form 990, Nonprofit Explorer, Schedule R, https://projects.propublica.org/nonprofits/organizations/453358926/202521359349310967/full.
[47] “The Catholic hospital system Ascension is running a Wall Street-style private equity fund,” STAT, Nov 16, 2021. https://www.statnews.com/2021/11/16/ascension-running-wall-street-style-private-equity-fund/
[48] “The Catholic hospital system Ascension is running a Wall Street-style private equity fund,” STAT, Nov 16, 2021. https://www.statnews.com/2021/11/16/ascension-running-wall-street-style-private-equity-fund/
[49] “The Catholic hospital system Ascension is running a Wall Street-style private equity fund,” STAT, Nov 16, 2021. https://www.statnews.com/2021/11/16/ascension-running-wall-street-style-private-equity-fund/. “How America’s largest Catholic hospital system is moonlighting as a private equity firm,” STAT, Nov 16, 2021, https://www.statnews.com/2021/11/16/ascension-investigation-moonlighting-private-equity-firm/.
[50] How America’s largest Catholic hospital system is moonlighting as a private equity firm,” STAT, Nov 16, 2021, https://www.statnews.com/2021/11/16/ascension-investigation-moonlighting-private-equity-firm/.
[51] RI RCM 2023 Form 10-K, Feb 27, 2024, p.10, https://www.sec.gov/ix?doc=/Archives/edgar/data/0001910851/000162828024007062/ah-20231231.htm.
[52] “R1 RCM Inc. | Bernstein Litowitz Berger & Grossmann LLP,” accessed May 15, 2026, https://www.blbglaw.com/cases-investigations/r1-rcm-inc.
[53] Mike Leonard, “Ascension, TowerBrook Have $45 Million Deal in R1 RCM Stock Case,” October 2, 2023, https://news.bloomberglaw.com/esg/ascension-towerbrook-have-45-million-deal-in-r1-rcm-stock-case.
[54] Leonard, “Ascension, TowerBrook Have $45 Million Deal in R1 RCM Stock Case.”
[55] Leonard, “Ascension, TowerBrook Have $45 Million Deal in R1 RCM Stock Case.”
[56] Bob Herman, “Unexpected Troubles Hit Large Medical Billing Firm R1 RCM, Part-Owned by Ascension,” STAT, November 11, 2022, https://www.statnews.com/2022/11/11/unexpected-troubles-r1-rcm-ascension/.
[57] Herman, “Unexpected Troubles Hit Large Medical Billing Firm R1 RCM, Part-Owned by Ascension.”
[58] RI RCM 2023 Form 10-K, Feb 27, 2024, p.29, https://www.sec.gov/ix?doc=/Archives/edgar/data/0001910851/000162828024007062/ah-20231231.htm.
[59] “R1 RCM to be Acquired by TowerBrook and CD&R for $8.9 Billion,” Media release, Aug 1, 2024, https://www.r1rcm.com/newsroom/r1-rcm-to-be-acquired-by-towerbrook-and-cdr-for-8-9-billion.
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[64] Parker, “Towerbrook, Ascension Health to Acquire Compassus for $1 Billion.”
[65] Parker, “Towerbrook, Ascension Health to Acquire Compassus for $1 Billion.”
[66] “Providence and Compassus Announce Joint Venture for Home-Based Care Services,” Compassus, n.d., accessed May 6, 2026, https://www.compassus.com/news_items/providence-and-compassus-announce-joint-venture-for-home-based-care-services/.
[67]Kristine de Leon, “Oregon Backs Providence’s Home Health Spin‑off to Private Equity‑backed Firm – with Conditions,” Oregonlive, May 18, 2026, https://www.oregonlive.com/health/2026/05/oregon-backs-providences-home-health-spinoff-to-private-equitybacked-firm-with-conditions.html.
[68]Oregon Health Authority, “Executive Summary, Comprehensive Review: 043 Providence-Compassus,” Oregon Health Authority, May 15, 2026, https://www.oregon.gov/oha/HPA/HP/HCMOPageDocs/043-Executive-Summary-Comprehensive-Report.pdf.
[69] “Regent Surgical Health Announces Strategic Investment from TowerBrook and Ascension Capital – TowerBrook.”
[70] Geoff Cockrell, “Healthcare & Life Sciences Private Equity Deal Tracker: TowerBrook and Ascension Capital Invest in Regent Surgical Health,” The Healthcare Investor, March 8, 2021, https://www.thehealthcareinvestor.com/2021/03/articles/healthcare-services-investing/healthcare-life-sciences-private-equity-deal-tracker-towerbrook-and-ascension-capital-invest-in-regent-surgical-health/; “Regent Surgical Health Announces Strategic Investment from TowerBrook and Ascension Capital – TowerBrook.”
[71] “Regent Surgical Health Announces Strategic Investment from TowerBrook and Ascension Capital – TowerBrook.”
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[75]“Company History | US Acute Care Solutions.”
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