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TPG Invests in Compass Surgical Partners

Written by : Varsha Sharma

February 1, 2024

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TPG, a global alternative asset firm, invested in Compass Surgical Partners to accelerate growth in response to ASC joint venture demand.

San Francisco-based TPG, one of the leading global alternative asset management firms listed on NASDAQ, has invested in Compass Surgical Partners, an independent full-service ambulatory surgery centre (ASC) development and management partner.

Established in 1992, TPG is a global alternative asset management firm. With a substantial $212 billion in assets under management, TPG operates on a global scale, maintaining investment and operational teams worldwide. The company invests across various strategies, including private equity, impact, credit, real estate, and market solutions.

As a strategic capital partner, TPG is expected to bring valuable expertise to the Compass Surgical Partners leadership team, accelerating growth and scaling capacity in response to increased demand in ASC joint ventures from health system partners.

The investment is led by TPG Growth, the firm's middle market and growth equity platform, with participation from existing investor Health Velocity Capital. However, the company didn't disclose the financial details.

Sharing thoughts, Zach Ferguson, Partner, TPG, said, “This investment is a continuation of our longstanding investment thesis around partnering with great operators to build leading ambulatory care networks through joint ventures with health systems and physician groups. We look forward to collaborating with the entire Compass team and the Company’s existing investors in the coming years.”

Improving Patient Experience

He further noted that this investment will not only lead to significant cost savings for patients and hospitals but also align with patients' preferences for the consumer experience and convenience offered by ASCs.

TPG's strategic investment in Compass Surgical Partners is set to strengthen the company's position in the ambulatory surgery centre industry. With an improvement in its Leverage Ratio and the backing of a leading alternative asset management firm, Compass Surgical Partners is well-positioned to capitalise on the growing demand for ASC services.

Further, the move aligns with TPG's continued strategy of teaming up with skilled operators to build top-tier ambulatory care networks through joint ventures with health systems and physician groups.

DJ Hill, CEO, Compass Surgical Partners, stated, "Our partnership brings a wealth of healthcare services experience and strategic resources to Compass. TPG’s investment will be a powerful growth catalyst, enabling enhanced infrastructure support for our partners."

TPG’s Recent Acquisitions & Investments

Last Week, TPG acquired venture capital-backed risk management technology company Sayari Labs, known for its collaboration with clients such as the US Labor Department in exposing risks within supply chains and corporate networks. The majority investment of $228 million was facilitated through TPG Growth, the firm’s middle-market and growth-equity platform. Sayari's contracts extend to various U.S. government agencies, including customs and border protection and the treasury department, as well as government entities in Canada, Australia, the UK, and the European Union.

Founded in 2011, Compass Surgical Partners is a full-service ambulatory surgery centre (ASC) development and management partner, representing a nationwide portfolio of joint ventures with health systems and physicians. They have developed more than 250 ASCs over the past three decades, making it the partner of choice for high-performance ASCs. Compass Surgical aims to create strong partnerships that improve the lives of patients and providers. h

Health Velocity Capital, on the other hand, was founded in 2016 by Bruce Crosby and Saurabh Bhansali. It is a venture capital firm that focuses on healthcare investments. The San Francisco-based firm works closely with influential healthcare organisations, impacting over 175 million people through health insurance, operating 600 hospitals, and providing essential services to the healthcare sector nationwide.


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