Ascend Capital Partners, a healthcare-focused private equity partnership, has acquired a majority stake in Seoul Medical Group, a physician-run Independent Physician Association (IPA) focused on providing clinical and non-clinical healthcare services to patients.

Founded in 1993, SMG is the largest Koren-American-focused IPA serving over 70,000 patients and 4,800 providers, including nearly 400 primary care physicians and more than 4,000 specialists in seven markets across the United States: California, Georgia, Hawaii, New Jersey, New York, Virginia and Washington. SMG provides care and works to expand access to treatment for adult and senior patients. Through its investment, Ascend will partner with SMG to provide capital, infrastructure and support to empower physicians and improve operations.

“With these new resources, SMG will become more effective in helping patients overcome language and cultural barriers to access higher quality care throughout the country,” says Richard Park, co-founder of Ascend Partners.