Angelo Gordon & Co. has purchased ClearBalance Holdings for an undisclosed amount.

San Diego-based ClearBalance has funded more than $500 million in patient loans since its founding in 1993. The loans allow patients to pay their medical bills in interest-free monthly installments. The company services more than 1.8 million patient accounts for about 250 healthcare providers.

Angelo's private equity group partnered with ClearBalance's management team for the deal.

The private equity group usually makes investments between $25 million and $125 million. The funding will be used to expand ClearBalance's services to more organizations.

Angelo Gordon, based in New York, is an investment adviser and investor.

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