Hospital for Special Surgery (“HSS”), the nation’s top-ranked orthopedic hospital, is joining General Atlantic, a leading global investor, in its launch of a new, independently operated national platform of ambulatory surgery centers (“ASCs”) dedicated to delivering advanced, patient-centered orthopedic and spine outpatient care. To support the platform’s buildout, HSS and General Atlantic have also agreed to acquire Legent Health (“Legent”), a portfolio company of BTG Pactual Strategic Capital (“Strat Cap”). Legent is a leading operator of orthopedic and spine facilities, providing an immediate foundation for scale and growth.

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The platform represents a significant step forward in expanding patient access to high-quality, accessible orthopedic and spine care nationwide, while addressing rising demand for advanced outpatient solutions. Legent CEO Jordan Fowler will lead the new platform, which combines Legent’s proven operating infrastructure and experienced management team, HSS’s depth of clinical knowledge and community of more than 1,750 alumni surgeons, and General Atlantic’s expertise in building and scaling physician-aligned healthcare platforms.

Many procedures that once required hospital stays can now be performed safely and efficiently in ASCs. The new independent platform aims to expand patient access to advanced orthopedic and spine care closer to home, delivering lower-cost care with improved outcomes in a more comfortable environment. The platform is purpose-built to create lasting partnerships with surgeons and health systems, providing physicians with opportunities for ownership and alignment through meaningful equity participation, clinical autonomy, and special access to HSS’s clinical protocols and advisory services. This will enable physicians and health systems to participate in the site-of-care shift and benefit from ASC-level efficiencies and economics. Over time, HSS and General Atlantic intend to expand the platform nationally through acquisitions, new partnerships, and de novo facilities.

“As the world’s leading academic medical center specializing in musculoskeletal health since 1863, HSS has a special responsibility to deliver the highest-quality care, improve mobility, and enhance quality of life,” said Bryan Kelly, MD, MBA, President, CEO, and Surgeon-in-Chief Emeritus at HSS. “Through this collaboration, we will extend HSS’s clinical expertise and patient-first standards to markets where demand for orthopedic and spine care outpaces supply, and where quality care is limited outside the hospital setting.”

“This platform brings together HSS’s clinical knowledge and General Atlantic’s company-building expertise to create community-based platforms that will expand patient access to premier orthopedic and spine care,” said Robbert Vorhoff, Managing Director and Global Head of Healthcare at General Atlantic. “We are excited to work alongside HSS and Legent to support physicians, deliver quality care, and improve patient outcomes and satisfaction across the country.”

Jordan Fowler, CEO and Chairman of Legent, commented, “Legent was founded on the belief that ambulatory surgery centers can deliver a superior patient and physician experience while lowering costs for everyone involved. We look forward to continuing to provide the highest quality of care and bringing our mission to more patients as part of this pioneering new platform.”

James Frank, Head of Strat Cap at BTG Pactual Global Alternatives, said, “We are proud of the value created through our partnership with the Legent management team. We wish General Atlantic, HSS, and the management team continued success as they embark on this next phase.”

Goodwin Procter LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisors to HSS and General Atlantic. Ducera Partners LLC served as financial advisor, and Gibson, Dunn & Crutcher LLP and McDermott Will & Schulte LLP served as legal advisors to Legent and Strat Cap.

About Hospital for Special Surgery

HSS is the world’s leading academic medical center focused on musculoskeletal health. At its core is Hospital for Special Surgery, nationally ranked No. 1 in orthopedics (for the 16th consecutive year), No. 3 in rheumatology by U.S. News & World Report (2025-2026), and the best pediatric orthopedic hospital in NY, NJ and CT by U.S. News & World Report “Best Children’s Hospitals” list (2024-2025). Founded in 1863, the Hospital has the lowest readmission rates in the nation for orthopedics, and among the lowest infection and complication rates. HSS was the first in New York State to receive Magnet Recognition for Excellence in Nursing Service from the American Nurses Credentialing Center five consecutive times. An affiliate of Weill Cornell Medical College, HSS has a main campus in New York City and facilities in New Jersey, Connecticut and in the Long Island and Westchester County regions of New York State, as well as in Florida. In addition to patient care, HSS leads the field in research, innovation and education. The HSS Research Institute comprises 20 laboratories and 300 staff members focused on leading the advancement of musculoskeletal health through prevention of degeneration, tissue repair and tissue regeneration. In addition, more than 200 HSS clinical investigators are working to improve patient outcomes through better ways to prevent, diagnose, and treat orthopedic, rheumatic and musculoskeletal diseases. The HSS Innovation Institute works to realize the potential of new drugs, therapeutics and devices. The HSS Education Institute is a trusted leader in advancing musculoskeletal knowledge and research for physicians, nurses, allied health professionals, academic trainees, and consumers in more than 165 countries. The institution is collaborating with medical centers and other organizations to advance the quality and value of musculoskeletal care and to make world-class HSS care more widely accessible nationally and internationally. www.hss.edu.

About General Atlantic

General Atlantic is a leading global investor with more than four and a half decades of experience providing capital and strategic support for over 830 companies throughout its history. Established in 1980, General Atlantic continues to be a dedicated partner to visionary founders and investors seeking to build dynamic businesses and create long-term value. Guided by the conviction that entrepreneurs can be incredible agents of transformational change, the firm combines a collaborative global approach, sector-specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with and scale innovative businesses around the world. The firm leverages its patient capital, operational expertise, and global platform to support a diversified investment platform spanning Growth Equity, Credit, Climate, and Sustainable Infrastructure strategies. General Atlantic manages approximately $114 billion in assets under management, inclusive of all strategies, as of June 30, 2025, with more than 900 professionals in 20 countries across five regions. For more information on General Atlantic, please visit: www.generalatlantic.com.

About PSN Group, LLC

PSN is a privately held provider of surgical services through its network of surgical hospitals and ambulatory surgery centers operating under the brand Legent Health. Headquartered in Plano, Texas, PSN aligns closely with physicians and payors to provide high quality, high value surgical care in a manner that prioritizes patient service and experience. For more information: https://www.legenthealth.com.

About BTG Pactual Strategic Capital

​BTG Pactual (BPAC11) is the largest investment bank in Latin America with a market capitalization of ~US$ 30B. Strat Cap is an opportunistic investment strategy focused on hybrid solutions in defensive sectors in the U.S. and is part of BTG Pactual’s ~US$ 9.4B Global Alternatives division. Strat Cap partners with management teams and business owners to create value and is led by a seasoned investment team with relevant experience in private equity, credit, and structured solutions. All figures are as of 2Q2025. For more information, please visit http://www.btgstratcap.com.

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