Arizona-based shell raises $21M to buy ASCs, SEC filing shows

A Delaware shell named for its purpose — Ambulatory Surgery Center Acquisition HoldCo, LLC — has raised money to buy ambulatory surgery centers. A Form D/A filed with the SEC on June 11 reports $21.0 million sold against a $22.6 million target, leaving $1.6 million remaining.

The amendment updates an original Form D the entity filed April 16 (accession 0002124458-26-000001). The offering is equity, sold under the Rule 506(b) private-placement exemption to 27 investors, all accredited; the first sale closed May 22, and the minimum investment is $200,000. The filing reports no sales commissions or finders’ fees. At $21.0 million of $22.6 million, the round is 92.9% subscribed.

The vehicle is run out of a single Avondale, Arizona address. Its two named executive officers are Jason Scott Mangus — listed as a promoter, who signs the filing as manager — and Riyaz Sumar. An Abrazo Health Network provider directory lists a Riyaz Sumar, MD, practicing invasive-interventional cardiology at the same Avondale location. The Form D does not state any executive’s profession, and it does not name acquisition targets or disclose use of proceeds.

What is on the record is the shape of the entity: a Delaware LLC formed in 2026, named for a single function, capitalized to roughly $21 million in two months by a small accredited syndicate. That is a smaller check than the majors deploy, but it is the right size to buy one or a handful of independent centers outright — the kind of down-market deal the national consolidators typically pass over.

The filing names no centers and no closed deals; nothing here is a transaction yet. It is committed capital with a stated purpose, on a public docket — the earliest point at which a new buy-side player becomes visible.