DuPage Medical Group has closed a strategic partnership with funds managed by the private equity group of Ares Management, according to a press release.

The $1.45 billion transaction closed August 15.

DuPage Medical Group, based in Downers Grove, Ill., is an independent, multi-specialty physician group with more than 600 physicians in over 80 suburban Chicago locations.

Ares Management, with more than more than 15 offices in the United States, Europe, Asia and Australia, is a publicly traded (NYSE:ARES), global alternative asset manager. Its PE group had approximately $26 billion of assets under management as of June 30.

Under the terms of the transaction, DMG’s physician group remains 100% physician owned and directed. DMG retains a significant ownership stake in the practice management company. Ares acquired the stake in DMG Practice Management Solutions owned by Summit Partners, which made a $250 million investment last year.

The press release indicated that the investment by Ares will support growth initiatives across the entire organization, including DMG Practice Management Solutions and DMG subsidiary Boncura Health Solutions.

This investment exemplifies continued private equity interest in physician practice management models generally and multispecialty clinics more specifically.