# Tenet Healthcare / United Surgical Partners International

Tenet Healthcare / United Surgical Partners International is an other based in Dallas, United States.

## Overview

- **Organization type:** other
- **Headquarters:** Dallas, United States
- **Region:** North America
- **Address:** Dallas, TX, United States
- **Assets under management:** Undisclosed
- **Website:** tenethealth.com

## Regulatory record

- **Reports private funds:** No

## About

Tenet Healthcare, founded in 1972 by a group of investors including Dr. Thomas R. J. Corley, began as a hospital operator in Dallas and grew through acquisitions. United Surgical Partners International, originally formed in 1998 as a joint venture between Tenet and Welsh, Carson, Anderson & Stowe, became a wholly owned subsidiary of Tenet in 2015. Wealth origin is not applicable in the traditional family-office sense; the entity is publicly traded. Tenet's strategy focuses on operating hospitals and ambulatory surgery centers (ASCs), with a heavy emphasis on outpatient care. The firm pursues joint ventures with physician groups and private equity sponsors to develop ASCs, retaining management control. Notable partnerships include joint ventures with Optum and UnitedHealth Group for South Carolina surgical centers (per public filings, 2022). Geographic footprint spans the United States and the United Kingdom. Scale is reflected in roughly 60 hospitals and 430 ASCs, employing over 100,000 people. The firm maintains a corporate headquarters in Dallas and additional offices in London for UK operations. Recent activity: In 2024, Tenet announced a $2.4 billion sale of five hospitals to Novant Health (per SEC filing, February 2024). No philanthropic foundation or separate investment vehicles are publicly disclosed. A genuine structural differentiator is Tenet's use of its USPI ASC platform as a joint-venture partner for private equity firms seeking to consolidate outpatient surgery. This model allows Tenet to earn management fees and equity upside without direct capital commitment from its own balance sheet — a hybrid of operator and asset manager that is unusual in the hospital sector.

## Sectors

- Healthcare Services

## Questions

### Who runs investment decisions at Tenet Healthcare?

Tenet Healthcare is a publicly traded company with a board of directors and executive management team. The CEO is Dr. Saum Sutaria (as of 2025, per public filings), and the CFO is Edgar Curtis. Investment decisions regarding facility expansions, acquisitions, and joint ventures are made by the executive team with board approval.

### How does Tenet Healthcare source proprietary deal flow?

Tenet sources deal flow through its USPI platform, which partners with physician groups and private equity firms to develop new ambulatory surgery centers (ASCs). The firm's existing hospital network provides referral relationships and market intelligence to identify opportunities for outpatient conversion.

### Does Tenet Healthcare participate in fund commitments or only direct deals?

Tenet participates through direct joint ventures and development projects, not as a limited partner in outside funds. Its model involves co-owning surgery centers with physician partners and private equity sponsors, earning management fees and operational returns.

### What investment stages does Tenet Healthcare typically target?

Tenet targets growth-stage assets in the outpatient surgery space — new ASC development, existing center acquisitions, and hospital-to-ASC conversions. It does not invest in early-stage venture or startup healthcare technology.

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Last updated: 2026-06-03T20:00:00.000Z

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