AHV was established in 2001 by Ascension Health with a commitment of $125 million to invest in expansion- to late-stage healthcare companies. Ascension Health is the nation's largest Catholic and largest nonprofit health system serving patients through a network of hospitals and health facilities in 19 states and the District of Columbia.

AHV closed a second fund in 2007, CHV II, L.P., with $200 million in commitments from Ascension Health, Catholic Health East, Catholic Health Initiatives and Catholic Healthcare West. AHV is the general partner of CHV II, L.P. and provides management services to the fund. CHV II employs the same investment strategy as AHV’s first fund, targeting expansion to later stage medical device, healthcare technology and healthcare service companies in areas of interest to the limited partners. A portion of the fund will also be committed to other healthcare venture funds.