What Waud Capital Partners does

Waud Capital Partners is a Chicago-based private equity firm founded in 1993 by Reeve B. Waud that invests in middle-market companies in the healthcare and software & technology sectors. The firm targets equity investments of approximately $50–250 million per platform, typically completing 10+ add-ons in healthcare and 5+ add-ons in software & technology during each hold period, and has completed more than 400 investments since inception across a portfolio that includes TeamSnap, Ivy Rehab, GI Alliance, Unifeye Vision Partners, and HSI. Its operating model is executive-led: the firm partners with proven CEOs (e.g., Bales Nelson for Fusion Health, Mark Bouck for PharmAlliance, Steve Jakubcanin for home care, Brad Staley for medical supplies, Paul Salay for data/IT) and pairs them with the firm's internal capabilities in sourcing, M&A, capital markets, and a dedicated human capital practice.

The firm makes money primarily through management fees on committed fund capital, supplemented by carried interest on realizations. As of December 31, 2022, Waud Capital managed approximately $4.6 billion in assets under management and is currently raising Waud Capital Partners QP VI, L.P., a private equity fund targeting up to $1 billion in commitments. Recent exits include the $2.2 billion recapitalization of GI Alliance to Apollo (2022), the sale of CyberGrants to Apax (2021), and the sale of TrustCommerce to RevSpring (2026). Portfolio companies operate across behavioral health, home care, specialty pharmacy, physician practice management, therapy services, vertical application software, integrated payments, knowledge technology, and healthcare IT.

The firm's technology footprint is modest as a PE platform: it does not sell software or AI products directly, but it does incubate portfolio-company capabilities (e.g., HSI Intelligence, an AI-powered EHS feature launched in 2025) and recently created a Chief AI and Data Officer role. Distribution is relationship-based, relying on direct outreach to CEOs, intermediaries, and institutional limited partners, with a team of 60+ professionals led by six partners.

Name

Waud Capital Partners

Legal name

Waud Capital Partners

Website

https://waudcapital.com

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

51–100 employees

Short description

Waud Capital Partners is a Chicago-based middle-market private equity firm founded in 1993 that partners with proven CEOs to build healthcare and software/technology companies, managing $4.6B AUM across more than 400 investments to date.

Ownership category

akta.pro rank

Product category

Middle-Market Private Equity

NAICS

Portfolio Management and Investment Advice (523940), All Other Financial Investment Activities (52399), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investment Advice (6282)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

Keywords

• Middle-market private equity
• Healthcare investments
• Software technology investing
• Platform acquisitions
• Executive partnerships

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Private Equity Fund Management: Waud Capital Partners operates as a private equity firm managing multiple funds, investing in healthcare and software/technology companies through equity investments in platform companies and add-on acquisitions, with the goal of generating returns through portfolio company growth and eventual exits.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Waud Capital Partners is a middle-market private equity firm that invests in healthcare and software/technology companies. The firm provides growth capital, executive talent, and operational resources through platform investments of $50-250 million and add-on acquisitions, partnering with experienced CEOs to build market-leading companies. WCP manages approximately $4.6 billion in assets under management and has completed more than 400 investments since its founding in 1993.

Product overview

Waud Capital Partners is a growth-oriented private equity firm that operates as a single investment platform focused on healthcare and software/technology sectors. The firm does not offer standalone software products but rather provides growth capital, executive leadership partnerships, and operational resources to middle-market companies. The firm manages a portfolio of approximately 46 companies spanning healthcare services (behavioral health, home care, specialty pharmacy, physician practice management, therapy services) and software/technology (vertical SaaS, integrated payments, knowledge technology, healthcare IT). WCP Ecosystem is the proprietary operational framework providing portfolio companies access to human capital resources, strategic planning, and M&A support.

Differentiator

Problem solved

Functional benefit

Products and services

• Middle-Market Private Equity Fund Management
• Waud Capital Partners QP VI, L.P. Fund
• Healthcare Services Investment Platform
• Software & Technology Investment Platform
• WCP Ecosystem

Quantifiable outcome

• 400%+ average revenue growth of realized portfolio companies during WCP's hold period
• +2 more outcomes

Named customers4 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered major, core and minor.

• RevSpringmajorStrategic or Co-development Partner · 20 February 2026RevSpring acquired TrustCommerce from Waud Capital Partners. The acquisition combines RevSpring's patient financial experience platform with TrustCommerce's enterprise gateway and EHR-integrated customer base to create a unified payments and financial engagement offering for healthcare providers and payers.
• HSIcoreStrategic or Co-development Partner · 21 October 2025HSI launched a new AI-powered Corrective Actions feature for its EHS software platform, integrated into HSI's broader AI suite called HSI Intelligence, to assist EHS professionals in evaluating incidents and generating tailored recommendations.
• Park Sports Physical TherapyminorStrategic or Co-development Partner · 4 May 2021Ivy Rehab Network partnered with Park Sports Physical Therapy, comprised of four locations in Brooklyn, NY, representing Ivy's first clinics in New York City. Park Sports maintains a local reputation for individualized, neighborly care with state-of-the-art equipment.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• GTCR: Chicago-based middle-market private equity firm with a similar sector-focused approach, large institutional LP base, and comparable check sizes; Waud Capital team members have moved to/from GTCR, making it a closely comparable Midwest peer.
• Linden Capital Partners: Healthcare-dedicated middle-market private equity firm with comparable fund sizes, a similar buy-and-build playbook, and a focus on healthcare services and healthcare technology — closely overlapping with WCP's healthcare vertical.
• Cressey & Company: Chicago-based healthcare-focused middle-market private equity firm investing across healthcare services and healthcare IT, with similar partnership model, fund size, and vertical specialization as WCP.
• Frazier Healthcare Partners: Healthcare-dedicated private equity firm operating across growth and buyout strategies in healthcare services and life sciences; directly comparable in healthcare vertical focus, lower-middle-market check sizes, and partnership-driven model.
• Welsh, Carson, Anderson & Stowe: Healthcare and technology-focused private equity firm with a long history of sector-vertical investing, comparable AUM scale, and similar executive partnership approach to building platforms.
• New Mountain Capital: Sector-focused middle-market private equity firm with deep healthcare services and software expertise, comparable fund sizes, and a similar thesis-driven, executive-led investment model.
• Avista Capital Partners: Healthcare-dedicated middle-market private equity firm investing in healthcare services, pharma services, and healthcare IT — directly comparable in vertical focus and partnership-driven platform model.
• Madison Dearborn Partners: Chicago-based middle-market private equity firm with comparable size, sector thesis approach, and executive partnership model; a natural geographic and strategic peer to WCP.

Broad incumbents

• Thoma Bravo: Large-cap software-focused private equity firm that acquired WCP portfolio company iOFFICE and competes for vertical SaaS assets at the upper end of WCP's software & technology sweet spot.
• Apax Partners: Global private equity firm with significant software and technology exposure, including the prior acquisition of WCP portfolio company CyberGrants; competes for similar vertical software platforms.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/waudcapitalpartners

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A31 records

Investments10 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Waud Capital Partners