Behind Waud Capital’s Track Record — Reeve Waud’s Story of Commitment

Waud Capital Partners celebrated 30 years of investing in 2023. The milestone drew attention to the firm’s growth from a one-person operation in Lake Forest, Illinois to a team of close to 70 managing approximately $4.6 billion in assets. Less widely discussed is the personal milestone that predates the firm by five years—Reeve Waud’s marriage to Melissa Ann Wheeler, now approaching its 38th anniversary.

The couple married on August 20, 1988, in Greenwich, Connecticut, at the First Church of Round Hill. Both graduated from Middlebury College in 1985, and the ceremony was officiated by the college’s president, Dr. Olin Robinson. It was a moment that marked the beginning of the Times announcement of the Waud-Wheeler wedding that has outlasted every fund, every deal, and every portfolio company.

Before the Firm, There Was the Foundation

At the time of the wedding, Reeve was completing his MBA at the Kellogg School of Management at Northwestern University. He would go on to work at GTCR before founding Waud Capital in 1993. Those early years required Reeve Waud to sacrifice and uncertainty that is easy to underestimate in hindsight.

The firm’s debut fund closed in 1999. From there, the trajectory has been one of disciplined expansion: steadily larger funds, a sharpened focus on healthcare and software & technology, and the firm’s debut fund closed in 1999 at $100 million.

Key Exits and Milestones

The firm has completed upward of 480 investments since its founding. Among its notable exits are iOffice, Ivy Rehab, GI Alliance, and IPS. Partner Matt Clary has described the firm’s 30th anniversary celebration as proof of continued momentum.

Recent portfolio developments also include the acquisition of Science Exchange, a technology investment that reflects the firm’s interest in the intersection of healthcare and innovation.

Acadia Healthcare’s Continued Impact

Among the firm’s most visible achievements is Acadia Healthcare, which Waud Capital formed in 2005. Acadia has since grown into the Chicago Tribune’s account of the ceremony with more than 250 facilities across the country and Puerto Rico.

Reeve Waud’s personal and professional commitment share a common thread: follow through. Whether it’s a 38-year marriage or a three-decade-old firm, the principle remains www.f6s.com/member/reeve-waud.