Chicago’s private equity community includes several firms with national reach, and Waud Capital Partners ranks among them. Reeve B. Waud founded the firm in 1993 in Lake Forest, Illinois, building it from a one-person operation into a team managing approximately $4.6 billion in assets.
His January 2026 announcement appointing Debbie Osteen as CEO of Acadia Healthcare connected his Chicago-based investment firm to the Franklin, Tennessee-headquartered company he founded in 2005.
Starting Small in Lake Forest
Reeve B. Waud launched Waud Capital Partners at age 29, starting as a self-funded, solo operation in the Chicago suburb of Lake Forest. His previous experience at Salomon Brothers and GTCR provided the foundation, but he began without institutional backing.
“The beginning days were far from glamorous, and the future was entirely uncertain,” he later recalled. “But I had confidence in the opportunity to partner with exceptional executives and build exciting and profitable companies.”
Moving to Downtown Chicago
The firm raised its first institutional fund in 1998, marking its transition from self-funded investing to managing outside capital. Growth continued, and Waud Capital relocated to downtown Chicago in 2009.
Today the firm employs approximately 70 professionals, with teams focused on healthcare, software and technology, business development, and portfolio operations. The growth from one person to 70 over three decades reflects sustained success in identifying and building companies.
A 30-Year Track Record
Waud Capital has completed more than 460 investments since its founding, including platform companies and follow-on acquisitions. The firm’s healthcare platforms average more than 10 add-on acquisitions during ownership; software platforms average more than 5.
Assets under management reached approximately $4.6 billion by year-end 2022. The firm’s fourth fund, closed in 2016, raised $1.05 billion-more than double its predecessor fund’s size-demonstrating investor confidence in Reeve B. Waud’s investment approach.
Midwest Values in Private Equity
Reeve B. Waud has remained based in Chicago throughout his career, building a nationally active private equity firm from the Midwest rather than relocating to New York or the coasts. Portfolio companies operate across the country, but the firm maintains its Chicago headquarters.
His involvement with Chicago institutions-including the Art Institute of Chicago, Northwestern Memorial Healthcare, and the Economic Club of Chicago-reflects sustained engagement with the city’s civic and cultural life alongside his business activities.
