Welsh, Carson, Anderson & Stowe was formed in 1979 by
three founders, Patrick Welsh, Russ Carson and Bruce Anderson.
Patrick Welsh and Russ Carson had previously served as President
and Chairman of Citicorp Venture Capital, respectively. Bruce
Anderson was formerly Executive Vice President of Automatic Data
Processing. WCAS was originally a venture capital firm and our
first Equity Partnership totaled $33 million in commitments. In
1979, Richard Stowe joined WCAS as a General Partner, having worked
previously at New Court Securities Corporation (now Rothschild
Inc.). From the beginning, WCAS emphasized a partnership philosophy
among our General Partners, employees, Limited Partners, portfolio
management teams and other service providers.
In the mid 1980s, the General Partners noted that our most
successful investments were in two industries, technology and
healthcare, and were structured as buyouts in which WCAS assumed
control of portfolio companies. As a result, we began focusing
exclusively on control buyouts in technology and healthcare in WCAS
V, L.P, which closed in 1989.
Today, WCAS has been in business for over 38 years, having raised
over $22 billion of capital in twelve Equity Partnerships and four
Subordinated Debt Partnerships. Our General Partners work in our
New York and San Francisco offices. The General Partners are
assisted by Investment Professionals and Resources Group
professionals with deep industry and operational expertise. Our
culture, which was fostered by our Founders, remains based on a
true partnership philosophy, emphasizing a collegial and team
approach to projects and an absolute commitment to maintaining the
highest standards of integrity and professionalism.