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FirmHistory
Founded four decades ago, WCAS is a pioneer in private equity
Our Values

Since WCAS’s inception, our mission has been to be the premier private investment firm in our two industries as defined by our thought leadership, culture, partnership mentality and investment results.

These values result in a culture that is collaborative, inclusive and encourages respectful debate. WCAS also emphasizes an appropriate work/life balance. Our work environment is collegial and we support inclusion, diversity, community involvement and philanthropy.

Integrity
Respect
Honesty
Teamwork
Loyalty
Courage
Transparency
Intellectual curiosity

In 2019, we proudly celebrated our 40th Anniversary. Much has changed over the past four decades, both in our industry and at WCAS, but we are proud that the culture of respect and integrity originally set by our Founders remains strong at the Firm today. From the beginning, relationships have been core to our success, and we are truly grateful to everyone who has helped along the way: our longstanding Limited Partners; our exceptional portfolio company management teams and employees; and our many beloved past and present WCAS colleagues. We are incredibly proud of the organization we’ve built in the first 40 years, and we are excited to continue building WCAS for the next 40 years and beyond.

‘79
Welsh, Carson, Anderson & Stowe was formed in 1979 by Patrick Welsh, Russ Carson and Bruce Anderson. Today, WCAS has been in business for 40 years, having raised over $22BN of capital across 16 Partnerships
1979
WCAS I closed at $33.3MM and represented 13% of the $250MM total funds raised by the PE industry that year
1980
‘80
1989
WCAS V closed at $371MM
Celebrates 10 years of business
1990
‘90
1995
WCAS crosses over $1BN raised in a single fund with WCAS VII ($1.4BN)
1996
Alliance Data
WCAS first invests in Alliance Data (NYSE: ADS), a leading global provider of data-driven marketing and loyalty solutions with a $12.2BN market cap
1998
Amdocs
WCAS invests in Amdocs (NASDAQ: DOX), a provider of software and services to the media and communications industry with a market cap of $9.3BN
2000
‘00
2000
WCAS forms Management Committee to transition Firm leadership from Founders to Senior Partners
2001
US Oncology
WCAS invests in US Oncology, the nation's largest network of independent oncologists. The business is later sold to McKesson (NYSE: MCK) for $2.2BN
2007
Current leadership team at the Firm takes over; WCAS forms Resources Group to build upon the firm's operational expertise and focus
2007
USPI
WCAS invests in USPI, the largest ambulatory surgery provider. USPI later merges with Tenet Healthcare (NYSE: THC) at a valuation of $3.2BN
2010
‘10
2014
WCAS celebrates 35 years of success
Over $20BN of capital raised and investments in over 200 companies
2015
WCAS raises WCAS XII
2015
Concentra
WCAS XII invests in Concentra following a corporate carve out, and WCAS XII also invests in Clearwater Analytics, a leading provider of integrated data and software solutions for large institutions
2017
WCAS opens San Francisco office to expand West Coast presence
2017
WCAS partners with The Health Management Academy
The Academy is the leading provider of knowledge and networking services to the largest U.S. healthcare systems through executive forums, leadership development programs and its digital information platform. The Academy provides WCAS and our portfolio companies access to over 1,200 health systems and corporate executives
2019
WCAS celebrates 40 years in business
$27BN of capital raised across 17 Partnerships
40+
Years
Pioneering Growth Equity Strategies
History small_arrow
$30BN
Capital
Successful Companies Built One Story at a Time
Strategy small_arrow
110+
People
Working Together with a Unified Mission and Vision
Team small_arrow