From modest origins in Lake Forest with minimal capital in 1993, Waud Capital Partners has transformed into Chicago’s healthcare private equity leader. This evolution reflects not just financial growth but the development of deep networks and expertise that continue driving successful healthcare investments like the recent Bill Mixon partnership.
The journey began when Reeve Waud, armed with experience from GTCR and Salomon Brothers’ venture capital group, launched his own firm at age 29. Starting as a one-person operation, he methodically built capabilities and relationships that would eventually manage approximately $4.6 billion in assets across more than 500 investments.
Building Chicago’s Healthcare Investment Ecosystem
The 2009 relocation from Lake Forest to downtown Chicago marked a significant evolution. This move positioned Waud Capital at the heart of Chicago’s business community, facilitating deeper engagement with healthcare systems, universities, and other institutional partners critical to sourcing and supporting investments.
Chicago’s robust healthcare infrastructure – including Northwestern Memorial Healthcare, Rush University Medical Center, and Advocate Health – provides unique advantages for healthcare investors. These institutions offer market insights, clinical expertise, and potential partnership opportunities that enhance investment outcomes.
Reeve Waud’s civic involvement strengthens these connections. His service on Northwestern Memorial Healthcare’s finance committee and board membership at Northwestern Memorial Foundation creates direct links to one of Chicago’s premier health systems. These relationships provide valuable perspectives on healthcare trends, operational challenges, and emerging opportunities.
Northwestern Networks Powering Growth
The Northwestern University connection runs deep through Waud Capital Partners. Reeve Waud earned his MBA from Northwestern’s Kellogg School of Management, joining a powerful alumni network spanning healthcare, finance, and technology sectors. Multiple partners and team members share this educational background, creating common frameworks and relationships that facilitate deal sourcing and execution.
Northwestern’s medical school and affiliated hospitals provide additional advantages. Clinical expertise, research insights, and operational knowledge flow through formal and informal networks, informing investment decisions and portfolio company strategies. This academic-industry interface proves particularly valuable when evaluating complex healthcare opportunities requiring deep domain expertise.
The recent commitment exceeding $100 million with Bill Mixon for healthcare supply chain services leverages these Chicago connections. Local healthcare systems represent both potential customers and sources of market intelligence for the new platform.
Civic Leadership Supporting Business Success
Beyond healthcare institutions, Reeve Waud’s broader civic engagement enhances Waud Capital’s position in Chicago’s business community. As First Vice Chair for Programs at the Economic Club of Chicago, he helps shape discussions among the city’s business and civic leaders. This role provides platforms for thought leadership while maintaining visibility among potential partners and investors.
His trusteeship at the Art Institute of Chicago, including service on finance and photography committees, connects him with Chicago’s philanthropic community. These relationships often overlap with healthcare philanthropy, creating unexpected connections valuable for healthcare investing.
Additional board service, including past involvement with the John G. Shedd Aquarium and Illinois State Police Merit Board, demonstrates commitment to Chicago beyond pure business interests. This civic engagement builds trust and credibility essential for long-term business relationships.
Talent Advantage Through Local Networks
Chicago’s deep talent pool provides competitive advantages for portfolio companies. The city’s concentration of healthcare companies, from Abbott Laboratories to Baxter International, creates experienced executive and operational talent accessible through local networks. This talent availability proves crucial when scaling portfolio companies or recruiting leadership for new platforms.
Kyle Lattner, Partner at Waud Capital, emphasized the importance of executive talent: “The partnership with Bill is another example of Waud Capital’s executive-first campaign approach and commitment to support accomplished executive leaders.”. Chicago’s business environment facilitates identifying and recruiting such leaders.
The firm now employs nearly 70 professionals, many recruited through Chicago networks. This team depth enables simultaneous pursuit of multiple investment opportunities while providing comprehensive support to portfolio companies.
Midwest Values Driving Long-Term Success
Chicago’s business culture – emphasizing relationships, operational excellence, and long-term thinking – aligns with Waud Capital Partners’ investment philosophy. Unlike coastal markets sometimes focused on rapid exits, Chicago’s approach favors building sustainable businesses through patient capital and operational improvements.
Mike Lehman, Principal at the firm, reflected this perspective: “He is an exceptional executive who has created value and driven multiple successful outcomes throughout his career in a sector we find highly attractive.”. This focus on executive quality over financial engineering reflects Midwest business values.
From its origins in suburban Lake Forest to its current position as a downtown Chicago institution, Waud Capital’s growth parallels Chicago’s evolution as a healthcare investment hub. Reeve Waud’s deep roots in the community, from Northwestern education to extensive civic involvement, provide sustainable competitive advantages that continue generating successful investments. The firm’s Chicago foundation offers stability, networks, and talent access crucial to building transformative healthcare platforms.
Related: Waud Capital Partners Announces Three Partner Promotions and One Principal Promotion
