Our History
Since our inception, we’ve strived to become the premier private investment firm across Technology and Healthcare—to deliver value in a way that upholds our core values and stays true to the heart of our organization. We call this doing things the Welsh Carson way.
We Do Things the Welsh Carson Way
WCAS has always embraced a distinctive approach, fostering a culture rooted in partnership, collaboration and a commitment to core values that have guided us for four decades, forming lasting industry connections and defining our identity.
Our core values are a big part of that. More than just an empty list of words, they are a guideline for conducting business, and are a road map that has helped us thrive for over forty years and form some of the deepest connections across our industry. But more importantly, they are what makes us us.
Our Core Values
Building for the Next Forty
A lot has changed since we opened our doors in 1979. The world, our industry and even our business have continually evolved and morphed with the times. However, there is one thing that hasn’t: the need for relationships.
We’ve thrived over the years because of our relationships. From our Limited Partners to our portfolio companies’ management teams, their employees, and our industry connections, WCAS is only as strong as the relationships we build. This is why we’re committed to making such strong connections. We are incredibly proud and yet humbled by what we have accomplished over this first forty years, but we can’t wait to see how we’ll evolve over the next forty years.
Walk in Time with us
Launch of WCAS
The firm was founded in 1979 by Patrick Welsh, Russ Carson and Bruce Anderson.
WCAS I Closes at $33.3M and this represented 13% of the $250M total funds raised by the PE industry that year.
Setting the Strategy
A Rigorous internal review leads the firm to focus exclusively on the Healthcare and Technology sectors.
Fund V
WCAS V closes at $371M and celebrates 10 years of business.
Fund VII
WCAS crosses over $1B raised in a single fund with WCAS VII ($1.4B)
Alliance Data
WCAS first invests in Alliance Data and builds it into a leading global provider of data-driven marketing and loyalty solutions. The company later IPO'd (NYSE: ADS) and at WCAS's final exit had a market cap of $4.4B.
Select Medical
WCAS partners with Rocky and Bill Ortenzio to form Select Medical.
Amdocs
WCAS invests in Amdocs , a provider of software and services to the media and communications industry. The company later IPO'd (NASDAQ: DOX) and at WCAS's final exit had a market cap of $4.5B
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
USPI
WCAS invests in USPI, the largest ambulatory surgery provider. USPI later merges with Tenet Healthcare (NYSE: THC) at a valuation of $3.2B
Transfirst
WCAS invests $683 MN in Transfirst, one of the leading merchant acquirers and payment processors in the U.S., serving nearly 200,000 small- to medium-sized merchants and processing over $40 billion in annual transaction volume.
Resources & Operating
WCAS forms the Resources & Operating partner group.
Paycom
WCAS invests in Paycom, an independent provider of payroll processing on a software-as-a-service (“SAAS”) basis for small to medium-sized businesses. In 2014, WCAS took the company public (NYSE: PAYC) and at WCAS’s final exit, it had a market cap of $2.3B
Fund XII
WCAS raises WCAS XII at $3.3B.
Quickbase
Corporate carve-out from Intuit (NASDAQ: INTU).
WCAS Celebrates 40 Years in Business
$27B of capital has been raised across 17 partnerships.
Fund XIII
WCAS raises WCAS XIII at $4.3B.
Shields
Shields Health Solutions receives equity investments from WCAS and Walgreen Co.
Clearwater
WCAS takes Clearwater (NYSE: CWAN) public at a valuation of $5.9B (at the close of IPO Day).
Fund XIV
WCAS raises WCAS XIV at $5B.
Avetta
WCAS completes the sale of Avetta (Fund XII) to EQT.
Investments shown above are for illustrative purposes and do not represent all investments made by WCAS funds and are not necessarily representative of Fund portfolios as a whole. Please see here for a full list of investments
News & Perspectives
Welsh, Carson, Anderson & Stowe Welcomes Gene Lockhart as Operating Partner
New York, NY – September 16th, 2025 – Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused on the technology and healthcare industries, today announced that Gene
GovCIO, a Welsh, Carson, Anderson & Stowe Company, to Acquire SoldierPoint Digital Health, LLC
Fairfax, VA – GovCIO, a leading provider of advanced technology solutions and services for the federal government with over 3,300 employees and over $1B in revenue, today announced it has
TrueCommerce Names Bill Glass as CEO, Marking New Phase of Growth and Innovation
Ray Greer Named Chairman of the Board; Kimberly Williams Joins Board of Directors PITTSBURGH (July 8, 2025) – TrueCommerce, a WCAS portfolio company and global provider of supply chain and trading partner
WCAS Portfolio Company EquiLend Acquires Trading Apps to Advance Front-Office Automation
Trading Apps’ tools and trade messaging service strengthen EquiLend’s automation across the full trade lifecycle New York — [July 29, 2025] — WCAS portfolio company EquiLend has expanded its capabilities
WCAS Announces Strategic Growth Investment in AIA Contract Documents, The Gold Standard For Risk Management Within The Construction Industry.
San Francisco, CA, July 8, 2025 --Welsh, Carson, Anderson & Stowe ("WCAS"), a leading private equity firm with a 45-year track record of building exceptional technology companies, announced today that it
Constitution Surgery Alliance Announces Strategic Growth Investment From Welsh, Carson, Anderson & Stowe
AVON, Conn., June 16, 2025 /PRNewswire/ -- Constitution Surgery Alliance (CSA), an independent developer and operator of ambulatory surgery centers, has received a strategic investment from Welsh, Carson, Anderson &