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

Integrity
Respect
Honesty
Teamwork
Loyalty
Courage
Transparency
Intellectual Curiosity

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

1979

Launch of WCAS

The firm was founded in 1979 by Patrick Welsh, Russ Carson and Bruce Anderson. 

1970s
1979

WCAS I Closes at $33.3M and this represented 13% of the $250M total funds raised by the PE industry that year.

1986

Setting the Strategy

A Rigorous internal review leads the firm to focus exclusively on the Healthcare and Technology sectors.

1989

Fund V

WCAS V closes at $371M and celebrates 10 years of business.

1980s
1995

Fund VII

WCAS crosses over $1B raised in a single fund with WCAS VII ($1.4B)

1990s
1996

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.

1997

Select Medical

WCAS partners with Rocky and Bill Ortenzio to form Select Medical. 

1998

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

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

USPI

WCAS invests in USPI, the largest ambulatory surgery provider. USPI later merges with Tenet Healthcare (NYSE: THC) at a valuation of $3.2B

2007

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.

2007

Resources & Operating

WCAS forms the Resources & Operating partner group.

2007

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

2015

Fund XII

WCAS raises WCAS XII at $3.3B.

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.
2016

Quickbase

Corporate carve-out from Intuit (NASDAQ: INTU).

2017
San Francisco Office Opening
 
WCAS opens a San Francisco office to expand its 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 its portfolio companies access to over 1,200 health systems and corporate executives.
2018
Kindred Healthcare
 
WCAS partners with Humana (NYSE: HUM) to acquire Kindred Healthcare using an innovative joint venture transaction structure.
2019

WCAS Celebrates 40 Years in Business

$27B of capital has been raised across 17 partnerships.

2019

Fund XIII

WCAS raises WCAS XIII at $4.3B.

2019

Shields

Shields Health Solutions receives equity investments from WCAS and Walgreen Co.

2021

Clearwater

WCAS takes Clearwater (NYSE: CWAN) public at a valuation of $5.9B (at the close of IPO Day).

2023

Fund XIV

WCAS raises WCAS XIV at $5B.

2024

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