Dr. Edith A. Perez’s appointment as Chief Medical Officer of Cornerstone Specialty Network represents the culmination of a healthcare investment vision that Reeve Waud has been methodically building for over three decades. Her decision to join a Waud Capital Partners portfolio company connects directly to experiences and relationships that Waud developed throughout his career, from his early days at prestigious investment firms to his current role managing approximately $4.6 billion in healthcare-focused assets.
The path from Waud’s first private equity job to attracting oncology’s most respected researchers reveals a consistent pattern of building expertise, relationships, and credibility within the healthcare sector.
Early Foundation: GTCR and Salomon Brothers
Reeve Waud’s healthcare expertise began during his tenure at GTCR, the Chicago-based private equity firm known for its sector-focused investment approach. Before joining GTCR, Waud worked at Salomon Brothers, where he was a founding member of the firm’s venture capital group and gained experience in corporate finance.
These early experiences taught Waud the importance of sector specialization and operational expertise in private equity investing. GTCR’s focus on specific industries—rather than broad diversification—would later influence Waud’s decision to concentrate exclusively on healthcare and software when launching his own firm.
The Salomon Brothers experience provided Waud with Wall Street credibility and access to institutional investors, while GTCR demonstrated how private equity firms could create value through deep sector knowledge and operational improvements rather than financial engineering alone.
The Solo Launch: Building from Zero
Waud launched Waud Capital Partners in 1993 as a one-person operation in Lake Forest, Illinois. The decision to start solo, rather than raising a large inaugural fund, reflected confidence in his healthcare investment thesis but also the challenges of establishing credibility as a first-time fund manager.
The early years required Waud to prove his investment approach through successful deals rather than institutional marketing. He raised his first institutional fund in 1998, five years after founding the firm, demonstrating the patience and persistence required to build lasting private equity platforms.
This bootstrapped beginning created a culture of careful capital allocation and long-term thinking that would characterize Waud Capital Partners throughout its evolution. The firm’s current assets under management represent organic growth built through consistent performance rather than aggressive fundraising.
Healthcare Breakthrough: The Acadia Success Story
Waud’s healthcare credibility crystallized in 2005 when he founded Acadia Healthcare as a startup platform focused on behavioral health facilities. This wasn’t a traditional private equity acquisition—it was venture creation that required Waud to identify market opportunities, recruit management talent, and build operations from the ground up.
Acadia Healthcare’s growth from concept to over 260 facilities culminated in a successful 2011 IPO that established Waud as a healthcare investor capable of building public companies. His continued role as Chairman of Acadia’s board demonstrates commitment beyond typical private equity hold periods.
The Acadia success provided Waud with healthcare industry relationships and operational expertise that would prove crucial for future investments. Healthcare executives began recognizing Waud Capital Partners as a firm that understood clinical operations and patient care quality, not just financial metrics.
Dr. Perez’s appointment validates this three-decade journey, demonstrating how consistent focus and operational excellence can attract the healthcare industry’s most respected leaders to private equity-backed platforms.
