By James John
Billion-dollar funds didn’t close on a founder’s name alone. When Waud Capital Partners raised its fourth fund at $1.056 billion in Feb. 2016, the firm’s leadership team included six professionals whose combined track record gave institutional investors enough confidence to oversubscribe the vehicle by 41%.
Here’s who was running the firm when the money came in.
Reeve Waud – Founder and Managing Partner
Reeve Waud launched the firm in 1993 from Lake Forest, Illinois. Background: corporate finance at Salomon Brothers, a founding role in Salomon’s venture capital group, then GTCR. BA in Economics from Middlebury College, MBA from Kellogg at Northwestern. Over 500 company acquisitions during his career. Also serves as Chairman of Acadia Healthcare’s board of directors.
His GP commitment to Fund IV: $156 million from Waud and affiliates, roughly 14.8% of the total fund.
The Partners and Principals
Matt Clary joined WCP in 2014 from Banc of America Capital Investors. He co-led the software and technology practice, overseeing portfolio companies in areas like enterprise software, payments, and health IT. David Neighbours, who joined WCP in the mid-2000s from William Blair, would go on to lead the firm’s role in building GI Alliance into the largest gastroenterology platform in the country.
Justin DuPere, Chris Graber, and Matt London held Principal titles at Fund IV’s close. Graber would later become Head of the Healthcare Group, working on deals including Acadia Healthcare and GI Alliance. DuPere rose to co-head the Software & Technology Group. Together, the six formed what Reeve B. Waud (PE Professional) described as a team whose “dedication, hard work and unwavering focus” produced the results that raised a billion dollars in 12 weeks.
Promotions announced in Jan. 2025 (Waud Capital Partners) elevated Graber’s colleague Kyle Lattner and others to Partner, a sign that the talent pipeline built during the Fund IV era continued producing.
