# Waud Capital Partners

Waud Capital Partners is a Private Equity based in Chicago, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** Chicago, IL, United States
- **Founded:** 1993
- **Assets under management:** $4B - $5B (Altss estimate)
- **Website:** waudcapital.com
- **LinkedIn:** https://www.linkedin.com/company/waudcapitalpartners

## Regulatory record

- **CRD number:** 160632
- **SEC file number:** 801-73921
- **Registration status:** APPROVED
- **Latest Form ADV filing:** 2026-03-31T05:00:00.000Z
- **Reports private funds:** Yes
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/160632

## About

Waud Capital Partners is an SEC-registered investment adviser in Chicago, IL, registered since 2012. The firm manages approximately $4.6 billion in regulatory assets. It has 65 employees and 59 investment advisers.

## Sectors

- Healthcare Services
- Enterprise Software
- Industrial Tech

## People

- Reeve Waud — Founder & Managing Partner

## Questions

### Who runs investment decisions at Waud Capital?

Founder Reeve Waud serves as Managing Partner and chairs the investment committee, which includes senior partners across the healthcare, software, and industrial verticals. The committee reviews every platform investment and significant add-on, with partners retaining approval authority within their designated sectors. Operating executives with firm contracts participate in diligence but do not vote on committee decisions.

### How does Waud Capital source proprietary deal flow?

The firm sources through an executive-in-residence model — identifying operators with specific sub-sector expertise, backing them to originate platform targets, and funding the subsequent consolidation strategy. This process bypasses competitive auctions by generating in-house deal leads through the executive's own industry relationships and acquisition pipeline. The firm also maintains a dedicated business development team that complements operator-led origination.

### Does Waud Capital participate in fund commitments or only direct deals?

Waud Capital exclusively executes direct control investments and build-up strategies; it does not allocate to external funds or invest as a limited partner. The firm's capital goes entirely into platform companies, add-on acquisitions, and growth-stage follow-ons within existing portfolio holdings. No fund-of-funds or co-investment-as-LP activity has been reported.

### Which sectors does Waud Capital explicitly avoid?

The firm historically avoids cyclical heavy industrials, commodity-exposed businesses, real estate, financial services, and consumer retail. Its investment memoranda have consistently screened out sectors where technology disruption risk is high and management influence on outcomes is low. The focus remains tightly held to healthcare services, enterprise software, and industrial technology, with no publicly announced expansions beyond these three verticals.

### What is Waud Capital's known posture on co-investments alongside external GPs?

Waud Capital does not actively solicit or structure third-party co-investment with unaffiliated general partners. Deals are fully funded through the firm's own equity pool and, when appropriate, limited partner co-investment rights offered pro-rata to existing fund investors. The firm has no history of club deals with competing sponsors.

## Related profiles

- [Wattle Hill Capital](https://altss.com/profile/wattle-hill-capital)
- [Wave3 Capital](https://altss.com/profile/wave3-capital)

---

Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/waud-capital-partners

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology