Philip Maddox 
Reeve B. Waud’s founding of Acadia Healthcare in 2005 emerged from decades of private equity experience at Waud Capital Partners, the Chicago-based firm he established in 1993. Understanding Waud Capital’s investment philosophy illuminates how Acadia grew into the largest standalone behavioral healthcare company in the United States.
The January 2026 appointment of Debbie Osteen as Acadia’s CEO reflects the same emphasis on experienced leadership that has characterized Waud Capital’s approach across its portfolio.
30+ Years of Growth-Oriented Investing
Reeve B. Waud founded Waud Capital Partners in Lake Forest, Illinois, starting as a one-person, self-funded operation. The firm raised its first institutional fund in 1998 and relocated to downtown Chicago in 2009. Today, Waud Capital employs approximately 70 professionals and manages roughly $4.6 billion in assets.
The firm’s investment model targets North American companies in two sectors: healthcare and software/technology. Typical equity investments range from $75 million to $200 million, with Waud Capital generally taking controlling stakes in portfolio companies.
Healthcare and Software Focus
Waud Capital has completed more than 460 investments since its founding, including platform companies and follow-on acquisitions. Healthcare investments have included physician practice management platforms, specialty healthcare services, and behavioral health-the sector where Acadia Healthcare operates.
The firm’s healthcare platforms average more than 10 add-on acquisitions during Waud Capital’s ownership. Software and technology platforms average more than 5 add-ons. This buy-and-build approach has produced average revenue growth exceeding 400% for realized investments.
The Acadia Healthcare Story
Reeve B. Waud formed Acadia Healthcare in 2005 as a platform for behavioral health services. The company went public in 2011 and has since grown to operate 278 facilities across 40 states and Puerto Rico. While Waud Capital’s direct ownership stake ended with Acadia’s IPO, Reeve B. Waud continues as Board Chairman.
Acadia employs approximately 25,500 people and serves more than 82,000 patients daily. The company’s growth reflects the same principles Waud Capital applies across its portfolio: identify a fragmented sector with strong demand, partner with experienced operators, and build scale through both organic growth and acquisitions.
Recent Activity and Responsible Investing
Waud Capital remains active in healthcare investing. The firm acquired Mopec Group, a supplier of anatomic pathology equipment, in January 2025. Recent partner promotions-Tim Cremieux, Kyle Lattner, and Paul Sutphin elevated to Partner in January 2025-signal continued investment in the firm’s leadership.
Reeve B. Waud has also emphasized responsible investing. Waud Capital published its first Responsible Investing Report in November 2024, outlining the firm’s approach to environmental, social, and governance factors. “Responsible investing is not a niche activity but a core tenet of who we are and what we care about,” Waud stated in the report’s announcement.
