Welsh, Carson, Anderson & Stowe

Welsh, Carson, Anderson & Stowe

Type	Limited liability company
Industry	Private equity
Founded	1979
Founder	Patrick Welsh, Russell Carson, Bruce Anderson, Rick Stowe
Headquarters	New York, New York, United States
Key people	Jonathan Rather (General Partner & CFO) Fran Higgins (Managing Director of Investor Relations) Eileen Nelson (Managing Director of Business Development)
Products	Leveraged buyout and Growth capital
Total assets	$20 billion
Number of employees	80+
Website	www.welshcarson.com

Welsh, Carson, Anderson & Stowe (Welsh Carson or WCAS) is a private equity firm. WCAS was formed in 1979 and focuses on investing in two growth industries, information/business services, and healthcare, primarily in the United States. WCAS has a current portfolio of approximately 30 companies and has organized 15 limited partnerships with total capital of $20 billion, consisting of 11 equity partnerships and four subordinated debt partnerships. WCAS is currently investing an equity fund, Welsh, Carson, Anderson & Stowe XI, L.P., and a dedicated subordinated debt fund, WCAS Capital Partners IV, L.P.

WCAS’s strategy is to (i) buy growth businesses, (ii) partner with outstanding management teams, and (iii) build value for the WCAS’s investors through a combination of operational improvements, internal growth initiatives, and strategic acquisitions. WCAS differentiates itself from other private equity firms by industry specialization, investment track record, growth oriented and operational focus, repeat management teams, and the continuity and financial commitment of WCAS.

WCAS has approximately 80 employees, including 15 general partners. The firm also has a Resources Group, which is composed of approximately 25 operating executives and senior industry executives. The Resources Group assists the firm’s portfolio companies by identifying and implementing initiatives focused on growth and operational improvement. The Resources Group works with the firm’s investment professionals and portfolio company management teams to develop value maximization plans ("VMPs") for each new investment. These VMPs are unique for each portfolio company and encompass a wide range of strategic initiatives, including revenue enhancement and cost management strategies, corporate governance, motivation of key management team members, financial reporting dashboards, as well as potential acquisitions and integration timelines.

WCAS was formed in 1979 by three founders, Patrick Welsh, Russell Carson, and Bruce Anderson. Patrick Welsh and Russ Carson had previously served as President and Chairman of Citicorp Venture Capital. Bruce Anderson was formerly Executive Vice President of Automatic Data Processing. WCAS was originally a venture capital firm, and WCAS’s first Equity Partnership totaled $33 million in commitments. In 1979, Richard Stowe joined WCAS as a General Partner, having worked previously at New Court Securities Corporation, now Rothschild Inc.