Lake Forest, Illinois has long been home to families with a tradition of quiet achievement and civic engagement. For Reeve Waud, it was more than that—it was the launching pad for what would become one of Chicago’s most well-regarded middle-market private equity firms. And it was the family base from which he built a marriage that is now approaching its 38th year.
Reeve Waud married Melissa Ann Wheeler on August 20, 1988, at the First Church of Round Hill in Greenwich, Connecticut. Both were graduates of Middlebury College, class of 1985. The ceremony was officiated by the college’s president, Dr. Olin Robinson. The groom’s parents, Cornelius Byron and Corinna Roosevelt Reeve Waud, were longtime Lake Forest residents. Learn more about Reeve Waud.
A Family with Deep Local Ties
Reeve grew up in Lake Forest and returned to the area after earning his MBA from the Kellogg School of Management at Northwestern University. It was there that he launched Waud Capital Partners in 1993, initially operating as a solo investor with $5,000 in capital. The firm would later relocate its headquarters to downtown Chicago, but the Lake Forest roots remain part of the firm’s identity. See the announcement carried in the New York Times.
Melissa, meanwhile, brought her own distinguished background to the marriage. The daughter of Russell Phillip and Dorothy Ann Wheeler of Greenwich and Verbier, Switzerland, she had attended Miss Porter’s School and Middlebury before working at Bergdorf Goodman in New York City. Check www.chicagotribune.com/1988/09/04/melissa-ann-wheeler-and-reeve-b-waud-are-wed/.
The Firm Today
From those modest beginnings, Waud Capital Partners has grown into a firm managing roughly $4.6 billion in assets with a team of nearly 70 professionals. It has completed upward of 480 investments since its founding, focusing on healthcare services and software & technology. Learn more at Waud Capital Partners.
The firm’s growth has been marked by disciplined fundraising and a consistent investment philosophy. Key portfolio exits have included iOffice, Ivy Rehab, GI Alliance, and IPS, while newer platforms like Fusion Healthcare and PharmAlliance represent the firm’s continued activity. More information at the firm’s 30th anniversary in 2023.
Acadia Healthcare’s Formation
Among Waud Capital’s most significant contributions is the creation of Acadia Healthcare in 2005. Acadia has since grown into the largest stand-alone behavioral health provider in the United States, with more than 250 facilities offering inpatient psychiatric care, addiction treatment, and outpatient services. More at Acadia Healthcare’s appointment of new executive leadership.
Lake Forest may have been the starting point, but the story of Reeve Waud’s career—and his nearly 38-year marriage—is one that reaches across the country.
