Reeve B. Waud founded Waud Capital Partners in 1993, establishing a middle-market private equity firm that has grown to manage approximately $4.6 billion across healthcare and software technology sectors. His investment approach emphasizes thesis-driven platform building, combining strategic acquisitions with operational improvements to transform fragmented markets into consolidated industry leaders.

Reeve Waud's most significant achievement centers on Acadia Healthcare, which he founded in 2005 as a behavioral health platform. Starting with Waud Capital Partners' backing, Acadia Healthcare consolidated independent psychiatric hospitals and substance abuse treatment centers under unified management. Within six years, the platform had scaled sufficiently to complete an initial public offering in 2011, transitioning from startup to publicly-traded company.

Acadia Healthcare subsequently expanded to operate over 240 facilities with more than 10,000 beds nationwide. Waud maintains his role as independent Chairman of Acadia Healthcare's board of directors, providing continuity from the company's inception through its current status as a major behavioral health provider.

Notable exits include GI Alliance, which Waud Capital Partners sold in 2022 at a $2.2 billion valuation after growing the gastroenterology platform from two states to fourteen. Waud holds a BA from Middlebury College and an MBA from Northwestern University's Kellogg School of Management.