WCAS is a corporation formed under the laws of the state of Delaware. Jonathan Rather is the
only shareholder who owns more than 25% of WCAS. WCAS (or its predecessors) has been in
business since 1979. WCAS Management is an affiliate of WCAS and a relying adviser. WCAS
Management is a limited partnership formed under the laws of the state of Delaware. D. Scott
Mackesy is the only shareholder who owns more than 25% of WCAS Management. References
in this brochure to the “Firm” relate to WCAS and/or WCAS Management as applicable.
Each of WCAS and WCAS Management serve as an investment manager to certain related private
investment partnerships or limited liability companies organized to make private equity
investments in equity securities (each, a “Partnership”). WCAS and WCAS Management are also
parties to a sub-advisory agreement, pursuant to which WCAS Management serves as sub-adviser
with respect to certain Partnerships for which WCAS serves as investment manager. The
Partnerships invest in growth-oriented companies within the healthcare and technology industries.
The Partnerships’ investment strategy is to (i) buy securities of growth businesses in our two core
industries, (ii) partner with outstanding management teams and (iii) realize value after a
combination of operational improvements, internal growth initiatives and strategic acquisitions at
such businesses. The Firm’s investment management services consist of advising the Partnerships
with respect to investigating, identifying, and evaluating investment opportunities, structuring,
negotiating and executing investments on behalf of the Partnerships, managing and monitoring the
performance of investments, and disposing of investments. In addition, the Firm provides
consulting services
to companies in which the Partnerships invest through its Resources Group (as
described in more detail below).
The Firm’s nine equity Partnerships, Welsh, Carson, Anderson & Stowe XI, L.P., Welsh, Carson,
Anderson & Stowe XII, L.P., Welsh, Carson, Anderson & Stowe XII Cayman, L.P., Welsh, Carson,
Anderson & Stowe XII Delaware, L.P., Welsh, Carson, Anderson & Stowe XII Delaware II, L.P.,
WCAS XIII, L.P., WCAS XIII Cayman, L.P., WCAS XIV, L.P. and WCAS XIV Cayman, L.P.
(each, an “Equity Partnership”), four feeder funds, Welsh, Carson, Anderson & Stowe XII Feeder
Fund, L.P., Welsh, Carson, Anderson & Stowe XII Delaware II Feeder Fund, L.P.,WCAS XIII
Feeder Fund, L.P., WCAS XIV Feeder Fund, L.P. (each, a “Feeder Fund” and, collectively, the
“Feeder Funds”), four co-investment holding companies, WCAS Co-Investment Holdco, L.P.,
Muir Woods Partners, L.P., WCAS XIV Flora Co-Invest LLC and WCAS XIV N Co-Invest, L.P.
(collectively, “Holdcos”), and employee and consultant co-investment vehicles WCAS XI Co
Investors LLC, WCAS XII Co-Investors LLC, WCAS XIII Co-Investors LLC, WCAS XIV Co
Investors I LLC and WCAS XIV Co-Investors II, LLC (collectively, “Co-Investors”) have
approximately $15.1 billion in regulatory assets under management as of December 31, 2023.
In providing services to each Partnership, the Firm advises the Partnerships in formulating the
investment objective for each Partnership, and in managing the investment and reinvestment of
each Partnership’s assets. The Firm also provides periodic reports to investors in each Partnership.
Investment advice is provided directly to each Partnership and not individually to the limited
partners of the Partnerships in accordance with the terms of the governing documents applicable
to each Partnership.