At a glance
| Latest fund | WCAS XIV, $5B (Jul 2023) S6 |
|---|---|
| Deal types | Platform, Add-on, Growth S1 |
| Sectors | Healthcare Services, Software & SaaS, IT Services & MSP |
What Welsh, Carson, Anderson & Stowe buys
Welsh, Carson, Anderson & Stowe (WCAS) is a New York private equity firm founded in 1979 that invests in only two industries, healthcare and technology. In healthcare it backs care delivery businesses such as surgery centers, imaging centers and physician groups, plus payor services, healthcare IT and companies that serve drug makers. In technology it buys software and tech-enabled service companies selling to financial services, government, construction and industrial customers. The firm says it has raised more than $33 billion across 18 funds and backed over 190 companies.
WCAS takes control or makes large growth investments, often with a corporate, health system or physician partner, and then builds each company through add-ons. Its latest fund, WCAS XIV, closed at more than $5 billion in July 2023, and its recent platforms are big: the Select Medical take-private valued that company at about $3.9 billion. WCAS publishes no revenue or EBITDA range. A smaller founder-owned company is most likely to meet WCAS as an add-on, the way SoldierPoint Digital Health joined GovCIO in 2025.
Recent deals
Announced in the 24 months before October 22, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Oct 2026 | CenterWell Senior Primary Care joint venturesAgreement for BlackRock to buy WCAS's stakes in the senior primary care clinic joint ventures with Humana, valued at about $2.8 billion | Exit | Healthcare Services | Source |
| Jun 2026 | Select MedicalTake-private of the rehabilitation and post-acute care operator with its co-founder and senior executives, valued at about $3.9 billion | Platform | Healthcare Services | Source |
| Dec 2025 | Lumexa ImagingNasdaq IPO of the outpatient imaging company at a value of about $2.8 billion; WCAS still lists it as a current holding | Exit | Healthcare Services | Source |
| Sep 2025 | SoldierPoint Digital HealthVeterans telehealth contractor bought from Iron Bow Technologies by GovCIO | Add-on | IT Services & MSP | Source |
| Jul 2025 | Trading AppsFront-office securities lending tools added to EquiLend | Add-on | Software & SaaS | Source |
| Jul 2025 | AIA Contract DocumentsMajority investment in the construction contract and workflow software business, with the American Institute of Architects and True Wind Capital staying invested | Platform | Software & SaaS | Source |
| Jun 2025 | Constitution Surgery AllianceGrowth investment in a surgery center developer and manager with 16 facilities in five states; the co-founder CEO stays on | Growth | Healthcare Services | Source |
| February 2025 | biospatial and FlowMSPHealthcare analytics and fire pre-incident planning software added to ImageTrend | Add-on | Software & SaaS | Source |
| January 2025 | Together SoftwareToronto mentoring software company added to Absorb | Add-on | Software & SaaS | Source |
Portfolio by sector
From the firm's portfolio page S4.
Healthcare: Care Delivery
- Constitution Surgery Alliance
- Emerus
- EnableComp
- Lumexa Imaging
- Select Medical
- United Musculoskeletal Partners
- US Anesthesia Partners
Healthcare: HCIT
- Norstella
- Owl Practice Suite
Healthcare: HCIT, Pharma Value Chain
- AssistRx
Healthcare: Payor Services
- InnovAge
- Liberty Dental Plan
Healthcare: Pharma Value Chain
- Abzena
- Kiniciti
- Leiters Health
Technology: B2B Software
- Quickbase
Technology: Construction Tech
- AIA Contract Documents
Technology: Data & Analytics, Property Technology
- Green Street
Technology: EdTech
- LINQ
Technology: FinTech
- Asurion
Technology: GovTech
- GovCIO
- Grant Street Group
Technology: Human Capital Management
- Absorb
Technology: Securities Lending
- EquiLend
Technology: Supply Chain Management
- TrueCommerce
Greymont’s take
How Welsh, Carson, Anderson & Stowe fits a seller
WCAS suits owners of healthcare service providers and of software or tech-enabled service businesses that already have real scale, and smaller companies that fit one of its current platforms. Physician partnerships are a specialty: it built United Musculoskeletal Partners with Resurgens Orthopaedics and backs US Anesthesia Partners, and it often brings a health system or corporate partner into a deal. When it invested in Constitution Surgery Alliance in June 2025, the co-founder CEO stayed on while his partner retired, and Select Medical's co-founder kept running that company after the 2026 take-private.
Because new WCAS platforms are large, most owners would sell to a WCAS company rather than to the firm itself; GovCIO, EquiLend, ImageTrend and Absorb have all bought businesses since 2025. An owner should ask how much say physicians or founders keep after closing, and how long WCAS plans to hold the platform before a sale or IPO.
Questions owners ask
Does WCAS invest outside healthcare and technology?
No. The firm says it has stuck to healthcare and technology since 1979. In technology it targets software and data businesses serving financial services, government, construction and industrial markets, and in healthcare it targets care delivery, payor services, healthcare IT and pharma services.
Will WCAS buy a smaller company?
Usually as an add-on. WCAS publishes no minimum size and its new platforms are large, but its companies keep buying smaller firms: GovCIO bought SoldierPoint Digital Health in 2025 and ImageTrend added biospatial and FlowMSP the same year. Its technology team reports more than $6 billion of add-on acquisitions since 2015.
Does WCAS work with physicians and health systems?
Yes. Its healthcare page says 69% of its healthcare deals include a strategic partner. Examples include United Musculoskeletal Partners, formed with Resurgens Orthopaedics, and the CenterWell senior primary care clinics it built with Humana.
How does WCAS usually exit its investments?
Through sales to strategic buyers and other investors as well as IPOs. In October 2026 it agreed to sell its CenterWell clinic stakes to BlackRock for about $2.8 billion, Lumexa Imaging went public in December 2025, and Avetta was sold to EQT in 2024.
Sources
- S1WCAS home page Accessed October 22, 2026
- S2WCAS: Healthcare Accessed October 22, 2026
- S3WCAS: Technology Accessed October 22, 2026
- S4WCAS: Portfolio Accessed October 22, 2026
- S5WCAS: Contact (New York office) Accessed October 22, 2026
- S6WCAS Raises Over $5 Billion in Its Largest Private Equity Fund to Date (July 12, 2023) Accessed October 22, 2026
- S7WCAS: News Accessed October 22, 2026
- S8Select Medical Acquired by Consortium Led by Its Executives and WCAS (June 30, 2026) Accessed October 22, 2026
- S9Humana Announces New Joint Venture with BlackRock for CenterWell Clinics (October 13, 2026) Accessed October 22, 2026
- S10GovCIO Closes Acquisition of SoldierPoint Digital Health (September 3, 2025) Accessed October 22, 2026
- S11Constitution Surgery Alliance Announces Growth Investment from WCAS (June 16, 2025) Accessed October 22, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Welsh, Carson, Anderson & Stowe. Figures are as reported on the dates shown and may have changed. Request a correction