Waud Capital Partners marks a significant expansion in its technology investment strategy with the promotion of Paul Sutphin to partner, highlighting founder Reeve Waud’s continued push into specialized software sectors. The announcement comes as part of broader leadership changes at the Chicago-based private equity firm, which manages $4.6 billion in assets.
Sutphin, who joined Waud Capital in 2013, has established himself as a key figure in the firm’s technology investments. His recent accomplishments include leading the company’s investment in Science Exchange, while maintaining oversight of portfolio companies Fusion Health, PracticeTek, and Sphere. His promotion signals Waud Capital’s growing emphasis on software, healthcare IT, and fintech solutions.
“Our newly elevated leaders exemplify our talent-led, thesis-driven investment approach,” says Justin DuPere, Partner and Co-Head of the Software & Technology Group at Waud Capital. This strategic focus represents a significant evolution from the firm’s early days, when Reeve Waud founded the company in 1993 with an initial focus on manufacturing and distribution businesses.
The transformation of Waud Capital’s investment strategy reflects broader changes in the market. While the firm maintains its successful healthcare division, including investments like Acadia Healthcare, the technology group under Sutphin’s leadership has carved out specialized niches in healthcare IT and financial technology services. This dual-sector approach aligns with Waud’s philosophy of building market-leading companies in sectors poised for substantial growth.
Sutphin’s promotion comes at a pivotal time for the firm’s technology investments. As one of three new partners announced, his elevation highlights the increasing importance of software and technology in Waud Capital’s portfolio. The firm’s approach involves identifying promising companies that can benefit from both capital investment and operational expertise.
The technology group’s focus areas under Sutphin’s leadership include:
- Healthcare IT solutions
- Financial technology services
- Tech-enabled business services
- Software platforms with growth potential
This strategy builds on Waud Capital’s track record of successful investments. Since its founding, the firm has completed more than 480 investments, including platform companies and follow-on opportunities. The technology group’s approach mirrors the broader firm’s strategy of deploying capital in the $75 million to $200 million range for control investments in growth-oriented companies.
Looking ahead to 2025, Sutphin’s promotion positions Waud Capital to capitalize on emerging opportunities in the technology sector. The firm’s combination of healthcare expertise and technology investment capabilities creates unique advantages in identifying cross-sector opportunities, particularly in healthcare IT and digital transformation initiatives.