New York · Growth · 38 people tracked
Investment thesis
WCAS is a private equity firm concentrating on two core sectors: technology and healthcare. It partners with companies over the long term, applying deep domain expertise to drive value through operational improvements, organic growth initiatives, and strategic add-on acquisitions. Its portfolio spans SaaS platforms, payments and financial technology, cybersecurity, supply-chain software, and a broad range of healthcare services including anesthesia, home health, specialty pharmacy, occupational health, imaging, and post-acute care management. WCAS often builds physician-partnership and buy-and-build platforms, providing capital, management infrastructure, and strategic resources to help both early-stage and established businesses scale into industry leaders.
Source: firm website, verified Aug 25, 2026.
Team · 38 people
from the firm's websiteWhat they invest in
from 34 of 56 portfolio companiesHealthtech ×15SaaS ×14Enterprise Software ×12Digital Health ×8AI & Machine Learning ×6Medical Devices ×5Cybersecurity ×4Fintech ×4
HQs:United States×17Canada×1
Investments · 56 tracked
founders shown can be your intro path
Fiserv provides payments and financial technology services to financial institutions, businesses, and merchants, with a focus on customer engagement and commerce enablement.
Enterprise SoftwareFintechSaaS
Co-investorsfronttrail Equity Partners GmbHSilver Lake Partners
InnovAge operates senior care centers (PACE and LIFE programs) across the United States.
Healthtech
Co-investorsClaritas Capital
Absorb LMS provides learning management system software.
AI & Machine LearningEdTechEnterprise SoftwareHR TechSaaS
Co-investorsGarage CapitalGolub GrowthSilversmith Capital Partners
Absorb is an AI-powered learning management system (LMS) for enterprises, offering role-based course auto-assignment, a library of pre-built courses, and generative AI course authoring via Absorb Create.
AI & Machine LearningEdTechSaaS
Co-investorsSilversmith Capital PartnersWelsh, Carson, Anderson & Stowe
Abzena is an integrated CDMO and CRO providing end-to-end development and cGMP manufacturing services for complex biologics and bioconjugates, including ADCs, AOCs, bispecifics, and HPAPIs.
Advanced ManufacturingBiotechHealthtechMedical DevicesCambridge, US
William John Edward Burt(Executive Officer, Director)Nigel Pitchford(Director)Leigh Pierce(Executive Officer)Kenneth Cunningham(Director)Julian Smith(Executive Officer, Director)Anthony Brampton(Director)
Co-investorsBeringeaBIOSPRING PARTNERSWelsh, Carson, Anderson & Stowe
Provider of standardized construction contracts and cloud-based document management solutions.
Alert Logic delivers managed security services including threat detection and response, cloud security, and incident readiness for enterprises.
CybersecurityEnterprise SoftwareHouston, US
Paul Marvin(Executive Officer)Jim Lewandowski(Executive Officer)Robert Grayson Hall(Executive Officer, Director)
BoardDarren Battistoni(Director)Tony de Nicola(Director)Lisa Pearson(Director)
Co-investorsMercury FundUpdata Partners
Provider of data-driven marketing and loyalty solutions.
Avetta operates a platform that connects businesses with suppliers, focusing on compliance, safety, and performance verification across supply chains.
B2B MarketplacesEnterprise SoftwareLogistics & Supply ChainSaaS
Co-investorsGolub GrowthNorwest Venture Partners
Provider of outsourced solutions for the financial services industry.
Global human capital management (HCM) technology provider; flagship product Dayforce.
Clearwater Analytics provides a cloud-based, AI-powered investment management platform for reconciliation, accounting, reporting, compliance, risk analytics, and portfolio and order management.
AI & Machine LearningFintechSaaSBoise, US
Sandeep Sahai(Executive Officer, Director)Subi Sethi(Executive Officer)Jim Cox(Executive Officer)Scott Erickson(Executive Officer)Souvik Das(Executive Officer)
BoardJacques Aigrain(Director)
Co-investorsWarburg Pincus
Provider of occupational health services including workers' compensation injury care and employer services.
Constitution Surgery Alliance develops and operates ambulatory surgery centers, partnering with surgeons and health systems through joint ventures.
HealthtechMedical Devices
EnableComp provides revenue cycle management services and an AI-driven platform (e360 RCM) focused on complex medical claims and denials for healthcare providers.
AI & Machine LearningHealthtechSaaS
Co-investorsNaviMed Capital
EquiLend provides technology for the securities finance industry, covering the full transaction lifecycle including trading (NGT, ECS Loan Market, Swaptimization), post-trade lifecycle management, regulatory compliance (SFTR, CSDR, ALD), and securities finance data and analytics (DataLend, Orbisa).
Data & InfrastructureEnterprise SoftwareFintech
Provider of international payment solutions.
GovCIO provides IT services to U.S. federal government agencies, covering strategy, digital transformation, data management, and cyber security.
CybersecurityEnterprise SoftwareGovTech
Green Street provides commercial real estate and real assets intelligence, including proprietary data, independent research, breaking news, and predictive analytics across public and private markets.
Data & InfrastructureFintechPropTechNewport Beach, US
Global consultancy specializing in IT services and business process outsourcing.
Provider of precision manufacturing and engineering solutions.
ImageTrend Elite provides fire investigation software for fire departments and marshals to document post-incident investigations, manage evidence and witness statements, and generate NFPA 921-compliant reports.
AI & Machine LearningEnterprise SoftwareGovTech
Co-investorsGolub Growth
Kiniciti is a holding company and investment platform that partners with and invests in cell and gene therapy companies, including operating companies Cellistic and Ncardia.
BiotechMedical Devices
Co-investorsBIOSPRING PARTNERS
Leiters Health is an FDA-registered 503B outsourcing facility that produces sterile compounded preparations for hospitals, surgery centers, and ophthalmic use.
BiotechHealthtechMedical DevicesDenver, US
Co-investorsCorewell Health VenturesEscalate Capital PartnersFrazier Healthcare PartnersH.I.G. CapitalH.I.G. HealthBridge PartnersKaiser Permanente Ventures+2 more
Liberty Dental Plan offers dental insurance plans for individuals and families, with a network of more than 5,000 dentists, and provides teledentistry services for virtual and emergency dental care.
Digital HealthHealthtechInsurTechIrvine, US
John Carvelli(Executive Officer, Director)Randy Brecher(Director)Maja Kapic(Executive Officer)Amir Neshat(Executive Officer, Director)Ernest Burnett(Director)
LINQ provides purpose-built software solutions and platform services for K-12 central office teams and district leaders.
Cloud ComputingEdTechEnterprise SoftwareSaaS
Sharon Love(Chief Executive Officer)Eric Wood(Chief Technology Officer)Sharron Bragg(Chief Revenue Officer)Mike Borges(Chief Customer Officer)Stuart Gahm(Interim Chief Financial Officer)
Co-investorsGolub GrowthMucker CapitalTq Ventures Llc
Provider of post-acute care management solutions.
Co-investorsAscension VenturesBlue Venture Funds
Norstella provides life-sciences data, real-world data, predictive analytics, and AI-driven tools that support pharmaceutical, medtech, and clinical research organizations across the drug development lifecycle, from pipeline to patient.
AI & Machine LearningData & InfrastructureHealthtech
Co-investorsTRANSFORMATION CAPITALWarburg Pincus
Owl Practice Suite provides an EHR and practice-management platform built for mental health therapists, covering telehealth sessions, client records and notes, scheduling, secure messaging, measurement-based care, and insurance claim filing.
Digital HealthMental HealthSaaS
Quickbase offers a no-code/low-code platform for building connected applications that automate manual processes, manage projects, resources, and workflows, and link office and field teams.
Developer ToolsEnterprise SoftwareSaaS
Co-investors500 Emerging Europe
Co-investorsDCM Ventures
Provider of specialized inpatient and outpatient rehabilitation and long-term acute care.
Specialty pharmacy services provider partnering with hospitals and health systems.
Shields Health Solutions partners with health systems to run integrated specialty pharmacy programs, using clinical pharmacist care teams and its own data platform to expand patient access to specialty medications and lower the total cost of care.
Digital HealthHealthtech
Digital health company acquired by GovCIO.
Asurion provides mobile insurance and home tech protection services to consumers worldwide, covering device damage, loss, and repair across multiple channels including online, phone, in-store, and at-home support.
ConsumerInsurTechSaaSNashville, US
Co-investorsBessemer Venture PartnersACE & Company
Together is a mentoring platform that facilitates knowledge transfer and peer learning within organizations through intelligent employee pairing and structured session frameworks.
Enterprise SoftwareFuture of WorkHR TechSaaSToronto, CA
Matthew Reeves(Founder)in
Co-investorsAltaIR CapitalY CombinatorGarage Capital
Provider of trading tools and trade messaging services, acquired by EquiLend.
Provider of payment processing services for merchants and financial institutions.
Provider of commodity management software for trading, risk management and logistics.
Co-investorsABRY Partners
TrueCommerce provides cloud-based EDI (electronic data interchange) and supply chain integration software that connects businesses with trading partners, retailers, and ERP systems such as Acumatica, NetSuite, and Microsoft Dynamics 365.
Logistics & Supply ChainRetail TechSaaS
Co-investorsAccel-KKR
United Musculoskeletal Partners is a physician-owned shared services organization that partners with musculoskeletal (MSK) physician practices, providing management services such as financial analytics, compliance, procurement, and value-based care support while practices retain clinical autonomy.
Digital HealthHealthtech
Co-investorsAlta Partners
Nation's leading provider of anesthesia services via a physician partnership model.
Exits · 3
IPOs and acquisitions across the tracked portfolioPortfolio news
latest coverage across their companiesSoluto · fundraiseinsider.com · Jul 19, 2026
ImageTrend · investing.com · Jul 14, 2026
Linq · techfundingnews.com · Jul 2, 2026
Leiters · reuters.com · Oct 17, 2025
Fund performance · per public LP disclosures · 10
as of Jun 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| WCAS XIV N Co-Invest, L.P.LPs: Teachers' Retirement System of the City of New York, New York City Board of Education Retirement System | 2022 | — | — | 1.47x | 1.47x |
| WCAS XIV, L.P.LPs: California Public Employees' Retirement System, California State Teachers' Retirement System, Connecticut Retirement Plans and Trust Funds +2 more | 2022 | — | 0.7% | 1.01x | 0.00x |
| WCAS XIII, L.P.LPs: California Public Employees' Retirement System, California State Teachers' Retirement System, Connecticut Retirement Plans and Trust Funds +2 more | 2019 | — | 16.0% | 1.66x | 0.60x |
| WCAS XILPs: Teachers' Retirement System of Oklahoma | 2009 | — | 11.5% | 1.66x | 1.66x |
| WCAS XIILPs: New York City Board of Education Retirement System | 2009 | — | — | 1.65x | — |
| WCAS Capital Partners III, L.P.LPs: Washington State Investment Board, Connecticut Retirement Plans and Trust Funds, The Regents of the University of California | 1997 | — | 13.0% | 1.70x | 1.75x |
| WCAS Capital Partners II, L.P.LPs: The Regents of the University of California | 1990 | — | 14.0% | 2.17x | 2.17x |
| WCAS Capital Partners IVLPs: California State Teachers' Retirement System, The Regents of the University of California, Hawaii Employees' Retirement System | 1985 | — | 5.4% | 1.31x | 1.27x |
| WCA&S XILPs: South Carolina Retirement System Investment Commission | — | — | 1.4% | — | — |
| WCAS FUND XIIILPs: New York City Board of Education Retirement System | — | — | — | 1.30x | — |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- How many investments has WCAS made?
- WCAS has 56 tracked investments, 2 of which have exited via acquisition or IPO.
- What stage does WCAS invest at?
- WCAS invests at the Growth stage.
- What sectors does WCAS focus on?
- WCAS focuses on Cloud Computing, Cybersecurity, Digital Health, EdTech, Enterprise Software, Fintech, GovTech, Healthtech, Logistics & Supply Chain, PropTech, SaaS.
- Where is WCAS located?
- WCAS is headquartered in New York, US.
- Who does WCAS co-invest with?
- WCAS most often shares deals with Golub Growth, BIOSPRING PARTNERS, Warburg Pincus, among 35 tracked co-investors.
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