What Reeve Waud Means by “Human Capital,” From Waud Capital to Acadia

“Human capital is at the heart of everything we do at WCP,” Reeve Waud says on the Waud Capital Partners website.

You can see the idea in how the Chicago firm sets up deals and staffs its own bench. It also shows up at Acadia Healthcare, where Waud chairs the board, in how leaders get picked.

Executive-First Deals

Waud Capital often finds the person before the company. It formalized a partnership in July 2025 with health care executive Bill Mixon to build a platform in medical device and supply chain services, with plans to put more than $100 million of equity behind it. Mixon used to run Advanced Diabetes Supply, which hit $1 billion in revenue before Cardinal Health bought it. Earlier he led National Seating & Mobility, and he started his career in the U.S. Army.

Mike Lehman, a principal at the firm, called Mixon “an exceptional executive who has created value and driven multiple successful outcomes throughout his career.”Partner Kyle Lattner called the deal“another example of Waud Capital’s executive-first campaign approach.”

Human Capital is its own unit at the firm, alongside investment, research, portfolio operations and business development.

The Firm’s Own Bench

Waud Capital hired Prithvi Raj in February 2026. Raj, previously general manager and head of AI and data at Newmark, became the firm’s first chief AI and data officer. He works with investment, operations and management teams across the portfolio.

“I am excited to join Waud Capital Partners at a time when AI is reshaping every aspect of how companies innovate and operate,” Raj said.

The firm has more than 60 professionals and over 500 investments since 1993. Its website points to Center for Vein Restoration as a case study. Over four years of Waud Capital ownership, that company went from 11 centers, mostly around Washington, D.C., to 44 centers in eight states. Waud Capital exited in 2016.

Choosing a CEO at Acadia

Reeve Waud’s board seat at Acadia put the people question front and center in January, when the board returned Debbie Osteen to the CEO job. Waud cited “her deep knowledge of Acadia and track record of success.”

Osteen’s first two quarters back brought raised 2026 earnings guidance and two new joint venture hospitals. Waud Capital says its process is built around “matching high-caliber management teams” with investment opportunities. Acadia, where Reeve Waud chairs the board, has roughly 25,000 employees on its payroll.