Welsh, Carson, Anderson & Stowe

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Welsh, Carson, Anderson & Stowe was formed in 1979 by three founders, Patrick Welsh, Russ Carson and Bruce Anderson. Patrick Welsh and Russ Carson had previously served as President and Chairman of Citicorp Venture Capital, respectively. Bruce Anderson was formerly Executive Vice President of Automatic Data Processing. WCAS was originally a venture capital firm and our first Equity Partnership totaled $33 million in commitments. In 1979, Richard Stowe joined WCAS as a General Partner, having worked previously at New Court Securities Corporation (now Rothschild Inc.).

WCAS believes that exceptional management is the key to creating significant value for our investors. We focus on investing with, and recruiting, highly experienced managers. WCAS looks to partner with individuals possessing the vision and flexibility to adapt business strategies to the ever-changing environment. Since our formation, WCAS has worked with over 600 senior executives in our two target industries. These contacts are invaluable in deal sourcing, due diligence for new investment opportunities and recruitment of management.

WCAS employs a specialist approach to generate operational improvements in our portfolio companies. Each of our Resources Group Functional Specialists has an area of expertise such as human resources, revenue/pricing, procurement, audit and capital markets. They work with our portfolio company management teams and Investment Professionals to implement specific operating initiatives and best practices across our portfolio. Our Resources Group Generalist Professionals each cover approximately two or three portfolio companies and leverage the expertise of Functional Specialists.

The General Partners have deep strategic, operational and financial experience combined with extensive relationships and expertise within the Firm's target industries. The General Partners average 15 years of relevant experience in private equity and 14 years working together at WCAS.

Welsh, Carson, Anderson & Stowe was founded in 1979 and has a long and successful track record investing in two industries, information/business services and healthcare. We have a current portfolio of approximately 35 companies and have organized 15 limited partnerships with total capital of $20 billion. We are currently investing a $3.5 billion equity fund, Welsh, Carson, Anderson & Stowe XI, L.P.

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