Reeve Waud built one of the better-known names in behavioral health investing. His profile drew fresh attention in January 2026, when Acadia Healthcare named Debbie Osteen as chief executive. He chairs the company’s board, so he sits at the center of a business he helped launch.
Most people meet his name through Waud Capital Partners. He founded the Chicago private equity firm in 1993. The firm invests across healthcare services and other middle-market sectors, and Acadia Healthcare ranks among its best-known creations.
Founding Waud Capital Partners
Waud Capital Partners opened more than three decades ago. Its focus: backing management teams and growing middle-market companies. Healthcare services, business and consumer services, specialty distribution, and value-added industrial businesses all sit within its range.
Reeve Waud is the firm’s Managing Partner. That puts him at the head of its investment decisions. His approach leans toward building companies that last rather than flipping them, a philosophy he’s described in his own words over the years.
Building Acadia Healthcare
Acadia Healthcare traces back to late 2005. Waud Capital Partners formed the company to acquire and run behavioral health facilities nationwide. What started as a small venture became a national operator over the next two decades.
Reeve Waud stayed close to it the whole way. He went from founding investor to board chairman. That continuity gives Acadia Healthcare a board leader who knows the company’s history firsthand and has guided it through several chapters of growth.