Waud Capital Partners has been acquiring and operating businesses since 1993. Reeve Waud founded the firm in Chicago. For three decades, that’s been the story: Waud Capital invests, Reeve Waud leads, deals get done. That narrative still holds. But something has shifted in how the firm structures its partnerships and brings in specialized expertise.
Look at the last nine months. In July 2025, the firm announced a partnership with Bill Mixon focused on medical devices and supply chain optimization, committing more than 100 million dollars in equity. In February 2026, the firm appointed Prithvi Raj as Chief AI and Data Officer. These aren’t adjacent moves. They’re part of a pattern that Reeve Waud is consciously weaving: building a leadership structure where domain experts don’t just advise. They sit as equals at the decision-making table.
The Bill Mixon Play
Bill Mixon arrived in July 2025 with a specific mandate: medical devices and supply chain optimization. The sector has structural advantages-recurring revenue, FDA pricing power, consolidation opportunities, and customer lock-in through relationships and training. Success in this space requires someone who has lived in the world, understands clinical decision-making, and can spot management teams that understand end customers rather than just optimizing margins. Waud Capital committed more than 100 million dollars in equity, signaling a serious bet on this vertical. This wasn’t a staff hire; it was portfolio construction with a specialized partner.
The Prithvi Raj Addition
Eight months later, Prithvi Raj joined as Chief AI and Data Officer. Bill Mixon is a vertical expert; Prithvi Raj is a horizontal expert. His mandate spans the entire firm. He works alongside investment teams, portfolio operations teams, and management teams across Waud Capital’s healthcare and software portfolios. His background-General Manager of AI and Data at Newmark, CEO of SquareFoot, roles at Microsoft, McKinsey, and Zynga-signals someone who understands how to make AI important at scale. He’s positioned to ask whether the firm is using data and AI intelligently across every decision.
The Architecture of Specialized Leadership
Reeve Waud remains the Managing Partner, but the firm has evolved beyond a single generalist model. The traditional PE structure has partners who are generalists with deep experience and sector-specific contacts. They source deals, sit on boards, help with operational problems. But competing at scale requires specialized expertise that no founder alone can carry.
The structure now includes Bill Mixon on medical devices and supply chain and Prithvi Raj on data and AI. When Waud Capital evaluates a medical device acquisition, Mixon isn’t a consultant; he’s a partner. When structuring data strategy, Raj isn’t a staff function; he’s making the call. This partnership model gives the firm flexibility to bring in specialists as needed across sectors and functional areas.
Building on Three Decades of Success
Waud Capital has completed more than 500 platform investments and follow-on transactions over its history. The firm has invested roughly 3.2 billion dollars in committed capital, typically deploying equity checks in the 75 million to 200 million dollar range per investment. That track record reflects decades of accumulated skill and judgment.
Bringing in specialized leadership partners means weaponizing institutional knowledge. By positioning Bill Mixon as the medical device expert and Prithvi Raj as the data and AI expert, Reeve Waud ensures that pattern recognition and lessons from 500 deals get applied systematically across future investments. The next generation of PE leaders will be specialists in how to bring other specialists in-amplifying reach and deepening expertise without losing the founder’s original vision.
