WELSH, CARSON, ANDERSON & STOWE ("WCAS") is one of the largest and most successful private equity investment firms in the United States. Since our founding in 1979, we have organized 15 limited partnerships with total capital of $20 billion. We are currently investing an equity fund, Welsh, Carson, Anderson & Stowe XI, L.P. ("WCAS XI"), and WCAS Capital Partners IV, L.P., a dedicated subordinated debt fund. One of the private equity industry’s leading publications, Private Equity International, named Welsh, Carson, Anderson & Stowe the "Mid-Market Firm of the Year" in North America for 2008.

We focus our investment activity exclusively in information/business services and healthcare and are the largest private equity investor in our two industries. Our strategy is to buy growth businesses, partner with outstanding management teams and build value for our investors through a combination of operational improvements, internal growth initiatives and strategic acquisitions. We differentiate ourselves from other private equity firms by our industry specialization, investment track record, operational investment focus, proprietary deal flow, repeat management teams and the experience of our General Partners.

Since inception, we have invested in over 150 companies in our core industries and have funded over 650 follow-on acquisitions. Across all WCAS Partnerships, the current portfolio consists of 32 companies with combined revenues of approximately $27 billion and EBITDA of approximately $4 billion. Our investment experience provides us with an intrinsic knowledge and leadership position within our target industries, allows us to identify, source, close and add value to our investments and, most importantly, provides superior returns to our investors.

Our unique combination of investment experience, industry focus, and capital resources allows us to react quickly to prospective new investment opportunities and provide significant strategic and operational value to our portfolio companies.

Investors in our previous Partnerships include many of the nation's most prominent institutions, including public and private pension funds, banks, insurance companies, university endowments and other institutional investors. Most of our investors have participated in several WCAS Partnerships.