Welsh, Carson, Anderson & Stowe ("WCAS") was formed in 1979 and focuses on investing in two growth industries, information/business services and healthcare, primarily in the United States. WCAS has a current portfolio of approximately 35 companies and has organized 15 limited partnerships with total capital of $20 billion, consisting of 11 Equity Partnerships and 4 Subordinated Debt Partnerships. We are currently investing an equity fund, Welsh, Carson, Anderson & Stowe XI, L.P.

Our strategy is to (i) buy growth businesses, (ii) partner with outstanding management teams and (iii) build value for our investors through a combination of operational improvements, internal growth initiatives and strategic acquisitions. WCAS differentiates itself from other private equity firms by our industry specialization, investment track record, growth oriented and operational focus, repeat management teams, and the continuity and financial commitment of our firm.

WCAS emphasizes strong alignment of interests with our Limited Partners. The WCAS General Partners and other WCAS professionals are the second largest investor in Welsh, Carson, Anderson & Stowe XI, L.P. Our investors include prominent public and private pension funds, banks, insurance companies, university endowments, sovereign wealth funds and other institutional investors. Most of our investors have participated in several WCAS Partnerships.