WCAS employs a consistent and disciplined investment approach that is based on completing acquisitions at attractive purchase price multiples while using conservative leverage. Over the last ten-plus years, the Firm invested approximately $700 million to $1 billion annually. This pace contrasts sharply with the U.S. buyout industry that increased its investment pace by three to four times prior to the 2008 financial crisis. WCAS's consistent investment pace allows the Firm to mitigate vintage year risk and appropriately diversify each investment fund from a time perspective.