WCAS believes that our value-added investment strategy is
best executed when we acquire operational and strategic control of
companies. Since 1995, approximately 90% of WCAS equity capital has
been invested as a control investor. Private equity transactions
occasionally involve consortium deals with multiple buyout firms.
WCAS generally avoids participating in club deals or consortium
investments. To take advantage of larger opportunities, WCAS
secures additional co-investments from our Limited Partners. Over
the last three Equity Partnerships and WCAS CP IV, Limited Partner
co-investment opportunities totaled $3 billion of invested capital
in 11 transactions.