Welsh, Carson, Anderson & Stowe ("WCAS") was formed in 1979 and focuses on investing in two growth industries: (i) healthcare and (ii) technology and technology-enabled services, primarily in the United States. WCAS has a current portfolio of approximately 25 companies and has organized 16 limited partnerships with total capital of over $22 billion, consisting of 12 Equity Partnerships and 4 Subordinated Debt Partnerships. We are currently investing an equity fund, Welsh, Carson, Anderson & Stowe XII, 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 represent the second largest investor in WCAS XI and are one of the largest investors in WCAS XII with a $180 million commitment to the Partnership. 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.