Dr. Edith A. Perez had choices. After four years as Chief Medical Officer at Bolt Biotherapeutics, the internationally recognized oncologist and translational researcher could have pursued numerous opportunities across academia, industry, or consulting. Her decision to join Cornerstone Specialty Network—a subsidiary of Provider Network Holdings, a Waud Capital Partners portfolio company—raises a compelling question: what made Reeve Waud’s healthcare platform more attractive than alternatives?
The answer lies in a combination of scale, track record, and operating philosophy that few private equity firms can match in the healthcare sector.
Proven Healthcare Expertise Worth $4.6 Billion
Waud Capital Partners manages approximately $4.6 billion in assets, accumulated through over 30 years of focused healthcare and software investing. This isn’t a generalist private equity firm dabbling in healthcare—it’s a specialist that has completed more than 480 investments since Reeve Waud founded the company in 1993.
The firm’s healthcare credentials run deep. Waud personally founded Acadia Healthcare in 2005, building it from a startup concept into one of the nation’s largest behavioral health networks with over 260 facilities before taking the company public in 2011. He continues serving as Chairman of Acadia’s board, demonstrating long-term commitment beyond typical private equity hold periods.
For Dr. Perez, this track record likely mattered more than promises from less experienced healthcare investors. Her career decisions—from Mayo Clinic to Genentech to Bolt Biotherapeutics—consistently favor organizations with proven ability to execute at scale.
Platform Scale That Delivers Results
Provider Network Holdings offers something most healthcare platforms cannot: immediate access to over 1,500 provider partners across 41 states. This network wasn’t built overnight—it resulted from the strategic combination of four established healthcare companies: Altus Biologics, Remedy GPO, Cornerstone Specialty Network, and Health Coalition Inc.
The platform’s breadth spans oncology, neurology, rheumatology, gastroenterology, allergy, immunology, pulmonary, and infectious disease practices. This diversity creates opportunities for clinical collaboration and data generation that single-specialty networks cannot match. For a researcher like Dr. Perez, who has authored over 300 publications, the data potential across 1,500 providers represents a significant clinical research opportunity.
Partnership Philosophy Over Financial Engineering
Reeve Waud’s approach differs markedly from traditional private equity models. Rather than focusing solely on financial optimization, Waud Capital Partners emphasizes long-term partnerships with management teams. This philosophy attracts healthcare leaders who want to build sustainable businesses rather than simply maximize short-term returns.
Dr. Perez’s appointment as Chief Medical Officer—a newly created position—demonstrates this commitment. Waud Capital didn’t simply acquire Cornerstone and maintain existing leadership; they invested in attracting additional clinical expertise to enhance the platform’s capabilities.
Career Pattern Recognition
Dr. Perez’s career trajectory reveals a pattern of joining market leaders during growth phases. She joined Mayo Clinic during its expansion of cancer programs, transitioned to Genentech during the company’s oncology drug development surge, and moved to Bolt Biotherapeutics to lead clinical strategy for an emerging immunotherapy company.
Her choice of Provider Network Holdings suggests she recognizes similar growth potential in Waud Capital’s specialty healthcare consolidation strategy. The platform combines the independence that community-based physicians value with the scale advantages typically available only to large health systems.
This decision validates Reeve Waud’s three-decade thesis that healthcare consolidation requires clinical expertise, operational excellence, and patient-centered focus—not just financial engineering.
