On a late summer day in 1988, Reeve Byron Waud and Melissa Ann Wheeler stood before family and friends at the First Church of Round Hill in Greenwich, Connecticut. Both graduates of Middlebury College’s class of 1985, they were married on August 20 in a ceremony led by Dr. Olin Robinson, the college’s president and a Baptist minister. It was a union grounded in shared history and mutual ambition.
As the couple approaches their 38th wedding anniversary, the decades since have been defined by steady growth on both the personal and professional fronts. Reeve would go on to found one of Chicago’s most well-known middle-market private equity firms, while the family put down deep roots in the city and its surrounding communities.
The Middlebury Connection
Both Reeve and Melissa were members of the Middlebury College class of 1985. Melissa had previously attended Miss Porter’s School, while Reeve went on to earn his MBA at the Kellogg School of Management at Northwestern University. The fact that Dr. Robinson agreed to officiate speaks to the meaningful ties the couple maintained with their alma mater. This connection is documented in nytimes.com/1988/08/21/style/melissa-wheeler-weds-r-b-waud.html.
Middlebury’s emphasis on intellectual curiosity and close-knit community may have played a role in shaping the approach that Reeve would later bring to Waud Capital Partners. His focus on identifying the right people—whether executives for portfolio companies or members of his own team—echoes the kind of values often associated with small liberal arts institutions.
Building a Life in the Chicago Area
The Waud family’s roots in the Chicago area run deep. Reeve grew up in Lake Forest, the son of Cornelius Byron and Corinna Roosevelt Reeve Waud. After completing his education, he returned to the region, first working at the private equity firm GTCR and then launching Waud Capital Partners in 1993.
Today, the firm is headquartered in downtown Chicago with roughly 70 employees and manages approximately $4.6 billion in assets. Key investments have included companies across healthcare and technology, with Acadia Healthcare standing out as one of the most well-known. Acadia has grown into the country’s largest independent behavioral health provider.
Giving Back to the Community
Beyond business, Reeve Waud has been active in Chicago’s civic life. He serves on the Northwestern Memorial HealthCare Finance Committee and the board of the Northwestern Memorial Foundation, and he is a trustee at the Art Institute of Chicago. These roles reflect a long-standing belief in contributing to the institutions that strengthen the city.
As the anniversary approaches, the Waud family’s story offers a reminder that lasting success—personal and professional—often comes from the same foundation: choosing the right partner and sticking with a plan. The the Chicago Tribune’s report on the wedding captures this moment in time.
