Mr. Paul has been actively engaged in private equity and venture capital investing for more than 30 years, primarily in the healthcare industry. In 1984, he joined Welsh Carson Anderson & Stowe (1984-2000) after working for the venture capital group of Hambrecht & Quist as an Associate (1983-1984). During his 16 year tenure at Welsh Carson, he was jointly responsible for healthcare investing and was one of two lead partners for 38 investments in the healthcare industry, serving on the board of directors of 11 companies that successfully completed public offerings. At the time he left the firm in 2000, he had held a position on the Management Committee as a senior executive of the firm, and the firm had grown to an aggregate capital base of approximately $12 billion, which was an 84 times increase in capital over Mr. Paul’s tenure with the firm. Mr. Paul retired from Welsh Carson in September 2000 to focus his time on his other investment interests including Sopris Capital.