R. David Kelly has been named to the board of Acadia Healthcare, bringing more than three decades of investment and real estate experience to the behavioral health provider as it continues an aggressive growth strategy.
Kelly joins Acadia Healthcare as an independent director after a 35-year career arranging more than $50 billion in financial transactions and developing over $4 billion in real estate assets, including more than $500 million in public-private partnerships. He is founder and managing partner of StraightLine Realty Partners, an alternative investment platform based in Dallas with holdings in real estate, financial services and venture capital. His prior roles include founding Carleton Residential Properties and investment positions at Trammell Crow Company, Goldman Sachs and Salomon Brothers.
His board and governance credentials are extensive. Kelly previously served as trustee and chairman of the Teacher’s Retirement System of Texas, overseeing a period of significant fund growth, and was a gubernatorial appointee and chairman of the Texas Public Finance Authority. He currently leads Croesus and Company as founder, chairman and chief executive officer and serves on several other investment and real estate boards.
Kelly’s appointment arrives as Acadia Healthcare operates a network of 238 behavioral healthcare facilities with roughly 10,600 beds across 40 states and Puerto Rico. The company employs more than 22,500 staff and serves about 70,000 patients daily, positioning it as the largest stand-alone behavioral health provider in the United States. Board leaders say Kelly’s background in financial advisory, real estate development and public-sector governance will support Acadia’s plans to expand facilities and make strategic investments in existing locations.
Beyond corporate roles, Kelly is active in philanthropy focused on children’s health and education. He serves on the governing board and finance and investment committees of Children’s Health System of Dallas and sits on the advisory board of Sponsors for Educational Opportunity. He holds a bachelor’s degree in economics from Harvard and an MBA from Stanford Graduate School of Business.
Company officials indicated they expect Kelly to contribute materially to strategic decision-making and oversight as Acadia advances its mission to address behavioral healthcare needs nationwide. Kelly described the board appointment as an opportunity to support a sector he called critical to public health and community wellbeing.