DFX Intelligence

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RIA / WealthRegistered adviserasset managerSEC registeredRAUM 100m 1b

THE WATERMILL GROUP

WATERMILL MANAGEMENT COMPANY, LLC, CRD 163370

BOSTON, MA

This is the graph view. The full profile, with its team, deals and sources, is on RIA / Wealth Management.Open the full profile →

Search this name across graphsid dfx:ria:30df858a-0e7c-691d-3fbe-bf6a92e60faf

Data as of Mar 30, 2026 (this record's last observation) from federal regulator filings. Page built Sep 18, 2026, 11:02 PM UTC and rebuilt at most every 15 minutes.

Relationships: 33
Dated events: 1
On other graphs: 4
Observed: Jun 24, 2022 to Mar 30, 2026
10 observations

Across DFX

same identity by shared identifier, citation, or a bridge measured by hand

Private Equityidentity

The Watermill Group

Private equity manager · shared crd

Independent Sponsorsidentity

The Watermill Group

Capital provider to sponsors · shared crd

Private Creditidentity

THE WATERMILL GROUP

Private credit manager · shared crd

Real Estate Fundsidentity

The Watermill Group

Real estate fund manager · shared crd

Facts

fact = as filed or announced; derived = computed by DFX; estimate = a band, never a point

Firm class: asset managerderivedprivate_client_share=0.0 fund_share=1.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0
Regulatory AUM: $178MItem 5.F on the latest filing (2026-03-30); as reported, and an affiliate's assets may be counted again on its own filing
Discretionary RAUM: $178M
Private client RAUM: $0derivedItem 5.D individuals plus high net worth individuals
Private client share: 0%derivedprivate client RAUM over total RAUM
Advisors on IAPD: 0
Employees: 13
Advisory employees: 9
Offices: 0Schedule D 1.F, beyond the principal office
Accounts: 18
Private funds: 18Schedule D 7.B(1)
Custody, client assets: $178M
SEC number: 801-126185
CRD: 163370
Filings on the tape: 10
First filed: Jun 24, 2022
Latest filed: Mar 30, 2026
Organised: Limited Liability Company, DE
Website: watermill.com

Private funds

Schedule D 7.B(1); gross asset value as reported, never fund size; reporting ends 2024-12-31; showing 25 of 30

Fund	Type	Reported GAV	As of	Owners	First reported	Status	Form D file
WATERMILL-TOOLROCK PARTNERS, LP	Private Equity Fund	$89.9M	Mar 29, 2012	27	Mar 27, 2012	dropped	021-98129
WATERMILL OPPORTUNITY FUND SERIES I - WESTON	Private Equity Fund	$57.3M	May 28, 2024	42	Mar 30, 2022	reported	021-385031
WATERMILL-CT PARTNERS, LP	Private Equity Fund	$52.4M	May 28, 2024	58	Mar 29, 2018	reported	021-292590
WATERMILL-TRANSPORTATION PREF PARTNERS III, L.P.	Private Equity Fund	$40.1M	May 28, 2024	54	Mar 30, 2023	reported	021-451685
WATERMILL-TOOLROCK PARTNERS II, LP	Private Equity Fund	$35.5M	Mar 29, 2012	22	Mar 27, 2012	dropped	021-140061
WATERMILL WESTON CO-INVESTMENT, LP	Private Equity Fund	$26.4M	May 28, 2024	2	Mar 30, 2022	reported	n/a
WATERMILL-QMC PARTNERS, LP	Private Equity Fund	$23.4M	Jan 3, 2023	65	Mar 16, 2016	dropped	021-241472
WATERMILL-EMI PARTNERS, LP	Private Equity Fund	$15.3M	Jan 3, 2023	67	Mar 15, 2017	dropped	021-267855
WATERMILL-ENBI PARTNERS III, LP	Private Equity Fund	$11.4M	May 28, 2024	36	Mar 30, 2023	reported	n/a
WATERMILL-TRANSPORTATION PREF PARTNERS, LP	Private Equity Fund	$10.6M	Jan 3, 2023	50	Mar 29, 2019	dropped	021-331320
WATERMILL-CTB PARTNERS, LP	Private Equity Fund	$8.6M	May 28, 2024	41	Mar 30, 2023	reported	021-469838
WATERMILL-TRANSPORTATION DEBT PARTNERS, LP	Private Equity Fund	$8.5M	May 28, 2024	47	Mar 29, 2019	reported	021-331322
WATERMILL REALTY, LLC	Real Estate Fund	$4.2M	Mar 6, 2015	25	Mar 27, 2012	dropped	n/a
WATERMILL-MPI PARTNERS, LP	Private Equity Fund	$4.0M	Mar 6, 2015	42	Mar 28, 2013	dropped	021-178495
WATERMILL-MPI PARTNERS II, LP	Private Equity Fund	$3.5M	Mar 6, 2015	27	Mar 6, 2015	dropped	021-226993
WATERMILL-PREFERRED PARTNERS, LP	Private Equity Fund	$2.4M	Mar 29, 2012	18	Mar 27, 2012	dropped	n/a
WATERMILL-MCT PARTNERS, LP	Private Equity Fund	$2.2M	Mar 29, 2012	27	Mar 27, 2012	dropped	021-94379
WATERMILL-TRANSPORTATION PREF PARTNERS II, LP	Private Equity Fund	$1.6M	May 28, 2024	59	Mar 29, 2021	reported	021-360804
WATERMILL-SHELBYVILLE PARTNERS, LP	Real Estate Fund	$1.6M	May 28, 2024	36	Mar 30, 2023	reported	n/a
OSCEOLA REALTY LLC	Real Estate Fund	$1.5M	May 28, 2024	33	Mar 16, 2016	reported	021-254601
FITZWILLIAM WORKS REALTY I, LP	Real Estate Fund	$1.5M	May 28, 2024	24	Mar 29, 2019	reported	021-327914
FITZWILLIAM WORKS REALTY II, LP	Real Estate Fund	$1.4M	May 28, 2024	10	Mar 29, 2019	reported	021-327916
WATERMILL-TENERE PARTNERS, LP	Private Equity Fund	$472,645	May 28, 2024	50	Mar 28, 2013	reported	021-189016
WATERMILL-C&M PARTNERS, LP	Private Equity Fund	$59,521	Mar 29, 2019	37	Mar 27, 2012	dropped	021-117639
WATERMILL-TUBES PARTNERS, LP	Private Equity Fund	$21,016	Mar 29, 2019	52	Mar 28, 2013	dropped	021-184506

Owners and control persons

Schedule A and B as filed; ownership codes are the form's bands (NA under 5%, A 5 to 10%, B 10 to 25%, C 25 to 50%, D 50 to 75%, E over 75%); people are listed as filed and never merged by name

Owner	Title	Ownership code	Control person	Acquired	First seen	Last seen
KAROL, JULIA	PRESIDENT AND CHIEF OPERATING OFFICER	D	yes	08/2016	Jun 24, 2022	May 28, 2024
KAROL, STEVEN, EDWARD	MANAGING MEMBER	C	yes	03/2002	Jun 24, 2022	May 28, 2024
PROCTER, BENJAMIN, PICKMAN	CHIEF COMPLIANCE OFFICER, SENIOR PARTNER	Na	yes	07/2022	Jun 24, 2022	May 28, 2024

Affiliates (Item 7.A)

as filed on Item 7.A; a related person with a CRD on the graph links to its own page

Related person	Type	Class on the graph	Its RAUM	Control	Common control	State
FITZWILLIAM WORKS REALTY MANAGEMENT LLC	n/a	n/a	n/a	N	yes	n/a
STEVEN E. KAROL	n/a	n/a	n/a	Y	no	n/a
WATERMILL OPPORTUNITY GP LP	n/a	n/a	n/a	N	yes	n/a
WATERMILL OPPORTUNITY GP, LLC	n/a	n/a	n/a	N	yes	n/a
WATERMILL-CT ENTERPRISES II, LLC	n/a	n/a	n/a	N	yes	n/a
WATERMILL-CT ENTERPRISES, LLC	n/a	n/a	n/a	N	yes	n/a
WATERMILL-ENBI ENTERPRISES II, LLC	n/a	n/a	n/a	N	yes	n/a
WATERMILL-ENBI ENTERPRISES III, LLC	n/a	n/a	n/a	N	yes	n/a
WATERMILL-ENBI ENTERPRISES, LLC	n/a	n/a	n/a	N	yes	n/a
WATERMILL-SHELBYVILLE ENTERPRISES, LLC	n/a	n/a	n/a	N	yes	n/a
WATERMILL-TENERE ENTERPRISES, LLC	n/a	n/a	n/a	N	yes	n/a
WATERMILL-TRANSPORTATION ENTERPRISES II LLC	n/a	n/a	n/a	N	yes	n/a
WATERMILL-TRANSPORTATION ENTERPRISES III, LLC	n/a	n/a	n/a	N	yes	n/a
WATERMILL-TRANSPORTATION ENTERPRISES LLC	n/a	n/a	n/a	N	yes	n/a

Regulatory AUM by fiscal year

annual amendments (and the roster's annual snapshot) as filed; where a year was amended twice the later filing draws the line

Fiscal year	Filed	RAUM	Discretionary	Employees	Advisory staff	Private funds	Fund GAV
2025	Mar 30, 2026	$178M	$178M	13	9	18	n/a
2024	Mar 26, 2025	$145M	$145M	14	9	16	n/a
2023	Mar 29, 2024	$209M	$209M	16	11	15	$209M
2022	Mar 30, 2023	$266M	$266M	15	10	15	$266M

Growth

derived from consecutive annual filings; RAUM as reported

Latest fiscal year	RAUM	A year earlier	1y change	Three years earlier	3y CAGR	Employees	A year earlier	Offices	A year earlier
2025	$178M	$145M	22.7%	$266M	-12.5%	13	14	0	0

Relationships

Advises (30)

→ WATERMILL-ENBI PARTNERS II, LPPrivate fundPrivate Equity Fund, IA
Mar 29, 2021 to presentfactForm ADV
→ WATERMILL-CT PARTNERS, LPPrivate fundPrivate Equity Fund, IA
Mar 29, 2018 to presentfactForm ADV
→ WATERMILL-ENBI PARTNERS III, LPPrivate fundPrivate Equity Fund, IA
Mar 30, 2023 to presentfactForm ADV
→ WATERMILL-SHELBYVILLE PARTNERS, LPPrivate fundReal Estate Fund, IA
Mar 30, 2023 to presentfactForm ADV
→ WATERMILL-TRANSPORTATION PREF PARTNERS III, L.P.Private fundPrivate Equity Fund, IA
Mar 30, 2023 to presentfactForm ADV
→ FITZWILLIAM WORKS REALTY II, LPPrivate fundReal Estate Fund, IA
Mar 29, 2019 to presentfactForm ADV
→ WATERMILL-TRANSPORTATION PREF PARTNERS II, LPPrivate fundPrivate Equity Fund, IA
Mar 29, 2021 to presentfactForm ADV
→ WATERMILL-ENBI PARTNERS, LPPrivate fundPrivate Equity Fund, IA
Mar 30, 2020 to presentfactForm ADV
→ FITZWILLIAM WORKS REALTY I, LPPrivate fundReal Estate Fund, IA
Mar 29, 2019 to presentfactForm ADV
→ OSCEOLA REALTY LLCPrivate fundReal Estate Fund, IA
Mar 16, 2016 to presentfactForm ADV
→ WATERMILL OPPORTUNITY FUND SERIES I - WESTONPrivate fundPrivate Equity Fund, IA
Mar 30, 2022 to presentfactForm ADV
→ WATERMILL-TRANSPORTATION DEBT PARTNERS, LPPrivate fundPrivate Equity Fund, IA
Mar 29, 2019 to presentfactForm ADV
→ WATERMILL-TENERE PARTNERS, LPPrivate fundPrivate Equity Fund, IA
Mar 28, 2013 to presentfactForm ADV
→ WATERMILL-CTB PARTNERS, LPPrivate fundPrivate Equity Fund, IA
Mar 30, 2023 to presentfactForm ADV
→ WATERMILL WESTON CO-INVESTMENT, LPPrivate fundPrivate Equity Fund, IA
Mar 30, 2022 to presentfactForm ADV
→ WATERMILL-TRANSPORTATION PREF PARTNERS, LPPrivate fundPrivate Equity Fund, IA, no longer reported
Mar 29, 2019 to Jan 3, 2023factForm ADV
→ WATERMILL-QMC PARTNERS, LPPrivate fundPrivate Equity Fund, IA, no longer reported
Mar 16, 2016 to Jan 3, 2023factForm ADV
→ WATERMILL-EMI PARTNERS, LPPrivate fundPrivate Equity Fund, IA, no longer reported
Mar 15, 2017 to Jan 3, 2023factForm ADV
→ WATERMILL-TUBES PARTNERS, LPPrivate fundPrivate Equity Fund, ERA, no longer reported
Mar 28, 2013 to Mar 29, 2019factForm ADV
→ WATERMILL-C&M PARTNERS, LPPrivate fundPrivate Equity Fund, ERA, no longer reported
Mar 27, 2012 to Mar 29, 2019factForm ADV
→ WATERMILL-MCT PARTNERS, LPPrivate fundPrivate Equity Fund, ERA, no longer reported
Mar 6, 2015 to Mar 29, 2019factForm ADV
→ WATERMILL-TPG PARTNERS, LPPrivate fundPrivate Equity Fund, ERA, no longer reported
Mar 10, 2014 to Mar 29, 2019factForm ADV
→ WATERMILL-MPI PARTNERS, LPPrivate fundPrivate Equity Fund, ERA, no longer reported
Mar 28, 2013 to Mar 6, 2015factForm ADV
→ WATERMILL REALTY, LLCPrivate fundReal Estate Fund, ERA, no longer reported
Mar 27, 2012 to Mar 6, 2015factForm ADV
→ WATERMILL-ALSIP PARTNERS, LPPrivate fundPrivate Equity Fund, ERA, no longer reported
Mar 27, 2012 to Mar 6, 2015factForm ADV
→ WATERMILL-MPI PARTNERS II, LPPrivate fundPrivate Equity Fund, ERA, no longer reported
Mar 6, 2015 to Mar 6, 2015factForm ADV
→ WATERMILL-MCT PARTNERS, LPPrivate fundPrivate Equity Fund, ERA, no longer reported
Mar 27, 2012 to Mar 29, 2012factForm ADV
→ WATERMILL-PREFERRED PARTNERS, LPPrivate fundPrivate Equity Fund, ERA, no longer reported
Mar 27, 2012 to Mar 29, 2012factForm ADV
→ WATERMILL-TOOLROCK PARTNERS, LPPrivate fundPrivate Equity Fund, ERA, no longer reported
Mar 27, 2012 to Mar 29, 2012factForm ADV
→ WATERMILL-TOOLROCK PARTNERS II, LPPrivate fundPrivate Equity Fund, ERA, no longer reported
Mar 27, 2012 to Mar 29, 2012factForm ADV

Controls (3)

← KAROL, STEVEN, EDWARDOwnerMANAGING MEMBER, ownership code C, individual
Jun 24, 2022 to May 28, 2024factForm ADV
← PROCTER, BENJAMIN, PICKMANOwnerCHIEF COMPLIANCE OFFICER, SENIOR PARTNER, ownership code NA, individual
Jun 24, 2022 to May 28, 2024factForm ADV
← KAROL, JULIAOwnerPRESIDENT AND CHIEF OPERATING OFFICER, ownership code D, individual
Jun 24, 2022 to May 28, 2024factForm ADV

Dated events

Occurred
Jun 24, 2022
First Form ADV filing
The Watermill Group filed its initial SEC registration (Form ADV)
Form ADVobserved 3 days ago

Provenance

Graph: RIA / Wealth Management
Canonical id: dfx:ria:30df858a-0e7c-691d-3fbe-bf6a92e60faf
First observed: Jun 24, 2022
Last observed: Mar 30, 2026 5 months ago
Source families: Federal regulator filings
3 registered feeds stand behind this record; each fact above carries its own dates and, where the publisher serves one, its document.
Resolution: Identity across graphs by shared identifier (CRD, CIK, EIN, ADV fund id, individual CRD) or citation; a name match is shown as a candidate and never merged.

THE WATERMILL GROUP

WATERMILL MANAGEMENT COMPANY, LLC, CRD 163370

BOSTON, MA

This is the graph view. The full profile, with its team, deals and sources, is on RIA / Wealth Management.Open the full profile →

Search this name across graphsid dfx:ria:30df858a-0e7c-691d-3fbe-bf6a92e60faf

Data as of Mar 30, 2026 (this record's last observation) from federal regulator filings. Page built Sep 18, 2026, 11:02 PM UTC and rebuilt at most every 15 minutes.

Fund

Type

Reported GAV

As of

Owners

First reported

Status

Form D file

WATERMILL-TOOLROCK PARTNERS, LP

Private Equity Fund

$89.9M

Mar 29, 2012

Mar 27, 2012

dropped

021-98129

WATERMILL OPPORTUNITY FUND SERIES I - WESTON

Private Equity Fund

$57.3M

May 28, 2024

Mar 30, 2022

reported

021-385031

WATERMILL-CT PARTNERS, LP

Private Equity Fund

$52.4M

May 28, 2024

Mar 29, 2018

reported

021-292590

WATERMILL-TRANSPORTATION PREF PARTNERS III, L.P.

Private Equity Fund

$40.1M

May 28, 2024

Mar 30, 2023

reported

021-451685

WATERMILL-TOOLROCK PARTNERS II, LP

Private Equity Fund

$35.5M

Mar 29, 2012

Mar 27, 2012

dropped

021-140061

WATERMILL WESTON CO-INVESTMENT, LP

Private Equity Fund

$26.4M

May 28, 2024

Mar 30, 2022

reported

n/a

WATERMILL-QMC PARTNERS, LP

Private Equity Fund

$23.4M

Jan 3, 2023

Mar 16, 2016

dropped

021-241472

WATERMILL-EMI PARTNERS, LP

Private Equity Fund

$15.3M

Jan 3, 2023

Mar 15, 2017

dropped

021-267855

WATERMILL-ENBI PARTNERS III, LP

Private Equity Fund

$11.4M

May 28, 2024

Mar 30, 2023

reported

n/a

WATERMILL-TRANSPORTATION PREF PARTNERS, LP

Private Equity Fund

$10.6M

Jan 3, 2023

Mar 29, 2019

dropped

021-331320

WATERMILL-CTB PARTNERS, LP

Private Equity Fund

$8.6M

May 28, 2024

Mar 30, 2023

reported

021-469838

WATERMILL-TRANSPORTATION DEBT PARTNERS, LP

Private Equity Fund

$8.5M

May 28, 2024

Mar 29, 2019

reported

021-331322

WATERMILL REALTY, LLC

Real Estate Fund

$4.2M

Mar 6, 2015

Mar 27, 2012

dropped

n/a

WATERMILL-MPI PARTNERS, LP

Private Equity Fund

$4.0M

Mar 6, 2015

Mar 28, 2013

dropped

021-178495

WATERMILL-MPI PARTNERS II, LP

Private Equity Fund

$3.5M

Mar 6, 2015

dropped

021-226993

WATERMILL-PREFERRED PARTNERS, LP

Private Equity Fund

$2.4M

Mar 29, 2012

Mar 27, 2012

dropped

n/a

WATERMILL-MCT PARTNERS, LP

Private Equity Fund

$2.2M

Mar 29, 2012

Mar 27, 2012

dropped

021-94379

WATERMILL-TRANSPORTATION PREF PARTNERS II, LP

Private Equity Fund

$1.6M

May 28, 2024

Mar 29, 2021

reported

021-360804

WATERMILL-SHELBYVILLE PARTNERS, LP

Real Estate Fund

$1.6M

May 28, 2024

Mar 30, 2023

reported

n/a

OSCEOLA REALTY LLC

Real Estate Fund

$1.5M

May 28, 2024

Mar 16, 2016

reported

021-254601

FITZWILLIAM WORKS REALTY I, LP

Real Estate Fund

$1.5M

May 28, 2024

Mar 29, 2019

reported

021-327914

FITZWILLIAM WORKS REALTY II, LP

Real Estate Fund

$1.4M

May 28, 2024

Mar 29, 2019

reported

021-327916

WATERMILL-TENERE PARTNERS, LP

Private Equity Fund

$472,645

May 28, 2024

Mar 28, 2013

reported

021-189016

WATERMILL-C&M PARTNERS, LP

Private Equity Fund

$59,521

Mar 29, 2019

Mar 27, 2012

dropped

021-117639

WATERMILL-TUBES PARTNERS, LP

Private Equity Fund

$21,016

Mar 29, 2019

Mar 28, 2013

dropped

021-184506

Owner

Title

Ownership code

Control person

Acquired

First seen

Last seen

KAROL, JULIA

PRESIDENT AND CHIEF OPERATING OFFICER

yes

08/2016

Jun 24, 2022

May 28, 2024

KAROL, STEVEN, EDWARD

MANAGING MEMBER

yes

03/2002

Jun 24, 2022

May 28, 2024

PROCTER, BENJAMIN, PICKMAN

CHIEF COMPLIANCE OFFICER, SENIOR PARTNER

yes

07/2022

Jun 24, 2022

May 28, 2024

Related person

Type

Class on the graph

Its RAUM

Control

Common control

State

FITZWILLIAM WORKS REALTY MANAGEMENT LLC

n/a

yes

n/a

STEVEN E. KAROL

n/a

WATERMILL OPPORTUNITY GP LP

n/a

yes

n/a

WATERMILL OPPORTUNITY GP, LLC

n/a

yes

n/a

WATERMILL-CT ENTERPRISES II, LLC

n/a

yes

n/a

WATERMILL-CT ENTERPRISES, LLC

n/a

yes

n/a

WATERMILL-ENBI ENTERPRISES II, LLC

n/a

yes

n/a

WATERMILL-ENBI ENTERPRISES III, LLC

n/a

yes

n/a

WATERMILL-ENBI ENTERPRISES, LLC

n/a

yes

n/a

WATERMILL-SHELBYVILLE ENTERPRISES, LLC

n/a

yes

n/a

WATERMILL-TENERE ENTERPRISES, LLC

n/a

yes

n/a

WATERMILL-TRANSPORTATION ENTERPRISES II LLC

n/a

yes

n/a

WATERMILL-TRANSPORTATION ENTERPRISES III, LLC

n/a

yes

n/a

WATERMILL-TRANSPORTATION ENTERPRISES LLC

n/a

yes

n/a

Fiscal year

Filed

RAUM

Discretionary

Employees

Advisory staff

Offices

Private funds

Fund GAV

2025

Mar 30, 2026

$178M

n/a

2024

Mar 26, 2025

$145M

n/a

2023

Mar 29, 2024

$209M

2022

Mar 30, 2023

$266M

Latest fiscal year

RAUM

A year earlier

1y change

Three years earlier

3y CAGR

Employees

A year earlier

Offices

A year earlier

2025

$178M

$145M

22.7%

$266M

-12.5%