DFX Intelligence
Private Equity Intelligence
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Firms / S••••• D••••••••• M••••••• L••
S••••• D••••••••• M••••••• L••
S••••• Water is an institutional asset manager investing exclusively in critical water infrastructure across North America.
Classification
- Class
- Buyout firmconfirmed, confidence 85%
- Basis
- R6: 31 of 43 distinct vehicles are sworn Private Equity Funds; 31 reported gross assets on a filing in 2022 or later
- Size band
- Lower middle marketdefined by: proxy: $0.84bn Private Equity Fund GAV on the Form ADV filed 2024-12-16
- Strategies
- SECONDARIES
Classification history (1)
- Sep 13, 2026Buyout firm (confirmed, 85%, cls-pe-1)R6: 31 of 43 distinct vehicles are sworn Private Equity Funds; 31 reported gross assets on a filing in 2022 or later
Regulatory footprint (Form ADV)
- Adviser type
- registered investment adviser
- Form ADV filings
- May 17, 2021 to Dec 16, 2024
- RAUM
- $858Mregulatory assets under management of the adviser; not dry powder, not a fund size
- PE funds, latest filing
- 29
- PE fund GAV, latest filing
- $843Mreported gross assets (Form ADV), not fund size
- All private fund GAV
- $848Mevery private fund type, latest filing
- 2024 PE fund GAV
- $843Msum over funds typed Private Equity Fund with a 2024 or later as-of date
- PE share of funds, lifetime
- 72%
- Fund type mix
- filed 2024-12-16, latest gav Hedge Fund $4.7M, Private Equity Fund $843M, latest counts Hedge Fund 5, Private Equity Fund 29, lifetime distinct Hedge Fund 12, Private Equity Fund 31
- Employees
- 14
- Headquarters
- New York, NY
- Office address
- 667 MADISON AVENUE, 3RD FLOOR, New York, NY, 10065
- Business phone
- 212-471-6100
Stated criteria beside observed behaviour
7 observed deals
Stated by the firm
- Sectors
- infrastructure, environmental services, technology
- Geography
- United States
- Revenue
- not stated or not yet read
- EBITDA
- not stated or not yet read
- Enterprise value
- not stated or not yet read
- Equity check
- not stated or not yet read
- Control
- not stated or not yet read
- Thesis
- Building on S••••• Capital Management's long history of alternative investing, S••••• Water applies proprietary research, deep industry engagement, and an integrated ecosystem to invest in water infrastructure and water-related companies.
Observed from deals on record
- roles
- unknown 5, minority 2
- period
- to unknown, from unknown, undated holdings 7, dated observations 0
- window
- last unknown, first unknown
- control
- unknown 7
- companies
- 7
- geography
- investments
- 7
- seller kinds
- transactions
- 0
- cadence by year
- platform add on
- add ons 0, platforms 0, add ons per platform unknown
- sector known for
- 3
- disclosed value usd
- n 0
- sector distribution
- count 2, share 0.286, value industrial services, examples Crom, LLC, Integrated Water Services, Inc., count 1, share 0.143, value software, examples S••••• Water Digital Holdings
- holding period years
- n 0
- repeat counterparties
- subsector distribution
- count 2, share 0.286, value waste treatment, examples Crom, LLC, Integrated Water Services, Inc., count 1, share 0.143, value software, examples S••••• Water Digital Holdings
7 companies on the graph (0 transactions); most in industrial services (2); no dated observations
Funds
31 on record
| Fund | Vehicle | Vintage | Reported gross assets (Form ADV), not fund size | GAV by year | Form D sold | Lifecycle |
|---|---|---|---|---|---|---|
| S••••• W•••• O••••••••• S••••••••• F••• I• a• S•• F••• o• S••• I••• ADV: Private Equity Fund | buyout or unlabelled | 2024 first reported on Form ADV | $106M as of Dec 16, 2024 | no Form D | Unknown | |
| S••••• W•••• T•••••••• P••••••• L• ADV: Private Equity Fund | buyout or unlabelled | 2024 first reported on Form ADV | $38.0M as of Dec 16, 2024 | no Form D | Unknown | |
| S••••• W•••• O••••••••• F••• I• S••••••••• L• ADV: Private Equity Fund | buyout or unlabelled | 2024 first reported on Form ADV | $38.0M as of Dec 16, 2024 | no Form D | Unknown | |
| S••••• W•••• O••••••••• F••• V• S••••••••• L• ADV: Private Equity Fund | buyout or unlabelled | 2024 first reported on Form ADV | $34.8M as of Dec 16, 2024 | no Form D | Unknown | |
| S••••• W•••• O••••••••• I••• ADV: Private Equity Fund | buyout or unlabelled | 2024 first reported on Form ADV | $33.3M as of Dec 16, 2024 | no Form D | Unknown | |
| S••• C••• S•• L•• ADV: Private Equity Fund | Fund of funds | 2023 first reported on Form ADV | $71.2M as of Dec 16, 2024 | no Form D | Early deployment | |
| S••••• W•••• O••••••••• F••• I• S••••••••• L• ADV: Private Equity Fund | buyout or unlabelled | 2023 first reported on Form ADV | $65.6M as of Dec 16, 2024 | no Form D | Unknown | |
| S••••• W•••• O••••••••• S•• S••••••••• L• ADV: Private Equity Fund | buyout or unlabelled | 2023 first reported on Form ADV | $37.0M as of Dec 16, 2024 | no Form D | Early deployment | |
| S••••• W•••• O••••••••• F••• I•• S••••••••• L• ADV: Private Equity Fund | buyout or unlabelled | 2023 first reported on Form ADV | $19.9M as of Dec 16, 2024 | no Form D | Unknown | |
| 2••• S••••••••• P••••••••• a• S••••••••• P•••••••• o• S••••• R••• A••••• O••••••• F••• S•• ADV: Private Equity Fund | Fund of funds | 2020 year in the fund name | $3.5M as of Dec 16, 2024 | no Form D | Active deployment | |
| S••••• S•••••••• C•••••• O••••••• F••• S•• • 2••• S• ADV: Private Equity Fund | Feeder or parallel | 2019 year in the fund name | $35.0M as of Dec 16, 2024 | no Form D | Active deployment | |
| 2••• S••••••••• P••••••••• a• S••••••••• P•••••••• o• S••••• R••• A••••• O••••••• F••• S•• ADV: Private Equity Fund | Fund of funds | 2019 year in the fund name | $8.0M as of Dec 16, 2024 | no Form D | Active deployment | |
| S••••• S•••••••• C•••••• O••••••• F••• S•• • 2••• S• ADV: Private Equity Fund | Fund of funds | 2018 year in the fund name | $30.3M as of Dec 16, 2024 | no Form D | Active deployment | |
| S••••• S•••••••• C•••••• O••••••• F••• S•• • 2••• S• ADV: Private Equity Fund | Fund of funds | 2017 year in the fund name | $5.4M as of Dec 16, 2024 | no Form D | Unknown | |
| 2••• S••••••••• P••••••••• a• S••••••••• P•••••••• o• S••••• R••• A••••• O••••••• F••• S•• ADV: Private Equity Fund | Fund of funds | 2017 year in the fund name | $4.8M as of Dec 16, 2024 | no Form D | Active deployment | |
| 2••• S••••••••• P•••••••• S•••• I•• a• S••••••••• P••••••••• a• S••••••••• P•••••••• o• S••••• R••• A••••• O••••••• F••• S•• ADV: Private Equity Fund | Feeder or parallel | 2017 year in the fund name | $3.7M as of Dec 16, 2024 | no Form D | Unknown | |
| 2••• S••••••••• P••••••••• a• S••••••••• P•••••••• o• S••••• R••• A••••• O••••••• F••• S•• ADV: Private Equity Fund | Feeder or parallel | 2015 year in the fund name | $16.7M as of Dec 16, 2024 | no Form D | Unknown | |
| 2••• G••• S•••••••• I••••••••• S••••••••• P••••••••• a• S••••••••• P•••••••• o• S••••• R••• A••••• O••••••• F••• S•• ADV: Private Equity Fund | Fund of funds | 2015 year in the fund name | $5.7M as of Dec 16, 2024 | no Form D | Unknown | |
| 2••• S••••••••• P••••••••• a• S••••••••• P•••••••• o• S••••• R••• A••••• O••••••• F••• S•• ADV: Private Equity Fund | Fund of funds | 2014 year in the fund name | $928,981 as of Dec 16, 2024 | no Form D | Unknown | |
| 2••• S••••••••• P•••••••• S•••• I••• a• S••••••••• P•••••••• o• S••••• R••• A••••• O••••••• F••• S•• ADV: Private Equity Fund | Feeder or parallel | 2014 year in the fund name | $327,938 as of Dec 16, 2024 | no Form D | Unknown | |
| 2••• S••••••••• P••••••••• a• S••••••••• P•••••••• o• S••••• R••• A••••• O••••••• F••• S•• ADV: Private Equity Fund | Feeder or parallel | 2013 year in the fund name | $5.5M as of Dec 16, 2024 | no Form D | Unknown | |
| S••••• W•••• O••••••••• D••••••• F••• L• ADV: Private Equity Fund | buyout or unlabelled | unknown | $205M as of Dec 16, 2024 | no Form D | Unknown | |
| S••••• W•••• O••••••••• C••••• F••• L• ADV: Private Equity Fund | Feeder or parallel | unknown | $45.9M as of Dec 16, 2024 | no Form D | Unknown | |
| S•••••••• O••••••••• F••• S• • C•••• a• a• S••••••••• P•••••••• o• S••••• G••••• S••••••••• F••• S•• ADV: Private Equity Fund | Fund of funds | unknown | $9.9M as of Dec 16, 2024 | no Form D | Active deployment | |
| S•••••••• O••••••••• F••• S• • C•••• B• a• S••••••••• P•••••••• o• S••••• G••••• S••••••••• F••• S•• ADV: Private Equity Fund | Secondaries fund | unknown | $9.4M as of Dec 16, 2024 | no Form D | Unknown | |
| S•••••••• O••••••••• F••• I• S•• a• S••••••••• P•••••••• o• S••••• G••••• S••••••••• F••• S•• ADV: Private Equity Fund | Secondaries fund | unknown | $5.0M as of Dec 16, 2024 | no Form D | Active deployment | |
| S••••• A••••••• H••••••• I• L••• ADV: Private Equity Fund | Fund of funds | unknown | $2.8M as of Dec 16, 2024 | no Form D | Active deployment | |
| S••••• A••••••• H••••••• I• L••• ADV: Private Equity Fund | Fund of funds | unknown | $1.3M as of Dec 16, 2024 | no Form D | Unknown | |
| A•• F•••••• P••••••••• I••••••• S•• a• S••••••••• P•••••••• o• S••••• G••••• S••••••••• F••• S•• ADV: Private Equity Fund | buyout or unlabelled | unknown | $641,592 as of Jun 2, 2023 | no Form D | Wound down | |
| G••••• S••••• S••••••• F••••• L••• ADV: Private Equity Fund | Fund of funds | unknown | $261,121 as of Dec 16, 2024 | no Form D | Unknown | |
| S••••• A••••••• O••••••• H••••••• L••• ADV: Private Equity Fund | Fund of funds | unknown | $33,190 as of Nov 7, 2022 | no Form D | Wound down |
Team
11 current, 1 former
Managing partner (2)
- I•••••• •••• P•• R•••• · Ceo; Sole Shareholder · since Dec 1, 2020 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
- J••• R•••• · Chairman & Chief Executive Officer · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
Partner (2)
- A••••••••• L••••••••• · Partner · since Dec 1, 2020 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
- D••••• J• S•••••• · Partner · since Dec 1, 2020 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
Principal (1)
- H•••• C••••• · Principal · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
Investor relations (1)
- E••••• S•••••• · Managing Director, Capital Formation · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
Platform (4)
- L•••••• P•••••• · Chief Compliance Officer · since Aug 1, 2021 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
- M•••••• W•••••• · Head of IT · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- P••••••• B•••• · Controller · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
- S••• M•••• · General Counsel, Regulatory and Fund Management, and Chief Compliance Officer · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
Other (1)
- R••• K•••••• · Head of Risk · start date unknown Investment organization websites (team, portfolio, strategy, criteria, news)
1 former (kept with end dates)
- C••••••••• P••• M••••••• · Chief Compliance Officer · Dec 1, 2020 to Aug 6, 2021 Inference
Portfolio
7 relationships, 0 platforms, 0 add-ons
Transactions
0 on record
No transaction naming this firm has been collected yet. The deal tape is read from SEC filings and cited announcements.
Placement agents, lenders, advisers and co-investors
5 relationships
Placement agents (5)
- P••••••••• W•••••• • C••• I••• 3 shared · strong · last Jan 1, 2024
- C•••••••• A•••••••• L•• 2 shared · recurring · last Jan 1, 2022
- A••••• A•••• M••••••••• L•• 2 shared · recurring · last Jan 1, 2021
- E•••• F•••••••• C••••••••• L•• 2 shared · recurring · last Jan 1, 2021
- C••••••• L•••••• • C•• I••• 2 shared · recurring · last Jan 1, 2024
LP commitments
0 disclosed
No LP commitment collected yet. An LP edge needs a public disclosure with a quote, such as a pension plan’s report or an announcement naming the LP.
Events
2 most recent
- Jun 22, 2026S••••• D••••••••• M••••••• L••: Private Equity Funds on Form ADV 29 (2024 extract) -> 15 (roster 2026-09-01)
- May 17, 2021S••••• D••••••••• M••••••• L•• first filed Form ADV in the extract (IA)
Across the graphs
S••••• D••••••••• M••••••• L•• is the same institution as 2 records in Independent Sponsors and RIA and Wealth.
Independent Sponsors1RIA and Wealth1
Which record it is in each graph, what it is called there, and what the two were joined on. The Data Factory holds all nine graphs and the identity layer between them.
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