Investment Thesis

Oman and the broader GCC first, with meaningful Western European depth and selective exposure to North America and the Caribbean. We favour markets where water scarcity, regulation, or ownership transition creates a durable acquisition edge.

Owner-operated water reuse and wastewater treatment businesses with physical assets and long-dated municipal or industrial contracts. We avoid pure technology or asset-light resellers.

Recurring, contracted revenue — availability payments, long-term offtake, or regulated tariffs. We are cautious about volume-exposed or single-customer revenue.

Founder succession, sponsor fund end-of-life, refinancing pressure, and corporate divestitures of non-core water assets. Motivated sellers with quality assets are our sweet spot.

Clear operational improvement potential — under-optimised plants, deferred maintenance, or fragmented management we can professionalise. We are not looking for perfect businesses.

Conservative leverage with investment-grade infrastructure debt where available. Open to green financing for reuse and treatment assets.

Mid-to-high teens net IRR over a 5–7 year hold, with a meaningful share of return from operational improvement rather than leverage or multiple expansion alone.

Mandatory industrial water reuse, drought-driven municipal procurement, and consolidation of fragmented regional operators.

Unresolved environmental liabilities, single-customer dependence above ~40% of revenue, or ownership with no realistic path to a sale.

Establish a reuse platform in the Gulf, then add adjacent wastewater capability. Build relationships now with founders likely to sell in the next 24 months.