Crestview founds $1bn water-focused specialty finance company

New York firm Crestview Partners announced a $1 billion investment into Upwell Water LLC, a San-Francisco-based, water-focused specialty finance company. The company acquires and finances water assets to allow for the deployment of needed water solutions that enable a sustainable water future, which is one of the core focus areas of the United Nations’ Sustainable Development Goals. The $1 billion investment is alongside a previous commitment from its 2040 Fund and Upwell LLC and the new finance company is expected to provide liquidity and investment to water-related assets, such as treatment plants, water rights, equipment, utilities, and pipelines. Other investment examples are water-as-a-service financing, equipment leases/financing and sale leasebacks, and project and development finance, which are pervasive in other industries but needed to improve small- and medium-sized water infrastructure assets. "Upwell Water presents a compelling opportunity to create the world's highest impact and highest value water finance platform,” said Adam Klein, partner at Crestview. “The team at Upwell Water has a unique mix of capital markets and water industry operational leadership and expertise.” Historically there has been a disconnect between the need to invest in water solutions and the availability to finance small- and medium-sized projects. According to Alex Rose, partner at Crestview, the investment represents one of the core tenants of the firm’s investment philosophy, namely to build market leaders in niche markets that have yet to see the emergence of a global leader. Crestview managed funds with $9 billion of aggregate capital commitments with a value-oriented private equity focus on the middle market.

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