1. Capital Base at a Glance

  • Initial Dedicated Capital: $25.0 billion
  • Target Annual Deployment: $4 billion to $7 billion
  • Target Check Size: $50 million to $2 billion per transaction
  • Leverage Policy: Conservative; asset-level non-recourse where appropriate
  • GP Commitment: Meaningful; disclosed in subscription documents

 

2. Deal Certainty Framework

  • Capital Certainty — pre-funded from committed LP capital; custodian-confirmed funding with every formal proposal
  • Structural Certainty — all-cash definitive agreements, defined closing conditions, no financing contingency, no exchange-ratio risk
  • Regulatory Certainty — pre-filing dialog with state engineers, water courts, and irrigation districts; community notification where customary
  • Operational Certainty — day-one readiness across technical, legal, and community workstreams; retention packages; continuity for offtakers and lessees

 

3. Fund Structure

  • Master-feeder built for U.S. taxable, U.S. tax-exempt, and non-U.S. investors:
  • Master Fund: Aquivest Water Fund I, LP (Delaware LP)
  • Offshore Feeder: Aquivest Water Fund I (Cayman), LP
  • General Partner: Aquivest Water Fund I GP, LLC (Delaware)
  • Investment Adviser: Aquivest Management, LLC (SEC-Registered RIA)

 

4. Fund Terms

  • Initial Capital: $25.0B
  • Management Fee: 2.0% on committed capital
  • Carried Interest: 20% with European waterfall
  • Preferred Return: 8% compounded
  • Term: Long-horizon with defined extension mechanics
  • Eligible Investors: Sovereign, pension, endowment, insurance, qualified family-office
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