Water Asset Management, LLC (WAM) invests in the water industry through the following strategies: long only global water public equity , long short global water public equity, private equity water resources and private equity in water infrastructure. The Firm launched its first fund in January 2006.
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TRF MASTER FUND (CAYMAN), L.P.
A global long/short equity fund investing in public and private water related companies and assets. The fund was launched January 2006. The Fund's objective is to generate consistent returns with minimal correlation to major market or commodity indices.
Water Asset Management's Global Water Equity strategy provides global public equity exposure to the significant macro trends in five water sectors. Similar to TRF Master Fund (Caymen) LP, the long only fund employs an investment approach combining top down water thematic trends coupled with fundamental value oriented individual stock selection.
Water Property Investor, LP (“WPI”) invests in a diversified portfolio of water-rich agricultural properties with superior water rights in the water-stressed Western U.S. The portfolio, purchased at agriculture value, is comprised of water rich farms generating a current agricultural yield with the potential to develop long term sustainable water supplies. WPI partners with communities to provide capital, innovation and experience to develop transparent and long term solutions to critical water issues while maintaining agricutlural activities. WPI develops and markets the water assets while our farming operators manage the farming operations of the properties, mitigating agriculture risk.. WPI collaborates with locall farmers and other partners including RD Offutt Co, Bowles Family Farming, Limoneira, and 4B Farms.
Water Property Investor II, LP (“WPI II”), a successor fund to WPI, has completed its final close and invests in a diversified portfolio of water resources in the water-stressed Western United States, purchased at their agriculture value. WPI works with communities to rovide capital, innovation and expertise to develop transparent long term water resiliency solutions to the region’s critical water supplies.
PRIVATE EQUITY INVESTMENTS:
WAM purchased 2,724 acre-feet equivalent of water effluent credits created from wastewater treated by the town of Prescott Valley, Arizona. These assets are being marketed to residential and commercial real estate developers as well as local area land owners where a building permit requires a 100 year assured water supply.
WAM purchased Winnemucca Farms (“WAL”) the largest irrigated farm in Nevada with 36,261 acre-feet of appurtenant certified annual water rights in a joint venture with R.D. Offutt Company, one of the largest U.S. farming and food processing companies. The property includes 14,486 acres of irrigated land and 5,514 acres of non-irrigated land, 118 center pivot irrigation systems and 57 deep-water irrigation wells with a documented 40 year history of uninterrupted water usage. The farm has been leased to RDO and provides a current yield. U.S. Water and Land development activity includes the sale/lease of water for: industrial, power generation municipal and regional water users, and for in stream flows.
WAM led the acquisition of SouthWest Water Company (NASDAQ:SWWC) for approximately $275 million in cash, and the assumption of ~ $150 million of debt. SWWC served more than a million people in 9 states with regulated public water utilities, utility districts and private companies under contract. WAM was SWWC’s third largest shareholder, and brought in J.P. Morgan Asset Management as its financial partner. WAM installed a CEO, served on the board and subsequently divested its interest.
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