Pension Fund

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Fairfax Water

Fairfax County Water Authority was founded in 1957 as a public non-profit corporation and is a component unit of Fairfax County government. Chairman Philip W.

Fairfax Water logo

Fairfax Water

Fairfax County Water Authority was founded in 1957 as a public non-profit corporation and is a component unit of Fairfax County government. Chairman Philip W. Allin has served on the board since 1992. The authority supplies drinking water to approximately two million people in Northern Virginia, including Fairfax, Loudoun, and Prince William counties and the City of Alexandria. The authority's assets are entirely physical: two major water treatment plants, the Occoquan Reservoir and Dam, and thousands of acres of land and rights of way across Northern Virginia. The Corbalis plant in Herndon and the Griffith plant in Lorton form the production backbone. In an operation of this scale, deployment is tied to multi-decade capital improvement cycles. A recent example is the partnership with Vulcan Materials to construct a new reservoir in Lorton, reflecting the utility's long-term approach to water security in a growing region. Fairfax Water's operational footprint is managed from its Fairfax County headquarters. The Charles M. Murray Maintenance Facility supports field operations. The authority partners with the Upper Occoquan Service Authority for wholesale water and wastewater services. It is an active member of the American Water Works Association and the Association of Metropolitan Water Agencies, networks that shape technical and regulatory standards for large U.S. water providers. The authority's board structure and public non-profit charter set it apart from investor-owned utilities. Its mandate is defined by rate-payer stewardship rather than equity returns, making it a patient capital allocator in the water sector. Capital decisions are governed by long-range resource planning and raw water supply agreements rather than quarterly earnings targets, a structural difference from private infrastructure funds investing in the same asset class.

General information

Firm type

Pension Fund

Year founded

1957

Location

Region

North America

Country

United States

City

Fairfax

Corporate office

Fairfax, VA, United States

Principals

Jamie Bain Hedges

General Manager and CEO

Philip W. Allin

Chairman of the Board

Sector focus

InfrastructureWater & Utilities

Frequently asked questions

Who is responsible for capital allocation and operational decisions at Fairfax Water?

General Manager and CEO Jamie Bain Hedges oversees all operational and capital deployment decisions. The Board of Directors, chaired by Philip W. Allin, provides governance and strategic oversight. The authority operates as a component unit of Fairfax County government, so major capital plans ultimately align with regional resource management frameworks.

How does Fairfax Water fund its capital projects?

As a public non-profit utility, Fairfax Water funds infrastructure through water rate revenue and municipal bond issuances. It does not have private equity backing or a traditional asset-management structure. Capital is deployed on a multi-decade basis for treatment plants, reservoirs, and distribution-system upgrades.

What infrastructure assets does Fairfax County Water Authority own?

The authority owns the Corbalis Water Treatment Plant in Herndon, the Griffith Water Treatment Plant in Lorton, and the Occoquan Reservoir and Dam. It also holds extensive land and rights of way across Northern Virginia. These physical assets form the entirety of its balance sheet, managed for long-term public water supply.

Does Fairfax Water invest in external funds or third-party managed assets?

No. Fairfax Water is an operating utility, not an investment fund. Its capital is deployed solely into direct ownership and maintenance of physical water infrastructure. The organization has no disclosed commitments to external GPs, private equity, or hedge fund vehicles.

How does the board structure influence infrastructure investment decisions?

A publicly appointed board led by Chairman Philip W. Allin governs Fairfax Water. The board's public-utility mandate emphasizes rate stability and long-term supply reliability. This governance model means that major capital investments must clear a public interest test rather than a return-on-equity threshold common among investor-owned utilities.

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