# The Watermill Group

The Watermill Group is a Multi Family Office based in Boston, United States.

## Overview

- **Organization type:** Multi Family Office
- **Headquarters:** Boston, United States
- **Region:** North America
- **Address:** Lexington, MA, United States
- **Founded:** 1974
- **Assets under management:** Undisclosed
- **Website:** thewatermillgroup.com
- **LinkedIn:** https://www.linkedin.com/company/the-watermill-group

## Regulatory record

- **CRD number:** 163370
- **SEC file number:** 801-126185
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/163370

## About

The Watermill Group is an SEC-registered investment adviser in Boston, MA, registered since 2022. It manages approximately $178 million in regulatory assets. The firm has 13 employees and 9 investment advisers.

## Sectors

- Industrial Technology
- Healthcare Services
- Business Services
- Consumer Products
- Real Estate

## People

- Steven Karol — Managing Partner
- Erik S. Karol — Managing Partner

## Questions

### Who runs investment decisions at The Watermill Group?

Steven Karol, Managing Partner, has led the firm since 1980. His son Erik S. Karol also serves as Managing Partner, with both sharing responsibility for deal sourcing, underwriting, and portfolio oversight.

### How does The Watermill Group source proprietary deal flow?

The firm relies on an in-house team for direct sourcing, supplemented by relationships with middle-market intermediaries, investment banks, and an extensive network built over decades. The Watermill Group often targets businesses where it can apply operational improvements as a differentiating factor.

## Related profiles

- [Capula Investment Japan Limited](https://altss.com/profile/capula-investment-japan-limited)
- [Saratoga Capital (Singapore) Pte. Ltd.](https://altss.com/profile/saratoga-capital-singapore-pte-ltd)

---

Last updated: 2026-07-06T01:24:27.130Z

Canonical page: https://altss.com/profile/the-watermill-group

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology