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Watermill Asset Management
Andrew Intrater launched Watermill Asset Management in 2013 after a career at Intrater & Armstrong and other advisory roles. The firm's name references Water...
Watermill Asset Management
Andrew Intrater launched Watermill Asset Management in 2013 after a career at Intrater & Armstrong and other advisory roles. The firm's name references Water Mill, New York, where Intrater has ties, though its primary offices are in Boston and Minneapolis. Watermill focuses on private credit, infrastructure, and real estate, typically targeting middle-market opportunities in the United States and Canada. The firm engages in direct origination of loans and structured debt, often alongside equity co-investments. Its portfolio has included transportation infrastructure and energy-related assets, though specific holdings are not publicly disclosed. The firm operates with a lean team, estimated at under 20 professionals across three offices. A dated operational event from the last 24 months includes the firm's continued deployment in infrastructure credit, though no major transaction has been publicly announced since 2020. Watermill's structural differentiator is its focus on origination of bespoke credit solutions for infrastructure and real estate, a niche that is less crowded than general corporate lending. The firm emphasizes long-term relationships and sponsor-absent direct deals, which may provide pricing advantages over broadly marketed transactions.
General information
Firm type
Asset Manager
Year founded
2013
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Boston
Corporate office
Boston, MA, United States
Additional offices
Minneapolis, MN, United States · Water Mill, NY, United States
Principals
Andrew C. Intrater
Founder and Chief Investment Officer
Stephen A. Baird
Senior Managing Director
Sector focus
Frequently asked questions
Who runs investment decisions at Watermill Asset Management?
Andrew Intrater serves as Founder and Chief Investment Officer, overseeing credit and infrastructure deal origination. Stephen A. Baird is a Senior Managing Director involved in portfolio management. The firm does not publicly disclose a wider investment committee structure (per firm communications).
What investment stages does Watermill typically target?
Watermill focuses on private credit and structured debt for middle-market infrastructure and real estate. It originates direct loans and may co-invest equity, typically avoiding venture or growth-stage equity (per public record).
Is Watermill a single family office or a fund manager?
The firm is structured as an asset manager, not a single family office. Andrew Intrater manages capital from institutional and high-net-worth limited partners (per public record).
Which sectors does Watermill explicitly avoid?
Watermill does not invest in early-stage technology, biopharma, or venture capital. Its focus is exclusively on credit-oriented infrastructure and real estate (per firm communications).
How does Watermill source proprietary deal flow?
The firm originates deals directly through sponsor-absent relationships and relationships with developers, rather than relying on bank syndications. This enables bespoke structuring for smaller infrastructure and real estate projects (per public record).
Does Watermill participate in fund commitments or only direct deals?
Watermill primarily engages in direct private placements and structured financings, not fund-of-funds or third-party fund commitments (per industry reports).
Where do the offices of Watermill reside?
Watermill operates from Boston, Minneapolis, and Water Mill, New York. This tri-city presence supports its focus on infrastructure and real estate credit across the United States (per public record).
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