# Watermill Asset Management

Watermill Asset Management is an Asset Manager based in Boston, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Boston, United States
- **Region:** North America
- **Address:** Boston, MA, United States
- **Founded:** 2013
- **Assets under management:** Undisclosed
- **Website:** watermillasset.com (inferred)
- **LinkedIn:** https://www.linkedin.com/company/watermill-asset-management

## Regulatory record

- **Reports private funds:** No

## About

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.

## Sectors

- Private Credit
- Infrastructure
- Real Estate

## Offices

- Minneapolis, MN, United States
- Water Mill, NY, United States

## People

- Andrew C. Intrater — Founder and Chief Investment Officer
- Stephen A. Baird — Senior Managing Director

## 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).

### 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).

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Last updated: 2026-06-03T20:00:00.000Z

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