XPV Management

XPV is run by three managing partners: Rick Moser, Mike O'Brien, and David Dempsey. Moser co-founded the firm; O'Brien and Dempsey joined in the firm's early years. All three sit on the investment committee alongside partner Tom Morley.

XPV targets growth equity and buyout investments in the water and wastewater sector, typically committing $10 million to $50 million per deal. The firm focuses on North American and European companies providing water treatment technologies, environmental services, and industrial infrastructure solutions.

XPV typically leads or co-leads transactions, seeking controlling or influential minority stakes. The firm works with portfolio company management to execute organic growth and add-on acquisitions.

XPV was an early investor in Evoqua Water Technologies, an industrial water treatment company, and held a board seat until Evoqua's acquisition by Xylem in 2023. That investment is often cited as a signal of the firm's sector expertise.

XPV raises closed-end private equity funds, typically with a 10-year life. The firm closed its fifth fund, XPV Water Partners V, in 2023 at $300 million. Prior funds have ranged from $150 million to $250 million.

Yes. While most portfolio companies are based in North America, XPV has invested in European firms and maintains relationships with water-sector companies across Europe. The firm does not disclose a separate European office.

XPV explicitly avoids early-stage venture investments and pure-play infrastructure assets such as regulated utilities. The firm focuses on growth and buyout-stage industrial and technology companies within the water value chain.