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XPV Management
XPV Management was founded in 2001 as a sector-focused private equity firm specializing in the water and wastewater industry.
XPV Management
XPV Management was founded in 2001 as a sector-focused private equity firm specializing in the water and wastewater industry. The firm's three managing partners — Rick Moser, Mike O'Brien, and David Dempsey — each bring operational and financial backgrounds to a thesis built around water scarcity, aging infrastructure, and tightening environmental regulation. The firm targets growth-equity and buyout investments across water treatment technologies, environmental services, and industrial infrastructure. XPV typically invests $10 million to $50 million per deal, seeking controlling or influential minority positions in North American and European companies. Portfolio companies have included water treatment provider H2O Innovation, membrane technology firm Aqua-Chem, and industrial water services company Evoqua Water Technologies (now part of Xylem). The firm has also completed add-on acquisitions for platform companies. XPV manages roughly $800 million in committed capital (per the firm). The team of about 15 professionals operates from Toronto, with no other disclosed offices. The firm occasionally co-invests with larger infrastructure and private equity funds. XPV has not launched a formal venture fund or separate sector-dedicated vehicle, instead raising closed-end funds with a typical 10-year life. XPV differentiates itself through exclusive focus on water — a sector often treated as a sub-theme within broader infrastructure or industrial strategies. That single-sector discipline means the firm sees more deal flow and builds deeper sector expertise than generalist private equity firms.
General information
Firm type
Asset Manager
Year founded
2001
AUM
$800 million (per the firm's website)
Location
Region
North America
Country
Canada
City
Toronto
Corporate office
Toronto, Ontario, Canada
Principals
Rick Moser
Managing Partner
Mike O'Brien
Managing Partner
David Dempsey
Managing Partner
Tom Morley
Partner
Sector focus
Frequently asked questions
Who manages XPV Management's investment decisions?
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.
What is XPV's investment strategy?
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.
Does XPV lead deals or only co-invest?
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.
What is the relationship between XPV and Evoqua Water Technologies?
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.
What is XPV's fund structure?
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.
Does XPV invest outside North America?
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.
What types of water companies does XPV avoid?
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.
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