# XPV Water Partners

XPV Water Partners is a Private Equity based in Toronto, Canada.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Toronto, Canada
- **Region:** North America
- **Address:** Toronto, ON, Canada
- **Founded:** 2005
- **Assets under management:** Undisclosed
- **Website:** xpvwaterpartners.com
- **LinkedIn:** https://www.linkedin.com/company/xpv-water-partners

## Regulatory record

- **CRD number:** 165503
- **SEC file number:** 802-77269
- **Registration status:** ACTIVE
- **Latest Form ADV filing:** 2026-03-18T05:00:00.000Z
- **Reports private funds:** Yes
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/165503

## About

XPV Water Partners is a team of experienced growth investors and business builders committed to making a difference in water. It is comprised of experienced water entrepreneurs, operators, and investment professionals. XPV partners with, invests in, and actively supports entrepreneurial companies so they can grow and deliver value for all stakeholders.

## Sectors

- Water

## People

- David Henderson — Managing Partner

## Questions

### Who runs investment decisions at XPV Water Partners?

David Henderson is a Managing Partner and has led the firm since its 2005 founding. XPV's investment committee draws on a mix of private equity professionals and operating partners with deep water-sector experience, including former utility CEOs and engineers, which means technical and financial diligence run concurrently rather than sequentially.

### How does XPV Water Partners source proprietary deal flow?

XPV sources through its network of operating partners and water-sector relationships built over nearly two decades. The firm's full-time industry focus and its operating partners' ability to assess technical risk on-site gives it access to carve-outs and family-held water companies that generalist funds often miss or cannot underwrite competitively.

### Which sectors does XPV avoid?

XPV does not invest outside the water value chain. It is sector-specific by design, so it avoids energy, consumer, healthcare, and general industrials that fall outside water treatment, distribution, metering, and water-related digital infrastructure.

### How does XPV's approach differ from a generalist infrastructure fund?

Pure-play water focus and embedded operating talent mark the core difference. Generalist infrastructure funds hold water assets among many other verticals, while XPV's entire portfolio and underwriting capability concentrate on water. The firm's operating partners — not outside consultants — run technical diligence and often step into interim management roles post-close.

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- [XPRESS Ventures](https://altss.com/profile/xpress-ventures)
- [Xquared](https://altss.com/profile/xquared)

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Last updated: 2026-08-11T15:08:42.881Z

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