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Peer Fund / Dealmaker·Smart Water

David Henderson

Managing Partner at XPV Water Partners

Toronto, Canada

DH
LinkedIn
Why they matter

Runs the only dedicated water-sector PE platform of meaningful scale. Most informed view on water-tech valuations and deal flow globally.

Background

Managing Partner of XPV Water Partners, the largest water-focused private-equity / growth-equity fund globally, with $1B+ AUM as of May 2025. XPV has led for 12 years under Henderson, partnering with KKR on a wastewater treatment platform. Speaks regularly at SuperReturn Global Infrastructure.

Notable deals

  • 2025
    XPV crossed $1B AUM milestone. Largest dedicated water-sector private capital pool globally.
  • 2020
    Co-launched wastewater treatment platform with KKR, bringing KKR's scale to XPV's water expertise.
  • 2024
    Led XPV's investment in Weisinger to build a leading water-well services platform.

Call-prep brief

Background

XPV is sui generis. The only $1B+ dedicated water-PE fund. The KKR partnership and Weisinger platform investments reflect XPV's strategy of building roll-up platforms in fragmented water sub-sectors. David Henderson has led the firm for 12 years.

What he cares about

  • Sub-sector roll-up platforms in water services, water tech, and water infrastructure.
  • Strategic-partner co-investment (the KKR partnership template).
  • Water-as-infrastructure narrative for institutional allocators.

Sensitivities

  • Direct peer fund, but water-focused, so likely complementary rather than competitive at [Firm]'s scale.

Questions to ask

  1. Which water sub-sectors are most ripe for roll-up that don't yet have a dominant platform?
  2. How does the KKR partnership template work in practice. Pipeline-share or capital-share?
  3. Which mid-market water-tech valuations look mispriced today?

Outreach draft

Subject
Water sub-sector roll-up theses
Hi David, I lead infrastructure investing at [Firm]. XPV's $1B milestone and the KKR partnership template are the most useful reference points in water-sector PE, and we'd value a peer-to-peer conversation about where our mid-market activity might complement XPV's platform-building. Would 25 minutes work? Best regards, [Your name] [Your firm]

Linked companies

Sources