# New Water Capital, L.P.

> New Water Capital, L.P. is an SEC-registered investment advisory firm in Boca Raton, FL, registered since 2015, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 27, 2026.

- CRD: 226608
- Filed as: NEW WATER CAPITAL, L.P.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Boca Raton, FL
- Filing period: October 2026
- Form ADV filing dated: March 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/226608
- AdvisorCensus page: https://advisorcensus.com/firm/new-water-capital-l-p-boca-raton-fl-226608

## Quick answers

**How is New Water Capital, L.P. compensated?**
On its Form ADV (Item 5.E, October 2026), New Water Capital, L.P. reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is New Water Capital, L.P. located?**
New Water Capital, L.P.'s principal office is in Boca Raton, FL, according to its Form ADV.

**Is New Water Capital, L.P. registered with the SEC or a state?**
New Water Capital, L.P. is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 226608.

**How much does New Water Capital, L.P. manage?**
New Water Capital, L.P. reports $454,398,881 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (100% discretionary).

**How have New Water Capital, L.P.'s assets and staff changed since 2021?**
In the Form ADV data for New Water Capital, L.P.: Regulatory assets under management: $406,000,000 in the October 2021 data and $454,398,881 in the October 2026 data, up 12%. Total employees: 11 in October 2021 and 12 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does New Water Capital, L.P. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (6).

**Does New Water Capital, L.P. report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/226608

**Does New Water Capital, L.P. state an account minimum?**
Its Form ADV Part 2A brochure dated March 27, 2026 says: "In general, the minimum investment commitment required of a limited partner to participate in a New Water Fund is $5,000,000. Notwithstanding the foregoing, the general partner of each New Water Fund has discretion to increase or reduce the minimum investment commitment."

**What changed in New Water Capital, L.P.'s recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $356,628,688 to $454,398,881 (+27%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated March 27, 2026)

- Account minimum: $5,000,000 (the brochure says it may be waived or negotiated)

> In general, the minimum investment commitment required of a limited partner to participate in a New Water Fund is $5,000,000. Notwithstanding the foregoing, the general partner of each New Water Fund has discretion to increase or reduce the minimum investment commitment.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $454,398,881
- Discretionary: $454,398,881
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 6 | $454,398,881 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2015 (11 years)
- Employees: 12 total, 12 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: FL
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- newwatercap.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $406,000,000 | 11 | March 30, 2021 |
| October 2022 | $406,000,000 | 12 | March 30, 2022 |
| October 2023 | $406,000,000 | 12 | March 30, 2023 |
| October 2024 | $470,424,202 | 12 | April 1, 2024 |
| October 2025 | $356,628,688 | 12 | April 2, 2025 |
| October 2026 | $454,398,881 | 12 | March 27, 2026 |

Regulatory assets under management: $406,000,000 in the October 2021 data and $454,398,881 in the October 2026 data, up 12%.
Total employees: 11 in October 2021 and 12 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $356,628,688 to $454,398,881 (+27%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. New Water Capital, L.P. (CRD 226608): Form ADV filing data as of October 2026.