Water production, treatment, and distribution infrastructure serving households, utilities, and commercial customers.
Clean water access is one of the continent's largest unmet infrastructure needs. We invest in companies that produce, treat, and distribute water to households, institutions, and industrial customers on a commercial basis.
Millions of households and businesses across Africa lack consistent access to clean, treated water, and public utilities are frequently under-capitalized relative to demand. This creates room for commercially operated water infrastructure, ranging from borehole and treatment facilities to bottled and bulk distribution, to serve unmet demand at scale.
Revenue is generated through direct water production and sale, treatment services contracted to municipalities or private clients, utility partnership arrangements, and distribution system fees. Many of these revenue lines are contracted or subscription-based, supporting predictable cash flow.
Population growth, urbanization, and increasing water stress in key markets are all pushing demand higher, while public sector capacity to meet that demand grows only incrementally. This structural gap between demand growth and public supply growth is the core of the sector's long-term growth case.
Water is non-substitutable and recession-resilient demand does not decline in an economic downturn. Assets are physical, long-lived, and asset-backed, and the underlying gap between supply and demand is unlikely to close within the timeframe of a typical investment horizon.
Water is one of seven sectors in our diversified infrastructure platform.
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