Incofin Investment Management, a global impact asset manager, has announced the final close of the Water Access Acceleration Fund (W2AF) at approximately €61m in committed capital, exceeding its original target of €50m. 

As the first private equity fund dedicated to improving drinking water access, Incofin seeks to bridge critical financing gaps across the water value chain globally. 

Despite a challenging fundraising environment, the fund successfully attracted a broad group of committed impact investors, including international development finance institutions, foundations, family offices, and private investors. 

Notable recent commitments at final close included Aurae Impact, a French family office specializing in impact investing, and The Impact Investors, a US-based Registered Investment Advisor (RIA).  

The asset manager said it greatly values the collaboration of all their Limited Partners—including Norfund, IFU, the Swiss Agency for Development and Cooperation, Aqua for All, and all others—whose collective commitment has been instrumental in advancing catalytic private equity investments in water enterprises. 

David Grolleau, CFO, Danone Communities, said: “As the anchor investor and sponsor of the fund, we value Incofin’s ability to bring together investors with different profiles into the emerging sector of access to safe drinking water for vulnerable populations. They have created a strong and impactful ownership structure for this impact-first fund, which is now ready to impact at scale safe drinking water access.” 

Nadia Scharen-Guivel, Investment Director, US International Development Finance Corporation (DFC), commented: “We appreciate Incofin's experience in local emerging markets and their ability to offer diversification across regions and small-scale products, which effectively mitigates risks. Furthermore, Incofin's early engagement with technical assistance and the development of a robust pipeline of vetted projects enabled us to commit confidently at an early stage, thereby lowering entry barriers for new investors.” 

Irina Gaman, Private Equity Investment Officer, European Investment Bank (EIB), added: “The final closing of the Water Access Acceleration Fund is emblematic for all of us, as it reinforces the European Investment Bank, the Government of Netherlands and Incofin’s joint support to the water sector, where innovative investment solutions are much needed in the global emerging markets. The catalytic role of EIB in this blended finance structure, which benefits from the great support of both private and public investors, is undeniable. We welcome this partnership and wish Incofin success in deploying the Water Access Acceleration Fund.” 

Incofin has already made strategic investments, including in companies like Rite Water in India and SPOUTS International in Uganda, which are expanding access to safe drinking water to underserved communities. 

Together, they provide 4.3 billion litres of drinking water to 8.5 million low-income populations as of end 2024. Further investments are actively underway in Asia, Africa and Latin America.  

The final close reinforces Incofin’s commitment to advancing impact through innovative, mission-aligned strategies that improve lives while delivering value to investors. 

Aparna Pittie, Deputy Fund Manager, Incofin, said: "Access to safe and affordable drinking  water is one of the greatest challenges of our time. We are proud to partner with such a committed and diverse group of investors who share our vision that catalytic investments in scalable, sustainable water businesses are an essential first-step to solving this problem."