Warren Equity Partners Closes $2.8B Fund V to Scale Infrastructure Solutions
Warren Equity Partners Manager, L.P. has closed Warren Equity Partners Fund V, L.P. and Warren Equity Partners Fund V-A, L.P. with approximately $2.8 billion in total capital commitments, expanding its infrastructure solutions platform to $9.6 billion in assets under management.
Fund V surpassed its initial $2.25 billion target in less than a year and closed oversubscribed at its hard cap, drawing commitments from more than 60 global institutions, including pension plans, insurers, asset managers, endowments, foundations and family offices.
Fund V will continue WEP’s strategy of investing in businesses that maintain, operate and upgrade critical infrastructure across the infrastructure solutions and facilities markets. The firm’s focus spans power and utilities, water and wastewater, transportation, waste, digital infrastructure, and buildings and facilities.
“Across changing market cycles and fundraising environments, we have remained focused on a defined set of infrastructure solutions markets and have continued to invest in our thematic research, sourcing capabilities, and operating resources, which are increasingly supported by our proprietary, in‑house AI platform,” said Steven Wacaster, managing partner and co‑founder of Warren Equity Partners.
On June 1, 2026, Fund V completed its first platform investment with the acquisition of USG Water Solutions, a leading U.S. provider of outsourced water tank maintenance and asset management services for municipal water utilities.
Fund V is complemented by WEP’s small-cap strategy, ELIDO Fund II, raised in 2024 with more than $590 million in commitments to target lower‑middle‑market companies in the same themes. Since its founding in 2015, WEP funds have completed 38 platform investments and more than 175 add‑on acquisitions.
Harris Williams LLC served as advisor on the fundraise and Kirkland & Ellis LLP served as fund counsel.
