# Waterfall Asset Management: portfolio, investments and team > Waterfall Asset Management is a vc firm based in United States. 3 investments on record, 1 in the last 12 months, latest Jul 2026. Source: https://millionrounds.com/fund/waterfall-asset-management (Millionrounds; every figure on the page links to its filing or article) United States · [Investor](https://millionrounds.com/investors) # Waterfall Asset Management Last cheque observed Jul 2026; 3 cheques on record. Deploying now New fund $485M, Apr 2023 VC firm Seed Series A Series B Biopharma Biotechnology Deploying now **100%** of best year **1** **cheques in 12 months**, 3 on record Since the last cheque **117** days **00** hrs **00** min **00** sec Median round **$250M** Rounds led **0 of 3** Sole investor **2 rounds** Pitch Waterfall Asset Management ## Waterfall Asset Management highlights - 01 1 cheques in the last 12 months - 02 Mostly Debt: 100% of its rounds - 03 Sole investor in 2 rounds, median $175M ## What they do - **Type:** VC firm (from a list, unverified) - **Cheque size:** Not stated - **Stages:** Seed Series A Series B Growth - **Sectors:** Biopharma Biotechnology - **Based in:** United States - **Cold pitches:** Not stated ## The record Every round we can evidence, newest first **3 appearances** - **2026** 1 round - **Jul** **[iwoca](https://millionrounds.com/company/iwoca)** Debt · GB · Firms' own news pages **$333M** With 3 others - **2019** 1 round - **Jan** **[Divvy](https://millionrounds.com/company/divvy)** US · FinSMEs **$250M** Sole investor - **2017** 1 round - **Jan** **[BorrowersFirst](https://millionrounds.com/company/borrowersfirst)** Debt · US · FinSMEs **$100M** Sole investor An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor. ## The team Named by the firm itself, on a filing, its Form ADV or its company registration **4 named** BB **Brian Breakstone** Chief Financial Officer i Form ADV JJ **Jack Jay Ross** Manager i Form ADV KA **Kenneth Adam Nick** General Counsel, Chief Compliance Officer, Chief Operating Officer i Form ADV TE **Thomas Edward Capasse** Manager i Form ADV We also hold **29** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them. ## What the register says From the firm's own filings with the SEC, which it must file accurately by law **$22B** assets it manages Oct 2026 **Registered** investment adviser full reporting to the SEC - **Legal name:** Waterfall Asset Management, LLC - **SEC number:** CRD 137746 Funds on its Form ADV **27** private funds, **$15B** in gross assets · filed Nov 2024 Hedge **22** Private equity **4** Real estate **1** - Waterfall Victoria Master Fund, LTD. *Hedge* 230 investors $5.8B - Waterfall EDEN Master Fund, LTD. *Hedge* 320 investors $3.0B - Waterfall Sandstone Fund, L.P. *Hedge* 3 investors $1.3B - Lake Cascade Fund, L.P. *Hedge* 2 investors $1.1B - Waterfall Rock Island, LLC *Hedge* 2 investors $663M - Waterfall Eagle Fund, LLC *Hedge* 2 investors $587M - Waterfall Delta Offshore Master Fund, L.P. *Hedge* 4 investors $488M - Waterfall Sandstone Opportunity Fund, L.P. *Hedge* 11 investors $437M - Waterfall Dislocation Opportunity Master Fund, L.P. *Hedge* 29 investors $387M - Waterfall Atlas Master Fund B, L.P. *Hedge* 57 investors $363M And 17 more on the filing. New fund on file **$485M** raised in Apr 2023 From its SEC filing, not a journalist: a firm that has just raised has money to deploy. ## The cheque Seed Series A Series B Median round joined **$250M** the round, not its cheque Alone, median **$175M** Led 0 of 3 rounds **0%** - **Sole investor:** 2 rounds - **Last cheque:** Jul 2026 Rounds by stage said on their site - Debt *2* - Seed said *-* - Series A said *-* - Series B said *-* - Growth said *-* Cheques by month Led Joined Nov 2023 Oct 2026 **Pitching Waterfall Asset Management?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque. Add to your CRM *→* ## Recently backed The latest companies Waterfall Asset Management put money into. [**iwoca** $333M · Jul 2026](https://millionrounds.com/company/iwoca)[**Divvy** $250M · Jan 2019](https://millionrounds.com/company/divvy) ## Quick answers about Waterfall Asset Management ### What does Waterfall Asset Management invest in? Waterfall Asset Management invests most often at Debt (100% of the rounds on record), in sectors such as Biopharma and Biotechnology. ### How active is Waterfall Asset Management? 3 investments on record, 1 of them in the last 12 months. The most recent was in Jul 2026. ### What has Waterfall Asset Management invested in recently? Its most recent investments on record: iwoca (Debt, Jul 2026), Divvy (Undisclosed round, Jan 2019) and BorrowersFirst (Debt, Jan 2017). ### How big are Waterfall Asset Management's cheques? The median round it joins is $250M. ### Is Waterfall Asset Management investing now? Yes: it is actively investing, with 1 investments in the last 12 months. ### What kind of investor is Waterfall Asset Management? Waterfall Asset Management is a VC firm based in United States. ### How much does Waterfall Asset Management manage? About $22B, as regulatory assets under management (Oct 2026). ### Has Waterfall Asset Management raised a new fund? Its latest fund filing with the SEC was in Apr 2023, reporting $485M raised. ## Raising now? Find the investors who back rounds like yours, and keep every conversation on one fundraising board. Find similar investorsOpen your CRM Built from the rounds we watched, its filings and its own website, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections?slug=waterfall-asset-management) · [Is this your firm? Claim it](https://millionrounds.com/claim?org=waterfall-asset-management)