# PE firms backing Water (2026 list) > 14 PE firms backing Water, 79% active in the last 12 months. Led by Catalyst Fund, National Bank of Canada, GEF Capital Partners. Ranked by what they funded. Source: https://millionrounds.com/lists/pe-firms-water (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # PE firms backing Water Updated 7 November 2026 PE firms we have observed in a water round in the last two years. [See all 14 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-water)The top 14 **14** investors on the list *+1* this week **50** cheques in 12 months *+22%* against the market **$55M** median round they joined *+588%* against the market median **79%** wrote a cheque in 12 months **36%** have led a round ## The Top 14 Ordered by cheques observed, never by anything anyone paid for Deploying now (11) - 1 [Catalyst Fund](https://millionrounds.com/fund/catalyst-fund-2) *Deploying now* Growth equity · United States **96** **$3M** median round **Oct 2026** last seen - 2 [National Bank of Canada](https://millionrounds.com/fund/national-bank-of-canada) *Deploying now* Private equity · Canada **77** **$74M** median round **Sept 2026** last seen - 3 [GEF Capital Partners](https://millionrounds.com/fund/gef-capital-partners) *Deploying now* Private equity · United States **7** **$66M** median round **Aug 2026** last seen - 4 [Capricorn Industrial Biotech Fund](https://millionrounds.com/fund/capricorn-industrial-biotech-fund) *Deploying now* Growth equity **2** **$3.5M** median round **Apr 2026** last seen - 5 [38sth](https://millionrounds.com/fund/38sth) *Deploying now* Private equity · Australia **1** **-** median round **Sept 2026** last seen - 6 [Daikin America](https://millionrounds.com/fund/daikin-america) *Deploying now* Growth equity · United States **1** **$55M** median round **Aug 2026** last seen - 7 [Nord Asset Management](https://millionrounds.com/fund/nord-asset-management) *Deploying now* Growth equity **1** **$55M** median round **Aug 2026** last seen - 8 [Saint Paul & Minnesota Foundation](https://millionrounds.com/fund/saint-paul-and-minnesota-foundation) *Deploying now* Growth equity · United States **1** **$55M** median round **Aug 2026** last seen - 9 [SistaAct](https://millionrounds.com/fund/sistaact) quiet Growth equity · Germany **1** **-** median round **Aug 2025** last seen - 10 [Veralto](https://millionrounds.com/fund/veralto) *Deploying now* Growth equity · United States **1** **$55M** median round **Aug 2026** last seen - 11 [European Social Innovation and Impact Fund](https://millionrounds.com/fund/european-social-innovation-and-impact-fund) quiet Growth equity **1** **-** median round **Aug 2025** last seen - 12 [KSK-Wagniskapital](https://millionrounds.com/fund/ksk-wagniskapital) quiet Growth equity **1** **-** median round **Aug 2025** last seen - 13 [Meat & Livestock Australia's Cultiv8 Livestock Technology Fund](https://millionrounds.com/fund/meat-and-livestock-australia-s-cultiv8-livestock-technology-) *Deploying now* Growth equity **1** **$22M** median round **Aug 2026** last seen - 14 [Treehouse Family Capital LLC](https://millionrounds.com/fund/treehouse-family-capital-llc) *Deploying now* Growth equity **1** **$55M** median round **Aug 2026** last seen ## The Newest Cheques Rounds this list's investors joined most recently - **28** Oct **[Noor Nation](https://millionrounds.com/company/noor-nation)** Seed · $1.1M *With* [Catalyst Fund](https://millionrounds.com/fund/catalyst-fund-2) - **26** Oct **[Medikea](https://millionrounds.com/company/medikea)** Pre-seed · $1.2M *With* [Catalyst Fund](https://millionrounds.com/fund/catalyst-fund-2) - **29** Sept **[New Plumbing Solutions Group](https://millionrounds.com/company/new-plumbing-solutions-group)** Other *With* [38sth](https://millionrounds.com/fund/38sth) - **8** Sept **[Blee](https://millionrounds.com/company/blee)** Series A · $20M *With* [National Bank of Canada](https://millionrounds.com/fund/national-bank-of-canada) - **17** Aug **[Dimension Energy](https://millionrounds.com/company/dimension-energy)** Debt · $857M *With* [National Bank of Canada](https://millionrounds.com/fund/national-bank-of-canada) - **13** Aug **[Farmbot](https://millionrounds.com/company/farmbot)** Series B · $22M *With* [Meat & Livestock Australia's Cultiv8 Livestock Technology Fund](https://millionrounds.com/fund/meat-and-livestock-australia-s-cultiv8-livestock-technology-) ## Stages This Year 46 rounds - Debt **43%** - Other **11%** - Series B **11%** - Venture **7%** - Series A **7%** - Other **22%** ## What They Backed Sectors, last 12 months - Energy **13** - Water **6** - AI **6** - Cleantech **6** - Climate Tech **5** - Biotech **4** ## Cheques by Quarter Led Joined 8 Q1 25 7 Q2 25 14 Q3 25 11 Q4 25 20 Q1 26 15 Q2 26 11 Q3 26 2 Q4 26 The last bar is the quarter still running. ## Lists Like This - [VC firms backing AI 4,329](https://millionrounds.com/lists/vc-firms-ai) - [VC firms backing Fintech 1,856](https://millionrounds.com/lists/vc-firms-fintech) - [VC firms backing Big Data & Analytics 1,248](https://millionrounds.com/lists/vc-firms-big-data) - [VC firms backing Biotech 1,207](https://millionrounds.com/lists/vc-firms-biotech) - [VC firms backing Robotics 1,098](https://millionrounds.com/lists/vc-firms-robotics) - [VC firms backing Construction 1,025](https://millionrounds.com/lists/vc-firms-construction) - [VC firms backing Energy 998](https://millionrounds.com/lists/vc-firms-energy) - [PE firms backing AI 956](https://millionrounds.com/lists/pe-firms-ai) - [VC firms backing Cybersecurity 950](https://millionrounds.com/lists/vc-firms-cybersecurity) [All investor lists *→*](https://millionrounds.com/lists) ## Quick answers about PE firms backing Water ### Who are the most active PE firms backing Water? By cheques observed, the most active are Catalyst Fund, National Bank of Canada, GEF Capital Partners, Capricorn Industrial Biotech Fund and 38sth. ### How many PE firms backing Water are there? 14 are on record. 79% made an investment in the last 12 months and 36% have led a round. ### Which stages do PE firms backing Water back? Of the rounds with a named stage in the last 12 months, mostly Debt (54%) and Series B (14%). ### How big are the rounds PE firms backing Water join? The typical (median) round among the leading investors here is $55M. ### Which sectors do PE firms backing Water back most? In the last 12 months, mostly Energy, Water and AI. ### Which PE firms backing Water lead the most rounds? GEF Capital Partners (7 led), Catalyst Fund (2 led) and National Bank of Canada (1 led). ### Where are PE firms backing Water based? Among the most active, most are based in the United States (5), Canada (1) and Australia (1). ### What have PE firms backing Water invested in recently? Recent rounds include Noor Nation (Seed, Oct 2026, with Catalyst Fund), Medikea (Pre-seed, Oct 2026, with Catalyst Fund) and New Plumbing Solutions Group (Other, Sept 2026, with 38sth). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)