Funds Managed by Hamilton Lane Lead Investment in Platform of Water Companies Managed by Quaero Capital
Geneva, Switzerland — Quaero Capital, an independent asset management company, today announced the closing of a single-asset continuation vehicle for its water platform of companies offering municipal and industrial infrastructure services to the Spanish and French markets. The continuation vehicle is anchored by funds managed by the lead investor Hamilton Lane (Nasdaq: HLNE), who was an early partner in this process due to the firm’s deep experience and strong interest in this sector. The continuation vehicle also includes HarbourVest as a substantial investor as well as additional top tier institutional investors. Quaero European Infrastructure Fund III (QEIF III) participated in the investment in the water platform alongside the continuation vehicle.
The water platform brings together several high-quality Spanish and French businesses, including the water utility company Aqlara and the industrial water specialist Forafrance, providing essential water services across the entire water value chain. It creates a strong and diversified water player, leveraging combined scale, experienced management and operational synergies. The water group will focus on developing within its core existing markets of Spain and France. The platform presents an attractive opportunity to access the European water sector, which requires considerable investment to address today’s challenges faced by municipalities and industrial companies.
Sébastien Bourget, Managing Partner, Head of Infrastructure at Quaero Capital, said: “We have strong conviction in the water sector. Investment needs are considerable, supporting attractive growth perspectives. The challenges at stake are critical: addressing ageing infrastructure, resource scarcity, and improving the quality of water treatment. Investment opportunities in this sector are very limited, particularly those with the characteristics of our platform, which operates across multiple countries, serves both municipal and industrial water markets, and covers the entire value chain. This represents a unique asset for QEIF III and the continuation fund.”
Dominik von Scheven, Managing Director on the Infrastructure team at Hamilton Lane, said: “We are pleased to partner with Quaero Capital on this compelling opportunity. Their strong track record and specific knowledge of the water sector via long-term ownership of the companies in the platform position it well for success, and we are delighted to bring the scale of Hamilton Lane to the transaction. Western Europe offers an exciting opportunity set in infrastructure right now, particularly in the middle market and in key sectors like water.”
Hamilton Lane has been an active infrastructure investor for more than 25 years, offering commingled funds, evergreen vehicles and separately managed client account solutions. Hamilton Lane’s infrastructure platform today includes nearly 200 GP relationships and represents more than $87 billion in assets under management and supervision as of September 30, 2025. Hamilton Lane recently completed fundraising for Hamilton Lane Infrastructure Opportunities Fund II (HLIOF II) in January, exceeding $1.5 billion. The Fund makes non-control equity investments alongside leading infrastructure general partners. The participation of HLIOF II in the water platform alongside Quaero is the 14th investment in the Fund.
Quaero Capital recently completed fundraising for Quaero European Infrastructure Fund III (QEIF III) in December, exceeding €1.4 billion. The participation of QEIF III in the water platform alongside the water continuation vehicle is the third investment of QEIF III. Since its launch 10 years ago, Quaero Capital has raised a total of €2.7 billion for its infrastructure business.
About Quaero Capital
The water continuation vehicle and Quaero European Infrastructure Fund III are managed by Quaero Capital (France) SAS, a subsidiary of Quaero Capital SA, an independent employee-owned fund management company with headquarters in Geneva and offices in Paris, Zurich, Luxembourg and London. Overall, Quaero Capital has EUR 3.8 billion of assets under management. Quaero Capital is regulated by the Swiss Financial Market Authority (FINMA), the French AMF (under number GP-14000016) and the Financial Conduct Authority (FCA). Quaero Capital is notably signatory to the United Nations Principles for Responsible Investment and member of the Institutional Investors Group on Climate Change. For more information, please visit our website or follow us on LinkedIn.
About Hamilton Lane
Hamilton Lane (Nasdaq: HLNE) is one of the largest private markets investment firms globally, providing innovative solutions to institutional and private wealth investors around the world. Dedicated exclusively to private markets investing for more than 30 years, the firm currently employs approximately 780 professionals operating in offices throughout North America, Europe, Asia Pacific and the Middle East. Hamilton Lane has $1.0 trillion in assets under management and supervision, composed of $146.1 billion in discretionary assets and $871.5 billion in non-discretionary assets, as of December 31, 2025. Hamilton Lane specializes in building flexible investment programs that provide clients access to the full spectrum of private markets strategies, sectors and geographies. For more information, please visit our website or follow us on LinkedIn.