WAM Interview

Question 1

What do you know about our firm?

Answer 1

• Asset management firm focused on the water sector with ~$600m in AUM
• Started in 2005 with 2 other people (skiing buddies/friends from college), started with $3m in capital, and shared office space with Hasidic divorce lawyers
• 4 funds involved in water related equities and physical assets/water rights

Question 2

What type of physical assets do we invest in? How doe we generate returns on those physical assets?

Answer 2

• Largely farmland and its associated water rights
• Sell/lease the water rights
• Operate the farm to generate crop yield to cover costs

Question 3

What deals of ours have you followed?

Answer 3

Your purchase of Winnemucca Farms in Nevada and its associated water rights

• $10.5m deal
• 11,400 acres of land

Question 4

What’s another recent water deal?

Answer 4

Harvard Endowment’s purchase of California vineyards and the associated water rights.
- Initially valued at ~$100m and now valued at over ~$300m