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The Water Commitment Score

A simple, independent read on how genuinely, repeatedly and recently an investor backs water, not how good their returns are. Computed on observed deal records, published free, and openly a work in progress.

Where this stands today. What you see now is a transparent v1: a first pass built on the deal signals we can observe and verify. We are deepening it toward a fuller ranking, and the score, its inputs and these tiers will evolve. Every score carries an as-of date so you always know which version you are reading.

What it measures, and what it doesn't

The score answers one editorial question the incumbents don't: is this a real, repeat, still-active water investor, or a tourist who cut a single cheque and moved on? It rewards revealed behaviour: repeat bets, recent activity, leading rounds.

It is not a measure of returns, fund quality or the people involved, and it is not an endorsement or a recommendation. A great fund can score low in water simply because it rarely invests there.

How it's computed (v1)

Three behavioural signals, combined on saturating curves so that a second bet matters far more than a tenth, plus a confidence band that governs how far a score is allowed to go. A fourth axis, genuine water focus across a portfolio, is planned but not yet in v1.

Repeat water bets
~35%
The distinct water companies an investor has backed. One cheque is a floor; coming back, again and again, is the signal that separates a real water investor from a tourist.
Staying power
~30%
How recently they last backed water. Conviction decays: a fund that was active years ago but has gone quiet ranks below one still writing cheques today.
Lead conviction
up to 20%
Whether they lead rounds and re-up. Counted only when we can see it; its absence never lowers a score, it simply doesn't add.
Confidence
a band, not points
How much independent evidence stands behind the record. It caps the tier: thin evidence can never produce a low, damaging label.

The tiers

Each investor gets a tier plus a one-line citation (deals, last active, confidence) and an as-of date. The integer score only drives the sort order.

Anchor
Repeat, recent, leads rounds, real water focus. The funds that effectively are the water-capital market.
Committed
Several water bets, came back, still active. The healthy middle.
Occasional
More than one bet, but cooling, co-investing or dabbling. Real, but light.
One-Off
A single water bet on the record, no repeat, and corroborated. Worded against the record, scoped to water.
Unrated
Not enough independent evidence to score fairly. Shown openly, never a rung below One-Off. This is the firewall that protects under-tracked (non-US, stealth, family-office) funds.

Data & cadence

Scores are computed on the Leviathan database, from official filings, third-party records and direct intelligence, the same engine behind the rest of (don't) Waste Water. They are recomputed as the underlying data updates, and each one is stamped with the date it was generated.

Leviathan is where the depth lives: the deal-by-deal record behind a score, the co-investor network, the full water-investor universe. The score itself stays free and public here.

Our commitments

No pay-to-rank. No sponsored placement, no way to buy a tier, ever. The ranking exists precisely to cut through the noise of every "investors in water" list that doesn't.

Fair by design. Claims are worded against the record and scoped to water; where evidence is thin, a fund is marked Unrated rather than mislabelled.

Spot something wrong? Records have gaps, and we would rather fix them. Tell us and we will review it.

Frequently asked

Is a low score an insult to the fund?
No. The score measures observed, durable activity in water, not the quality of a fund, its returns, or its people. A fund can be excellent and still be a One-Off in water simply because it has made one water bet. And where the evidence is thin, we mark a fund Unrated rather than risk an unfair label.
Can a fund pay to rank higher?
No. There is no pay-to-rank, no sponsored placement, and no way to buy a tier. The score is computed from deal records, published free, and carries an as-of date.
I think a score is wrong. What can I do?
Tell us. Every score is a reading of the record as we have it, and records have gaps. Write to us with what is missing or mis-stated and we will review it and correct the record where it is due.