Apollo's investment funds have acquired Maverick Water Group, a Texas-based water infrastructure operator, according to an announcement posted August 3. The deal expands Apollo's footprint in essential services, a sector the firm has pursued through infrastructure acquisitions across energy and utilities.
Maverick Water Group operates water systems and related infrastructure across Texas. Apollo did not disclose a purchase price or details on the firm's revenue, profitability, or contract terms. The investment marks Apollo's continued move into regulated or quasi-regulated utility assets, which generate steady cash flows and benefit from long-term demand.
Apollo Global Management, the parent of multiple investment funds managing over $600 billion in assets as of mid-2026, has built a substantial infrastructure practice over the past decade. The firm's core infrastructure strategy targets assets with contracted cash flows, regulatory barriers to entry, and pricing power tied to inflation or essential service demand. Water systems fit this profile: demand is inelastic, pricing is often indexed to cost-of-living measures, and the regulatory environment in Texas creates limited competition for established operators.
Texas water infrastructure has drawn increasing institutional attention. Population growth in Texas metropolitan areas, aging municipal systems, and a regulatory shift toward private operation of certain water assets have created acquisition opportunities. Apollo's entry into this subsector follows similar moves by Brookfield Infrastructure Partners, Macquarie Infrastructure, and other large alternative asset managers into North American water.
No terms were disclosed regarding the structure of the deal, whether the acquisition includes debt assumption, or the timeline for integration into Apollo's existing infrastructure platform. Apollo funds typically hold infrastructure assets for extended periods, often 7 to 10 years, to capture operational improvement and market appreciation.
Apollo has deployed capital into Texas infrastructure repeatedly in recent years, including positions in power generation and transmission assets. A water infrastructure asset adds diversification within the energy and utilities allocation and taps demand drivers orthogonal to power markets. The deal size and capital deployment level remain undisclosed.
