July 15, 2015 (Boston) – Global law firm Proskauer represented New Water Capital L.P. in closing its inaugural private equity fund, New Water Capital Partners, L.P. (NWC I). The fund closed on June 30 at its hard cap of $406 million. New Water began fundraising in March with an initial target of $250 million.

New Water makes control investments in North American lower middle-market companies in consumer products, retail, and industrial manufacturing and services. NWC I will focus on special situations investments, such as turnarounds, underperformers, corporate carve-outs and companies in transition.

The Proskauer team was led by co-head of the Private Investment Funds Group Sean Hill, and included partner Scott Jones, special regulatory counsel Anthony Drenzek, and associates Ryan Carpenter, Marguerite Lombardo and Adam Scoll.