Fund
Water Access Acceleration Fund ("W2AF")
This fund invests in pioneering water businesses to scale access to safe, affordable drinking water in Africa, Asia, and Latin America for underserved communities.
- Clean Water
- Technical Assistance
- Private Equity
- Blended Finance
Status: Closed
Our ambition
To deliver 20 billion liters of safe drinking water to 30 million low-income beneficiaries by 2030. To scale 8-12 high-impact water SMEs.
This is the first private equity fund dedicated to accelerating water businesses that deliver safe, affordable drinking water to underserved communities across Africa, South and Southeast Asia, and Latin America.
Globally, 4.4 billion people still lack access to safely managed drinking water. In Africa and Asia, rural and peri-urban communities often spend hours fetching water daily—a burden that falls disproportionately on women and girls. Safe water access directly reduces waterborne diseases, improves educational outcomes, and boosts productivity. Affordable water solutions also help mitigate climate risks by reducing reliance on firewood and improving water efficiency.
With over EUR 61 million in commitments and backed by leading corporates, development finance institutions and impact investors, this fund targets scalable, commercially viable SMEs across the water value chain. We invest growth capital alongside strategic technical assistance to help companies optimize technology, governance, environmental sustainability, gender equity, and financial performance.
Investors of this fund are enabling real solutions to the global water crisis, driving health, climate resilience, and economic empowerment for millions living on less than USD 8 per day. Every liter of clean water delivered is a step towards a more equitable and sustainable world
What we have invested in
Decentralized water purification systems
Piped water infrastructure and networks
Water quality monitoring and safety technologies
Innovative water storage and distribution solutions
Water solutions generating carbon credits
As the anchor investor and sponsor of the fund, we value Incofin’s ability to bring together investors with different profiles into the emerging sector of access to safe drinking water for vulnerable populations. They have created a strong and impactful ownership structure for this impact-first fund, which is now ready to impact at scale safe drinking water access!
David GrolleauCFO, Danone Communities
The Water Access Acceleration Fund is emblematic for all of us, as it reinforces the European Investment Bank, the Government of the Netherlands and Incofin’s joint support towards investments into the water ecosystem in the global emerging markets.
Irina GamanPrivate Equity Investment Officer, European Investment Bank (EIB)
Access to safe and affordable drinking water is one of the greatest challenges of our time. We are proud to partner with such a committed and diverse group of investors who share our vision that catalytic investments in scalable, sustainable water businesses are an essential first-step to solving this problem.
Aparna PittieDeputy Fund Manager and Partner, Water Access Acceleration Fund
Partners
Anchor investor through its impact fund, backing social businesses that expand access to nutrition and clean water – supporting our mission to scale sustainable water solutions.
Mobilizes Danish private and institutional capital toward sustainable development, partnering with us to scale innovative water and sanitation solutions.
Sector expert, co-investor & technical assistance partner, bringing deep knowledge and networks in water and sanitation to accelerate enterprise growth in Africa and Asia.
Norway’s development finance institution, strengthening our Technical Assistance Facility and helping ensure projects deliver lasting impact in developing markets.
The EU’s investment arm, providing catalytic capital that attracts private and public investors to our blended finance model for water.
Switzerland’s development agency, supporting our blended finance structure to mobilize private capital for inclusive water and sanitation investments.
Fund Details
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