Emerald's water fund hits €100M with Temasek and Grundfos on board
What's the deal? Zurich-based Emerald Technology Ventures has hit a €100 million milestone for its Global Water Fund II, adding Singaporean sovereign wealth fund Temasek and Denmark's GrundfosDealroom has a profile for this one. Try Dealroom → Foundation as investors.
The fund had closed its first tranche at €60 million late in 2025. Other backers include Veralto CorporationDealroom has a profile for this one. Try Dealroom →, EcolabDealroom has a profile for this one. Try Dealroom →, SKion WaterDealroom has a profile for this one. Try Dealroom →, and Oxy Technology VenturesDealroom has a profile for this one. Try Dealroom → (the venture arm of US oil and gas major Occidental PetroleumDealroom has a profile for this one. Try Dealroom →). The fund is targeting a final close of €150–180 million.
Why now? Water security is climbing the agenda of governments and corporations alike, and Emerald has spent two decades building a track record in the sector. Its first water fund delivered exits to industry giants SUEZDealroom has a profile for this one. Try Dealroom →, XylemDealroom has a profile for this one. Try Dealroom →, and BASF, and brokered collaborations between Microsoft and portfolio companies Kilimo and FIDO.
That pedigree has drawn in Temasek, already a cornerstone investor in the first fund, and Grundfos Foundation — owner of the world's largest pump manufacturer — both of which bring industrial and institutional heft to the vehicle.
What could go wrong? The fund still has a gap to close: at €100 million, it sits at the lower end of its €150–180 million target range. Water tech is also a long-cycle business — solutions in treatment, infrastructure, and contamination monitoring require patient capital and long commercialisation timelines, which can test investor appetite.
The signal: The investor mix tells the real story. Spanning sovereign wealth, industrial foundations, specialty chemicals, and energy, the fund's LP base reflects a recognition that water risk is now a cross-sector problem — not just an environmental one.
Emerald is positioning Global Water Fund II as a platform to connect corporate LPs with early-stage companies, betting that strategic relationships are as valuable as the capital itself. With climate volatility pushing water resilience up the corporate risk register, dedicated water-tech funds may be one of the more durable niches in climate investing.
Sources:
Emerald Technology Ventures
GlobeNewswire
Grundfos
StreetInsider.com
Image credit:
Emerald Technology Ventures
J.V.
