New Water Capital Partners III, L.P.

The three named GPs (Neimark, McGee, Pawlowski) and absence of any prior EDGAR filings from this manager suggest New Water Capital Partners either operates below the $150M reporting threshold historically, has used alternative fund structures, or is making its first SEC-reportable raise at the Fund III stage — the GP count and distribution imply a collaborative leadership model rather than a single-GP-led shop.

A mid-2026 filing for a Fund III vintage aligns with the typical 4–5 year fund cycle, meaning Fund II likely began deploying around 2021–2022; this timing captures an inflection point where dry powder is being returned and LP appetite for continuation strategies is active despite ongoing portfolio management cycles.

Before committing, verify whether New Water Capital Partners has key-man provisions tied to any of the three named GPs and confirm the actual target size once it updates this placeholder — also cross-check Fund II's final close date and J-curve timing to assess whether this Fund III will face overlap deployment risk.