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Waterous Energy Fund

Private equity

Calgary · Growth–Late Stage · 8 people tracked

Also known as WATEROUS ENERGY FUND MANAGEMENT (US), LLC · WATEROUS ENERGY FUND MANAGEMENT CORP. (ALBERTA)

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Investment thesis

WEF pursues a value-based investment strategy in the Canadian oil and gas sector rather than the traditional growth-equity approach. It acquires established, high-quality, geographically concentrated sub-scale assets and combines them into large, durable businesses, favoring a concentrated portfolio of scaled companies over many smaller ones. The strategy follows three principles: compounding long-term intrinsic value per share by maximizing net asset value and operating return on equity, maintaining a margin of safety through low-breakeven, long-reserve-life assets with established production histories, and consolidating core areas by building a beachhead and acquiring surrounding assets to cut costs and improve cost of capital.

Invests inEnergyCalgaryCanadaHoustonNorth America

Source: firm website, verified Aug 11, 2026.

Stage
Growth–Late Stage
HQ
Calgary, AB, CA
Instruments
Equity
Founded
2017
AUM
$4B
Tracked investments
2

Team · 8 people

from the firm's website

Investments · 2 tracked

founders shown can be your intro path
Greenfire ResourcesNYSE: GFR

Junior oil sands producer developing long-life, low-decline thermal oil assets in Alberta's Athabasca region; listed on NYSE and TSX (GFR).

Strathcona ResourcesOTC: STHRF

One of North America's fastest growing pure-play heavy oil producers focused on thermal oil and enhanced oil recovery; listed on the TSX (SCR).

Exits · 2

IPOs and acquisitions across the tracked portfolio

Greenfire ResourcesNYSE: GFRStrathcona ResourcesOTC: STHRF

Frequently asked questions

What stage does Waterous Energy Fund invest at?
Waterous Energy Fund invests at the Growth, Late Stage stages.
What sectors does Waterous Energy Fund focus on?
Waterous Energy Fund focuses on Energy.
Where is Waterous Energy Fund located?
Waterous Energy Fund is headquartered in Calgary, CA.

Media · Podcasts & interviews

featuring the team

Investor Insights Ep12: Henry Hager, Waterous Energy Fund

Energy Council · Henry Hager

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