Apollo-managed funds have acquired Maverick Water Group, a Houston-based developer and operator of alternative non-potable water systems in Texas, from funds managed by Crosstimbers Capital Group. Announced on August 3, 2026, the deal aims to scale Maverick’s infrastructure to meet rising demand from industrial and real estate customers.
The acquisition transitions Maverick Water Group into the portfolio of one of the world’s largest asset managers. While Apollo now holds the majority interest, Maverick’s management team retains a minority stake and will continue to operate the company.
Maverick Water Group’s Texas Infrastructure
Founded in 2018 and headquartered in Houston, Maverick specializes in the development and operation of alternative non-potable water systems. These assets are purpose-built through partnerships with industrial customers and real estate developers to ensure a reliable water supply that does not rely on potable sources.
The company’s footprint spans Texas, where it operates through long-term contracted infrastructure.
- Data centers
- Energy sector clients
- Industrial facilities
- Real estate developments
- Local communities
Apollo’s Infrastructure Strategy and Capital Scale
The acquisition aligns with a broader push by Apollo to invest in the Global Industrial Renaissance, a trend driving the need for modern, resilient physical infrastructure. The scale of this effort is significant; Apollo Funds have deployed more than $130 billion across infrastructure and infrastructure-related investments over the last five years, according to the company’s proprietary Infrastructure Investment Classification Framework and Calculation Methodology.
“Maverick has built a differentiated platform delivering long-term water solutions across some of the country’s fastest-growing markets. Bringing to bear the scale of our infrastructure platform and deep industry expertise, we look forward to partnering with Maverick’s highly experienced team to support the Company and its customers through this next phase of growth.”
— Jon Levinson, Managing Director, in Apollo’s Infrastructure Group
This move integrates Maverick into a massive financial engine. As of March 31, 2026, Apollo reported approximately $1.03 trillion of assets under management. For Maverick, this means access to a level of capital and industry expertise that can accelerate its existing pipeline of projects.
The Transition from Crosstimbers Capital Group
Maverick was previously managed by funds from Crosstimbers Capital Group. The transition marks a shift from the company’s founding phase to a scaling phase. Trevor Brock, Co-founder and Managing Partner of Crosstimbers, noted that the company was built on the belief that resilient infrastructure, innovation, and stronger alignment with companies are all important elements of flourishing communities.
He added, Dustin, Ben, and the team have built an exceptional business around it, with a culture to match. We’re grateful for their partnership and excited to watch Maverick continue to grow with Apollo.
“We built Maverick to deliver reliable water solutions in regions where they are increasingly important, and we’re proud of the platform and the reputation our team has established. Apollo shares our long-term vision for the business, and its partnership will enable us to continue investing in the innovative solutions our customers have come to expect from us. We’re excited about what we can accomplish together in this next chapter, and we’re grateful to the Crosstimbers team for all their support.”
— Dustin Kinder, Chief Executive Officer of Maverick Water Group
While financial terms of the transaction were not disclosed, the deal involved a coordinated effort of financial and legal advisors. Guggenheim Securities served as the financial advisor to Maverick. On the legal front, Vinson & Elkins LLP acted as legal counsel for Apollo Funds, while Latham & Watkins LLP represented Crosstimbers.
The Vinson & Elkins team was led by Dan Komarek, Chris Bennett, and Tara Tegeleci, with assistance from Megan Menniti, Layla Wehbe, Joo Lee, Jason McIntosh, Sarah Mitchell, Sean Becker, and Matt Dobbins.
Scaling for Accelerating Water Demand
The immediate goal for Maverick under Apollo’s ownership is to scale its platform and its significant near-term pipeline to meet accelerating demand for efficient, sustainable water infrastructure. The company’s focus on non-potable systems is a strategic hedge against water scarcity, allowing industrial and data center operators to maintain operations without depleting drinking water reserves.
By leveraging Apollo’s proprietary Infrastructure Investment Classification Framework, the firm intends to support Maverick’s next phase of growth. This involves expanding the current pipeline of assets to keep pace with the rapid industrial growth occurring across Texas.
