Investment adviser · CRD 156694

WATER STREET HEALTHCARE PARTNERS, LLC

Investment adviser filing (IA)

CHICAGO, IL, United States · Form ADV filed Mar 30, 2026

Regulatory AUM
$7.49B
Form ADV · Item 5.F
Client accounts
16
Accounts, not individual clients
Employees
42
Reported in this filing
Advisory professionals
38
Investment advisory functions

Who they report serving

Form ADV · Item 5.D

Client types and their share of reported regulatory assets.

Client typeClientsRegulatory assetsShare of AUM
Pooled investment vehicles16$7,490,467,694100.0%
Filing source

Form ADV 2076929 · Mar 30, 2026 · Item 5.D

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Private funds & service providers

17 Private funds

The count excludes feeder funds. Funds in the latest filing appear first, ordered by reported gross assets. Earlier funds retain their last reported values.

PEGASUS WSJLL FUND, L.P.Private Equity Fund · Last reported Mar 30, 2026$1.98BGross asset value

Form D fundraising filings

PEGASUS WSJLL FUND, L.P.

Fund administrator GEN II FUND SERVICES, LLC NEW YORK, New York, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor PRICEWATERHOUSECOOPERS LLP CHICAGO, Illinois, United States
Custodian BMO BANK NATIONAL ASSOCIATION CHICAGO, Illinois, United States Related to adviser: No
Custodian MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED NEW YORK, New York, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

PRICEWATERHOUSECOOPERS LLP
PCAOB 238

BMO BANK NATIONAL ASSOCIATION
LEI 3Y4U8VZURTYWI1W2K376

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
SEC 8-7221

Fund details & source
Fund ID
805-6680809342
Reported beneficial owners
167
Minimum commitment
$0
Form D file number
021-424235

Form ADV 2076929 · Mar 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

WATER STREET HEALTHCARE PARTNERS IV, L.P.Private Equity Fund · Last reported Mar 30, 2026$1.51BGross asset value

Form D fundraising filings

Water Street Healthcare Partners IV, L.P.

Fund administrator GEN II FUND SERVICES, LLC NEW YORK, New York, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor PRICEWATERHOUSECOOPERS LLP CHICAGO, Illinois, United States
Custodian BMO BANK NATIONAL ASSOCIATION CHICAGO, Illinois, United States Related to adviser: No
Custodian MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED NEW YORK, New York, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

PRICEWATERHOUSECOOPERS LLP
PCAOB 238

BMO BANK NATIONAL ASSOCIATION
LEI 3Y4U8VZURTYWI1W2K376

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
SEC 8-7221

Fund details & source
Fund ID
805-5407341206
Reported beneficial owners
65
Minimum commitment
$10M
Form D file number
021-294769

Form ADV 2076929 · Mar 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

WATER STREET HEALTHCARE PARTNERS V, L.P.Private Equity Fund · Last reported Mar 30, 2026$998MGross asset value

Form D fundraising filings

WATER STREET HEALTHCARE PARTNERS V, L.P.

Fund administrator GEN II FUND SERVICES, LLC NEW YORK, New York, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor PRICEWATERHOUSECOOPERS LLP CHICAGO, Illinois, United States
Custodian BMO BANK NATIONAL ASSOCIATION CHICAGO, Illinois, United States Related to adviser: No
Custodian MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED NEW YORK, New York, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

PRICEWATERHOUSECOOPERS LLP
PCAOB 238

BMO BANK NATIONAL ASSOCIATION
LEI 3Y4U8VZURTYWI1W2K376

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
SEC 8-7221

Fund details & source
Fund ID
805-5943481216
Reported beneficial owners
74
Minimum commitment
$0
Form D file number
021-441967

Form ADV 2076929 · Mar 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

WATER STREET ORION FUND, L.P.Private Equity Fund · Last reported Mar 30, 2026$684MGross asset value

Form D fundraising filings

WATER STREET ORION FUND, L.P.

Fund administrator GEN II FUND SERVICES, LLC NEW YORK, New York, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor PRICEWATERHOUSECOOPERS LLP CHICAGO, Illinois, United States
Custodian BMO BANK NATIONAL ASSOCIATION CHICAGO, Illinois, United States Related to adviser: No
Custodian MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED NEW YORK, New York, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

PRICEWATERHOUSECOOPERS LLP
PCAOB 238

BMO BANK NATIONAL ASSOCIATION
LEI 3Y4U8VZURTYWI1W2K376

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
SEC 8-7221

Fund details & source
Fund ID
805-3605924639
Reported beneficial owners
57
Minimum commitment
$0
Form D file number
021-415955

Form ADV 2076929 · Mar 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

WATER STREET ORION FUND PARALLEL, L.P.Private Equity Fund · Last reported Mar 30, 2026$466MGross asset value

Form D fundraising filings

WATER STREET ORION FUND PARALLEL, L.P.

Fund administrator GEN II FUND SERVICES, LLC NEW YORK, New York, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor PRICEWATERHOUSECOOPERS LLP CHICAGO, Illinois, United States
Custodian BMO BANK NATIONAL ASSOCIATION CHICAGO, Illinois, United States Related to adviser: No
Custodian MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED NEW YORK, New York, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

PRICEWATERHOUSECOOPERS LLP
PCAOB 238

BMO BANK NATIONAL ASSOCIATION
LEI 3Y4U8VZURTYWI1W2K376

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
SEC 8-7221

Fund details & source
Fund ID
805-3369781918
Reported beneficial owners
28
Minimum commitment
$0
Form D file number
021-415957

Form ADV 2076929 · Mar 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

WATER STREET HEALTHCARE PARTNERS V PARALLEL, L.P.Private Equity Fund · Last reported Mar 30, 2026$436MGross asset value

Form D fundraising filings

WATER STREET HEALTHCARE PARTNERS V PARALLEL, L.P.

Fund administrator GEN II FUND SERVICES, LLC NEW YORK, New York, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor PRICEWATERHOUSECOOPERS LLP CHICAGO, Illinois, United States
Custodian BMO BANK NATIONAL ASSOCIATION CHICAGO, Illinois, United States Related to adviser: No
Custodian MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED NEW YORK, New York, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

PRICEWATERHOUSECOOPERS LLP
PCAOB 238

BMO BANK NATIONAL ASSOCIATION
LEI 3Y4U8VZURTYWI1W2K376

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
SEC 8-7221

Fund details & source
Fund ID
805-8548161865
Reported beneficial owners
32
Minimum commitment
$0
Form D file number
021-441968

Form ADV 2076929 · Mar 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

WATER STREET HEALTHCARE PARTNERS IV AIV PARALLEL, L.P.Private Equity Fund · Last reported Mar 30, 2026$389MGross asset value
Fund administrator GEN II FUND SERVICES, LLC NEW YORK, New York, United States Investor statements: Yes (provided to all investors) Related to adviser: No
Auditor PRICEWATERHOUSECOOPERS LLP CHICAGO, Illinois, United States
Custodian BMO BANK NATIONAL ASSOCIATION CHICAGO, Illinois, United States Related to adviser: No
Custodian MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED NEW YORK, New York, United States Related to adviser: No
Provider details
Annual audit
Yes
Prime brokers
No
Custodians
Yes
Administrator other than the adviser
Yes
External marketing
No

PRICEWATERHOUSECOOPERS LLP
PCAOB 238

BMO BANK NATIONAL ASSOCIATION
LEI 3Y4U8VZURTYWI1W2K376

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
SEC 8-7221

Fund details & source
Fund ID
805-2149848783
Reported beneficial owners
14
Minimum commitment
$10M

Form ADV 2076929 · Mar 30, 2026 · Schedule D 7.B.(1)

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.

Services & filing details

Most recent filing: Mar 30, 2026. View historical filings

Reported services

Pooled investment vehicle management

Compensation

Percentage of assets · Performance-based

Principal office

444 W. LAKE ST., SUITE 1800
CHICAGO, IL, 60606-1336, United States

CRD 156694

Filing source

Form ADV 2076929 · Mar 30, 2026 · Items 1 & 5

Official IAPD profile (latest public filing). Values are the most recently reported in our imported data; the public profile may show a newer filing.