Ep. 27: Debra Coy - Earnings Calls, Inflection Points, and Perspective
Over the last decade, I've been so lucky to learn from seriously good water people, and Debra Coy is one of the best. Over four decades, she has built an extraordinary body of work from public markets analyst to XPV, the preeminent water investing firm that has been extraordinarily supportive to us, to her current independent role advising and sitting on the boards of major water companies. She sits on the investment committee of our Opportunity Fund and it has been such a pleasure to benefit from her insight and wisdom as we have made our first two investments at the Series B. This is a really fun conversation. Everything from the lessons for founders, from earnings transcripts to lending her perspective on the overall history of private markets investing in water. Please enjoy my conversation with Debra Coy.
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Full show notes and links to mentioned content below.
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Legendary water industry leader, Debra Coy, reflects on the water sector's transformation from obscure investment to a recognized industry. She highlights the impact of increased investor knowledge, rapid digital tech adoption, and a new generation of business-savvy entrepreneurs. Drawing from her experience at XPV Water Partners, Debra emphasizes their focus on strong entrepreneurs and hands-on company building, and champions talent recycling within the sector. She also offers advice to aspiring water entrepreneurs: study public market data, balance ambitious vision with practical execution, and prioritize diverse leadership for enhanced performance.
00:00 Learning from Water Industry Leaders
02:30 - Water's Transformation into an Investable Sector
03:15 - Challenges Across the Capital Stack in Water Investing
04:45 - 14-Year Tech Adoption Cycle in Water
06:45 - The Critical Role of Entrepreneurs in Water Innovation
09:00 - XPV's Focus on Scaling Water Companies
13:20 - Building Synergies with Operational Focus
17:40 - Importance of Talent Recycling in Water Startups
20:00 - Axius’ Growth Strategy with KKR Partnership
22:30 - Managing Water Challenges in the Permian Basin
27:30 - Public Markets as a Guide for Water Entrepreneurs
30:20 - The Value of Reading Earnings Call Transcripts
33:00 - Public Market Sentiment Around Water Investments
35:25 - Key Traits of Successful Water Leaders
37:30 - Advancing Gender and Diversity in Water
40:25 - Balancing Vision and Execution as an Entrepreneur
*Please note in the episode Debra mentions XPV raised a $250m FundI I. The correct amount was a $150m Fund I.
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