New York City-based New Waters Capital is working with Goldman Sachs to secure initial investors for its first fundraise of between USD 5bn and USD 6bn, sources familiar with the matter told Infralogic.

New Waters is being set up as a multi-strategy fund manager to invest in data centers serving AI and clean fuels, the sources said.

CEO Bill Brown is spearheading the new fund.

One of the latest GPs to arrive in the market, New Waters executives incorporated the firm in Delaware in January this year, according to state filings.

Brown, who formerly spent 15 years at the firm he co-founded, North Carolina-based 8 Rivers Capital, sold his shares in 8 Rivers to South Korea’s SK Inc. in that company’s majority takeover last year, two sources said.

The initial fund is meant to acquire two different operating companies while bolting on co-located natural gas-fired power assets, including carbon capture, the first source said.

New Waters is internally designing data centers that don’t need to be close to population centers – typically sites ideal for AI training purposes that feature “stranded” power and other site selection criteria.

New Waters’ legal advisor on the fundraise is Seward & Kissel.

New Waters declined to comment. Goldman Sachs and S&K did not respond to requests for comment.