Arlington Capital Partners

What Arlington Capital Partners does

Arlington Capital Partners is a Washington, D.C.-area (Bethesda, MD) private equity firm founded in 1999 that invests exclusively in companies serving or regulated by the government. The firm operates a Buy & Build strategy organized around four vertical practices: Aerospace & Defense, Government Services & Technology, Healthcare, and Business Services & Software. Since inception, Arlington has invested in approximately 200 companies, currently maintains 25 active portfolio companies, and has raised over $14 billion in cumulative committed capital — most recently closing Fund VII at $6 billion in October 2025, materially above its $4.75 billion target. The firm is led by four Managing Partners (Matthew L. Altman, Michael H. Lustbader, Peter M. Manos, and David C. Wodlinger) and received a strategic minority investment from Goldman Sachs in December 2020.

Arlington generates revenue through management fees on committed capital across its private equity funds and through carried interest from successful portfolio company exits. The firm actively builds platforms through add-on acquisitions — including the 2026 merger of ENERCON with portfolio company Pond & Company to create a 2,700-professional nuclear and power engineering platform, the 2025 formation of Neumo (combining Avenu, ITI, and GovOS to serve over 4,500 public sector customers), and the 2024-2025 formations of Keel, Kinetic Engine Systems, GRVTY, and Verus Aerospace. Recent exits include the $960 million sale of Stellant Systems to TransDigm, the up-to-$1.45 billion sale of Riverpoint Medical to Novanta, and the sale of BlueHalo to AeroVironment, with Michelin acquiring Tex-Tech Industries and J.F. Lehman acquiring Forged Solutions Group also completed in 2026.

The firm's portfolio spans U.S. and international operations, with recent geographic expansion into Australia via the Eptec Defence acquisition serving the Royal Australian Navy. Platform companies supply precision aerospace components, RF amplification, secure government software, nuclear engineering, defense electronics, medical device manufacturing, and government technology services to customers including the U.S. Department of Defense, U.S. Department of Energy, Royal Australian Navy, state DOTs, healthcare OEMs, and over 4,500 state and local government entities. Day-to-day governance involves close partnership with portfolio company management teams, who co-invest alongside the fund — exemplified by management teams from ENERCON and POND co-investing over $100 million alongside Arlington in the 2026 combined platform.

Name

Arlington Capital Partners

Legal name

Arlington Capital Partners LLP

Website

http://arlingtoncap.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

11–50 employees

Short description

Arlington Capital Partners is a Washington, D.C.-area private equity firm founded in 1999 that invests in companies serving or regulated by the government across Aerospace & Defense, Government Services, Healthcare, and Business Services & Software, with over $14 billion in committed capital and 25 active portfolio companies.

Ownership category

akta.pro rank

Product category

Private Equity Investment Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

akta.pro secondary industry

Late-Stage Venture Capital (Series C+) (FSANAAAC)

Keywords

• Private equity fund management
• Buy and build strategy
• Aerospace defense investment
• Government services investment
• Healthcare private equity

Headquarters

HQ city

Chevy Chase

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Private equity fund management fees and carried interest: As a private equity firm, Arlington generates revenue through management fees on committed capital across its funds (including the $6B Fund VII closed in 2025) and through carried interest from successful portfolio company exits. The firm invests in companies in regulated industries and generates returns through platform builds, add-on acquisitions, and exits to strategic and financial buyers.
2. Portfolio company exit proceeds: Arlington realizes returns through sales of portfolio companies to strategic acquirers (e.g., TransDigm acquired Stellant Systems for $960M, Michelin acquired Tex-Tech, Novanta acquired Riverpoint Medical for up to $1.45B, AeroVironment acquired BlueHalo, CBRE acquired J&J Worldwide Services) and through add-on acquisitions that build platform value.

Go-to-market motion2 records

Core offering

Arlington Capital Partners is a Washington, D.C.-based private equity firm that invests in middle-market companies in government-regulated industries. The firm manages private equity funds (most recently Fund VII at $6 billion, closed October 2025) and deploys capital through a Buy & Build strategy across four verticals: Aerospace & Defense, Government Services & Technology, Healthcare, and Business Services & Software. Arlington partners with management teams to acquire, scale, and exit platform companies, generating returns through management fees on committed capital and carried interest from successful portfolio exits.

Product overview

Arlington Capital Partners is a Washington, D.C.-based private investment firm whose core product is a Buy & Build private equity platform organized around four vertical practices: Aerospace & Defense, Government Services & Technology, Healthcare, and Business Services & Software. The firm invests through funds (most recently the $6 billion Fund VII closed in October 2025) and partners with management teams to acquire, operate, and exit platform companies. The current portfolio is anchored by platforms including Eptec Defence and Radius Aerospace (Aerospace & Defense); ENERCON (the merged POND/ENERCON nuclear and power engineering platform), GRVTY, Exostar, Neumo, Integrated Data Services (IDS), Systems Planning & Analysis (SPA), TRP Infrastructure Services, and Tyto Athene (Government Services); and CBSET, Cordica Medical, Afton Scientific, AVS Bio, Millstone Medical Outsourcing, Everest Clinical Research, Riverpoint Medical, and Grand River Aseptic Manufacturing (GRAM) in Healthcare. The platform's value proposition is built on a Domain Expertise approach, with Arlington's Managing Partners and Operating Executives providing sector advisory support and capital markets resources to portfolio companies across their lifecycle, culminating in strategic sales such as Stellant Systems to TransDigm and Riverpoint Medical to Novanta.

Differentiator

Problem solved

Functional benefit

Brands

• Neumo: Cloud-based government modernization platform serving over 4,500 public sector customers across North America, offering solutions for judicial, DMV, revenue compliance, public administration, and integrated payments.
• Keel
• Stellant Systems
• Cordica Medical
• GRVTY
• Qarbon Aerospace
• Radius Aerospace
• Verus Aerospace
• Kinetic Engine Systems
• AVS Bio
• Millstone Medical Outsourcing
• Everest Clinical Research
• Grand River Aseptic Manufacturing (GRAM)
• Afton Scientific
• CBSET
• Riverpoint Medical
• Tex-Tech Industries
• Tyto Athene
• Exostar
• Systems Planning & Analysis (SPA)
• TRP Infrastructure Services
• Integrated Data Services (IDS)
• ENERCON
• FMI Industries

Products and services

• Arlington Capital Partners Private Equity Investment Platform Buy & Build private equity platform with over $14 billion in committed capital across seven funds (most recently Fund VII at $6 billion) and 25 active portfolio companies. The platform sources, acquires, operates, scales, and exits middle-market companies in regulated industries, partnering with management teams to drive organic and inorganic growth.
• Aerospace & Defense Investment Practice Sector-focused investment practice targeting middle-market aerospace and defense companies that supply U.S. and allied governments, with active portfolio platforms including Eptec Defence, Keel, Kinetic Engine Systems, Qarbon Aerospace, Radius Aerospace, Stellant Systems, and Verus Aerospace.
• Government Services & Technology Investment Practice Sector-focused investment practice targeting middle-market government services and technology companies serving federal, state, and local government customers, with active portfolio platforms including ENERCON (nuclear and power engineering), GRVTY (defense technology), Exostar (secure collaboration software), Neumo (GovTech), Integrated Data Services (IDS/CCaR software), Systems Planning & Analysis (SPA), TRP Infrastructure Services, and Tyto Athene (federal systems integrator).
• Healthcare Investment Practice Sector-focused investment practice targeting middle-market healthcare companies serving medical device and pharmaceutical OEMs, with active portfolio platforms including CBSET (preclinical research), Cordica Medical (medical device manufacturing), Afton Scientific (sterile injectable CDMO), AVS Bio (SPF eggs/bioprocessing), Millstone Medical Outsourcing, Everest Clinical Research (CRO), Riverpoint Medical (medical devices), and Grand River Aseptic Manufacturing (GRAM).
• Business Services & Software Investment Practice Sector-focused investment practice targeting middle-market business services and software companies serving regulated end-markets, leveraging Arlington's domain expertise to scale technology-enabled platforms and capital-efficient service businesses.
• ENERCON (Nuclear & Power Engineering Platform) Multi-disciplinary architecture, engineering, environmental, and project management firm specializing in nuclear engineering and licensing support, with deep expertise in small modular reactors (SMRs) and large-scale reactors. Serves the U.S. Department of Energy, major utilities, and federal agencies with the combined platform supporting approximately 90% of the country's nuclear plants.
• Neumo (GovTech Cloud Platform) Cloud-based government technology platform serving over 4,500 public sector customers across North America, with solutions spanning judicial, DMV, revenue compliance, public administration, and integrated payments on a unified cloud platform.
• Tyto Athene (Federal Systems Integrator) Full-service federal systems integrator focused on helping defense, intelligence, and civilian agencies accelerate decision-making by providing ubiquitous and secure access to enterprise information. Capabilities span cloud, cyber, and network services with expanded capabilities via acquisitions of Qbase, Microtel, MindPoint Group, stackArmor, and Ready Support Services.
• Exostar (Secure Business Collaboration Software) Cloud-based secure business collaboration software serving nearly 200,000 companies in highly regulated industries including aerospace and defense, healthcare and life sciences, and banking, financial services, and insurance (BFSI).
• GRVTY (Defense Technology) Defense technology company delivering automated ISR&T platforms, software, and data solutions to defense, intelligence, and homeland security customers.

Quantifiable outcome

• Raised over $14 billion in committed capital since 1999
• +5 more outcomes

Named customers8 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and minor.

• Pond & Company (POND)coreStrategic or Co-development Partner · 29 April 2026ENERCON was merged with Arlington portfolio company Pond & Company, creating a combined power engineering platform under the ENERCON name with more than 2,700 professionals. Management teams from both companies co-invested well over $100 million alongside Arlington.
• Tex-Tech IndustriescoreStrategic or Co-development Partner · 6 January 2026Tex-Tech Industries was sold to Michelin, while Arlington simultaneously spun out FMI Industries Inc. (combining Fiber Materials, Inc. and the Engineered Composites division from SGL Carbon) as a new independent Arlington portfolio company led by former Tex-Tech CEO Scott Burkhart.
• Venture capital firms, private equity funds, and tech billionaires (broader industry context)minorOthersContextual mention in The Nation article describing the broader trend of private capital capturing Pentagon budget through high-level personnel appointments, new bureaucratic infrastructure, and transformed procurement rules favoring startups. Arlington is referenced within the context of private capital's growing role in defense.

Scale indicators14 records

Recent moves17 records

Expansion highlights6 records

Broad incumbents

• Oaktree Capital Management: Large alternative asset manager with a broad industrials and energy practice. Sold ENERCON to Arlington in 2026, demonstrating overlapping interest in regulated power-engineering assets.
• The Carlyle Group: Global alternative asset manager with a major aerospace & defense and government services practice. One of its former MDs (Peter Manos) sits on Arlington's leadership team, indicating overlapping deal flow and similar sourcing channels.
• Bain Capital Double Impact / Bain Capital: Global alternative asset manager with a dedicated aerospace & defense and government services practice. Comparable platform-building approach at larger scale, frequently competing for the same mid-cap defense targets.
• Clearlake Capital Group: Large alternative asset manager with a substantial industrials, healthcare, and government services practice. Recently sold TEAM Technologies (now Cordica Medical) to Arlington, evidencing active co-movement in the middle market.

Direct peers

• J.F. Lehman & Company: Middle-market PE firm exclusively focused on aerospace, defense, and maritime sectors. Recently acquired Forged Solutions Group from Arlington, evidencing direct interaction as both buyer and seller in the same defense-industrial niche.
• American Industrial Partners: Middle-market PE firm investing in industrial businesses serving aerospace & defense, government, and healthcare end markets. Overlapping focus on regulated, asset-heavy platforms with similar buy-and-build playbook.
• New Mountain Capital: Middle-market PE firm with a strong government services and healthcare vertical practice. Comparable scale and sector orientation, frequently cited alongside Arlington in middle-market defense and government-tech deal comparisons.
• DC Capital Partners: Specialist middle-market PE firm focused on defense, intelligence, and government services. DC Capital sold Pond & Company to Arlington in 2026, making it a directly comparable peer in the same sub-sector and exit dynamic.
• Audax Private Equity: Middle-market PE firm with a dedicated government services, healthcare, and business services practice. Recently sold GovOS to Arlington (now part of Neumo), evidencing active participation in the same sub-sector.
• Greenbriar Equity Group: Middle-market PE firm focused on aerospace & defense, industrial manufacturing, and business services. Directly comparable deal sourcing, check size, and platform-build approach in regulated industrial markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/arlington-capital-partners-llp

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries27 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A42 records

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Arlington Capital Partners