LongWater Opportunities
LongWater Opportunities is a Fargo, ND-based private markets investment firm managing ~$1B in AUM across private equity control investments and private credit capital solutions, targeting U.S. lower middle market industrial businesses through offices in Fargo, Dallas, and St. Louis.
- Company typePrivate
- Founded2009
- HeadquartersFargo, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What LongWater Opportunities does
LongWater Opportunities is a Fargo, North Dakota-headquartered private markets investment firm founded in 2009 by Jordan Bastable and Brooks Burgum, focused exclusively on the U.S. lower middle market. The firm operates two integrated platforms: Private Equity, which pursues control investments in industrial businesses with $4M+ EBITDA across the American Heartland; and Capital Solutions, launched in October 2023, which provides private credit (Senior, Unitranche, Second Lien, and Mezzanine debt), minority equity (Preferred and Common), and LP fund commitments to lower middle market companies and sponsors. As of mid-2026, the firm manages approximately $1B in regulatory assets under management across five asset classes, with offices in Fargo, Dallas, and St. Louis, and a team of 11-50 employees including investment professionals and operations staff.
The firm's go-to-market is relationship-driven and bifurcated by strategy: the Private Equity team pursues direct control acquisitions of founder and family-led industrial businesses, while the Capital Solutions team - staffed by an eight-person group hired from RGA's Private Debt and Equity Group - originates direct lending and equity co-investments alongside PE sponsors, management teams, and family offices. LongWater generates revenue through management fees and carried interest on its fund vehicles, including LWO Fund II ($50M, 2016), LWO Fund III ($100M+ closed 2022), and the inaugural SBIC Fund ($262.5M+ closed June 2026, inclusive of SBA leverage). Its investor base spans publicly traded and privately held banks, family offices, insurance companies, institutional investors, and high-net-worth individuals, with approximately 40% being first-time SBIC Program investors. The firm targets yield premiums of 200-400 bps over upper middle market credit and reports first lien recovery rates of 70-80% supported by full maintenance covenants as standard practice.
LongWater Opportunities firmographics
Firmographics- Name
- LongWater Opportunities
- Legal name
- LongWater Opportunities
- Website
- https://longwateropportunities.com
- Company type
- Private
- Founded year
- 2009
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- LongWater Opportunities is a Fargo, ND-based private markets investment firm managing ~$1B in AUM across private equity control investments and private credit capital solutions, targeting U.S. lower middle market industrial businesses through offices in Fargo, Dallas, and St. Louis.
- Ownership category
- akta.pro rank
LongWater Opportunities industry classification
Industry- Product category
- Private Markets Asset Management
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)
- akta.pro primary industry
- Emerging Manager / Small Fund Secondaries (FSANAFAL)
- akta.pro secondary industry
- Renewables & Energy Transition Funds (Solar, Wind, Hydrogen, CCUS) (FSANAEAD)
Keywords
Where LongWater Opportunities is headquartered
LocationHeadquarters
- HQ city
- Fargo
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
LongWater Opportunities business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- Private Credit & Equity Investment Returns: LongWater generates returns through investment returns from its private credit and private equity portfolios. The firm manages multiple funds including LWO Fund III ($100M institutional fund), inaugural SBIC fund (exceeded $262.5M target), and provides capital solutions to lower middle market companies.
- Fund Management: The firm manages institutional funds and SBIC funds, generating revenue through management fees and carried interest from investor commitments including banks, family offices, insurance companies, and institutional investors.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels4 records
LongWater Opportunities product offering
Product offeringCore offering
LongWater Opportunities is a private markets investment firm that deploys capital into U.S. lower middle market companies through four strategies: direct private credit (Senior, Unitranche, Second Lien, and Mezzanine debt), minority equity (Preferred and Common co-investments), LP fund commitments, and control equity investments in industrial businesses. The firm manages multiple fund vehicles including LWO Fund II ($50M), LWO Fund III (>$100M), and an inaugural SBIC fund (>$262.5M), serving as a strategic capital partner to founder-led, family-owned, and sponsor-backed companies.
Product overview
LongWater Opportunities is a multi-asset private markets investment firm offering a platform of four integrated investment strategies: Private Credit (direct lending through Senior, Unitranche, Second Lien, and Mezzanine instruments), Minority Equity (Preferred and Common co-investments), LP Fund Commitments (fund investments in PE buyout funds), and Private Equity Control Investments (majority equity positions in industrial businesses). The firm operates primarily in the lower middle market across North America, with dedicated focus on industrial sectors including Building Products, Industrial Services, Power, Transportation, Infrastructure, Specialty Manufacturing, and Agriculture Adjacent industries.
Differentiator
Problem solved
Functional benefit
Brands
- LongWater Capital Solutions: Private credit and capital solutions platform offering direct lending, minority equity, and LP fund commitments for lower middle market companies
- LongWater Private Equity
- Myriad Art Group
- Great Socks Holdings
Products and services
- Private Credit
Quantifiable outcome
- 200-400 bps yield premium over upper middle market transactions
- +3 more outcomes
Companies that use LongWater Opportunities
Customer profileNamed customers5 records
Segments6 records
Ideal customer profiles4 records
LongWater Opportunities technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
LongWater Opportunities partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered supporting and core.
- Deloitte Corporate FinancesupportingProvided advisory support for 5Q Partners transaction, working alongside Stone-Goff Partners and LongWater Opportunities Fund debt financing.
- Randy MeyercoreCo-founder of Cypress Rail Solutions alongside LongWater. Longtime industry executive with distinguished career in rail services industry.
- Brian TrammellcoreCo-founder of Cypress Rail Solutions alongside LongWater. Longtime industry executive partnering to build railcar services platform.
- Northern Plains Rail ServicessupportingLongWater's Cypress Rail Solutions acquired certain railcar maintenance assets of Northern Plains Rail Services, including locations in North Dakota and Minnesota.
Scale indicators10 records
Recent moves11 records
Expansion highlights6 records
LongWater Opportunities competitors and assessment
Company assessmentDirect peers
- Corridor Capital: Lower middle market private equity firm investing in industrial and business services companies. Corridor Capital acquired Circuitronics from LongWater in 2014, demonstrating a recurring buyer relationship and direct overlap in the lower middle market industrial deal universe.
- Stone-Goff Partners: Lower middle market private equity firm partnering with founder and family-owned businesses. Stone-Goff co-invested with LongWater on the 5Q Partners transaction, demonstrating direct overlap in deal sourcing and sponsor relationships in the same segment.
- Midwest Mezzanine Funds: Lower middle market mezzanine debt and equity co-investor focused on the US Midwest and Heartland. Midwest Mezzanine co-invested with LongWater on the Valley Lighting acquisition, directly competing for the same sub-debt and minority equity opportunities LongWater Capital Solutions targets.
- Caymus Equity: Lower middle market private equity firm investing in family and founder-led businesses with $3-15M EBITDA. Caymus led the equity on the Valley Lighting deal alongside LongWater's credit, illustrating direct competition and complementarity in the same deal ecosystem.
Broad incumbents
- Main Street Capital: Publicly traded (NYSE: MAIN) lower middle market debt and equity investment firm with a much larger and broader portfolio. Main Street Capital is a scaled incumbent in the same lower middle market segment LongWater targets, providing direct private credit and control/minority equity investments across the US.
- Monroe Capital: Established private credit firm providing senior and unitranche debt to lower middle market companies. Monroe Capital is a broader incumbent in the private credit space where LongWater Capital Solutions competes for similar direct lending opportunities, though with significantly more AUM.
Emerging players
- Holleway Capital Partners: Lower middle market investment firm focused on SBA-related lending and private credit. Abby Lindley (LongWater VP) previously spent six years at Holleway, indicating direct operational and credit underwriting overlap with the SBIC fund strategy.
- Align Capital Partners: Lower middle market private equity firm focused on control investments in industrial, business services, and consumer companies. Align Capital competes with LongWater's PE strategy in similar industrial end markets with comparable EBITDA size thresholds.
- Trinity Hunt Management: Dallas-based lower middle market private equity firm investing in founder-led industrial and consumer businesses. Trinity Hunt competes with LongWater for control investments in similar Heartland industrial companies and shares the operator-led investment thesis.
- Pharos Capital Group: Dallas-based private equity firm focused on lower middle market healthcare and industrial businesses. Jim Kerrigan (LongWater VP) previously spent 10 years at Pharos, providing direct talent and thesis overlap with LongWater's PE platform.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
LongWater Opportunities social profiles
Digital presenceLongWater Opportunities financial estimates
Financial estimateRevenue estimate
Valuation estimate
LongWater Opportunities leadership team
Management profileNumber of profiles
Profiles19 records
LongWater Opportunities subsidiaries and ownership
Company hierarchySubsidiaries7 records
LongWater Opportunities funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
LongWater Opportunities M&A and investment
M&A and investmentM&A2 records
Investments5 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about LongWater Opportunities
What does LongWater Opportunities do?
LongWater Opportunities is a private markets investment firm that deploys capital into U.S. lower middle market companies through four strategies: direct private credit (Senior, Unitranche, Second Lien, and Mezzanine debt), minority equity (Preferred and Common co-investments), LP fund commitments, and control equity investments in industrial businesses. The firm manages multiple fund vehicles including LWO Fund II ($50M), LWO Fund III (>$100M), and an inaugural SBIC fund (>$262.5M), serving as a strategic capital partner to founder-led, family-owned, and sponsor-backed companies.
Is LongWater Opportunities a public or private company?
LongWater Opportunities is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was LongWater Opportunities founded?
LongWater Opportunities was founded in 2009. It employs 11 to 50 people.
Where is LongWater Opportunities based?
LongWater Opportunities is headquartered in Fargo, United States, in the North America region.
How does LongWater Opportunities make money?
Two revenue lines are on record. Private Credit & Equity Investment Returns are the primary driver. The others are fund Management.
Who are LongWater Opportunities's main competitors?
Direct peers on record are Corridor Capital, Stone-Goff Partners, Midwest Mezzanine Funds and Caymus Equity. Broad incumbents are Main Street Capital and Monroe Capital. Emerging players are Holleway Capital Partners, Align Capital Partners, Trinity Hunt Management and Pharos Capital Group.
Does LongWater Opportunities have an API?
No public API is recorded for LongWater Opportunities.
What industry is LongWater Opportunities in?
LongWater Opportunities's product category is Private Markets Asset Management. Its primary akta.pro industry code is FSANAFAL, Emerging Manager / Small Fund Secondaries, with a secondary code of FSANAEAD, Renewables & Energy Transition Funds (Solar, Wind, Hydrogen, CCUS). Its NAICS code is 525.