Enlightenment unveils fifth fund with $825M raised
Gettyimages.com / Yuichiro Chino
By
Ross Wilkers
Enlightenment Capital's reveal of its newest investment vehicle coincides with a rebrand of the workflow and regulatory software provider it acquired in the spring.
Enlightenment Capital, an government market investment firm focused on midsized companies, has completed the raise for its newest fund with $825 million in capital commitments from investors.
Fund V’s target was $600 million with an original hard cap of $750 million, Enlightenment said Tuesday. By comparison, Fund IV collected $540 million from investors in that raise completed in 2022.
“We appreciate the support of our longstanding investors and new limited partners as we endeavor to build exceptional teams and cultivate market leading companies that deliver cutting-edge technology solutions to serve their government clients, enhance national security, and strengthen citizen services,” Devin Talbott, Enlightenment’s founder and managing partner, said in a release.
Enlightenment makes both control and non-control investments across the aerospace, defense, government and technology verticals. The firm touts its portfolio companies as collectively generating approximately $1.9 billion in revenue and employing close to 7,000 employees.
The reveal of Fund V coincides with STG Public Sector’s announcement of its rebrand to Allocore, which comes seven months after Enlightenment first backed that workflow and regulatory software provider. Allocore is considered a Fund V investment.
Some of the other Enlightnment portfolio companies include Agile Defense, Auria, Cryptic Vector, IntelliBridge, RealmOne and Ridgeline International.
The firm’s most recent high-profile exit involved CGI Federal’s acquisition of Aeyon, which Enlightenment put together in the fall of 2021 and closed the sale of in September.
Hogan Lovells acted as Enlightenment’s legal counsel for Fund V.