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Arlington Capital Partners
Arlington Capital Partners is a Washington, D.C-based private equity firm with over $14 billion of committed capital. The firm has extensive experience...
Arlington Capital Partners
Arlington Capital Partners is a Washington, D.C-based private equity firm with over $14 billion of committed capital. The firm has extensive experience investing in industries that serve or are regulated by the government. Focus areas include Aerospace & Defense, Government Services & Technology, Healthcare, and Business Services & Software. It reports roughly 200 total transactions, 25 active portfolio companies, and $8B+ total capital invested.
General information
Firm type
Private Equity
Year founded
1999
AUM
$14 billion (per the firm, 2026)
Location
Region
North America
Country
United States
City
Bethesda
Corporate office
7373 Wisconsin Avenue, 21st Floor, Bethesda, MD 20814
Principals
Matt Altman
Managing Partner
Michael Lustbader
Managing Partner
Peter Manos
Managing Partner
David Wodlinger
Managing Partner
Sector focus
Frequently asked questions
How does Arlington Capital Partners source deal flow differently than generalist private equity firms?
Arlington sources extensively through domain-specific networks of former senior government officials, cleared operating executives, and portfolio company management teams — relationships built over 25 years inside the defense and intelligence communities. The firm's website states that it often identifies and develops relationships with owners well in advance of a transaction, leveraging industry knowledge to present credibility-rich bids that bypass broad auction processes common in other middle-market segments.
Does Arlington invest in both platform acquisitions and add-on acquisitions?
Yes. Arlington explicitly follows a buy-and-build model where it acquires a core platform and then pursues complementary add-on acquisitions to drive organic growth and enterprise value. The firm targets add-ons that offer cross-selling, technology, or geographical synergies rather than scale for scale's sake, and it often provides continuing equity participation to founders and sellers who remain with the combined entity.
Which investment stages and transaction types does Arlington pursue?
Arlington targets buyouts, corporate divestitures, public-to-private transactions, recapitalizations, and complex carve-outs. The firm's Managing Partners have led transactions that include leveraged buyouts, restructurings, and growth equity investments across mid-market companies primarily serving government customers. It has executed over 160 total transactions since founding.
Which sectors does Arlington explicitly avoid?
While not explicitly stated as a negative screen, Arlington's entire stated strategy focuses on four verticals: Aerospace & Defense, Government Services & Technology, Healthcare, and Business Services & Software — all in government-regulated adjacent markets. The firm's track record and investment-team backgrounds contain virtually no exposure to consumer products, retail, media, or unregulated technology.
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