# Arlington Capital Partners

Arlington Capital Partners is a Private Equity based in Bethesda, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Bethesda, United States
- **Region:** North America
- **Address:** 7373 Wisconsin Avenue, 21st Floor, Bethesda, MD 20814
- **Founded:** 1999
- **Assets under management:** $14 billion (per the firm, 2026)
- **Website:** arlingtoncap.com
- **LinkedIn:** https://www.linkedin.com/company/arlington-capital-partners-llp
- **Wikidata:** Q4792290

## Regulatory record

- **CRD number:** 160265
- **SEC file number:** 801-73842
- **Registration status:** APPROVED
- **Latest Form ADV filing:** 2026-03-31T05:00:00.000Z
- **Reports private funds:** Yes
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/160265

## About

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.

## Sectors

- Aerospace & Defense
- Government Services & Technology
- Healthcare
- Business Services & Software

## People

- Matt Altman — Managing Partner
- Michael Lustbader — Managing Partner
- Peter Manos — Managing Partner
- David Wodlinger — Managing Partner

## 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.

## Related profiles

- [Arkéa Real Estate](https://altss.com/profile/ark-a-real-estate)
- [Arpwood Partners](https://altss.com/profile/arpwood-partners)

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Last updated: 2026-08-11T15:06:04.815Z

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