# LKCM Headwater Investments

LKCM Headwater Investments is a Private Equity based in Fort Worth, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Fort Worth, United States
- **Region:** North America
- **Address:** Fort Worth, TX, United States
- **Founded:** 1976
- **Assets under management:** Undisclosed
- **Website:** lkcmheadwater.com
- **LinkedIn:** https://www.linkedin.com/company/lkcm-headwater-investments-tx

## Regulatory record

- **Reports private funds:** No

## About

Building Long-Term Value | LKCM Headwater Investments provides an operationally-minded approach providing companies the necessary tools to build market leaders with sustainable competitive advantages.

## Sectors

- Business Services
- Industrial Tech
- Consumer
- Healthcare Services

## Questions

### What size companies does LKCM Headwater Investments target?

The group focuses on lower-middle-market businesses generating between $3 million and $15 million in EBITDA. Typical equity checks range from $10 million to $50 million, structured as control or significant minority positions. Sectors include business services, niche manufacturing, specialty distribution, and consumer products.

### Does LKCM Headwater Investments raise outside funds or invest its own capital?

LKCM Headwater Investments does not disclose its exact funding structure, but it operates within Luther King Capital Management's permanent capital base — meaning it is not constrained by a blind-pool fund with a fixed investment period. This architecture allows the team to hold portfolio companies indefinitely, aligning with the parent firm's patient-capital philosophy.

### Who makes investment decisions at LKCM Headwater Investments?

The group operates with a lean team of partners who have spent their careers inside the LKCM ecosystem. Specific named decision-makers are not publicly disclosed by the firm. The broader LKCM platform is led by J. Luther King Jr., and the private equity team draws on the parent firm's sector research and executive network.

### What is LKCM Headwater Investments' posture on co-investments alongside external sponsors?

The firm's primary mode is lead investing or sole-sponsor recapitalizations of founder-led businesses. It does not publicly market a co-investment program for outside limited partners, and its transactions tend to be proprietary rather than club deals alongside competing private equity firms.

## Related profiles

- [Liwa Capital](https://altss.com/profile/liwa-capital)
- [LK Technology Investment](https://altss.com/profile/lk-technology-investment)

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Last updated: 2026-06-03T20:00:00.000Z

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