Middle market private equity firm focused on aerospace, defense, government and technology
Enlightenment Capital
- HeadquartersChevy Chase, MD S5
- Websiteenlightenment-cap.com
- Last verifiedNovember 2, 2026
At a glance
| Latest fund | Enlightenment Capital Solutions Fund V, $825M (Nov 2024) S6 |
|---|---|
| Deal types | Platform, Add-on, Minority S2 |
| Sectors | IT Services & MSP, Cybersecurity, Software & SaaS, Environmental & Waste |
What Enlightenment Capital buys
Enlightenment Capital is a Chevy Chase, Maryland firm that invests only in aerospace, defense, government and technology businesses, a group it calls ADG&T. Its companies mostly serve the Department of War, the intelligence community and civilian agencies. They include government IT contractors such as Agile Defense and RealmOne, cyber specialists such as Cryptic Vector and Veilant, and software makers such as Allocore and Quorum. It takes either control or a strategic minority stake, and it often grows a platform by merging in another company it already owns or by buying smaller specialists.
The firm closed Enlightenment Capital Solutions Fund V at $825 million in November 2024, well above its $600 million target. It calls its targets middle market but publishes no revenue, EBITDA or check size range. A smaller government contractor is most likely to meet Enlightenment as an add-on to one of its platforms, the way Millennial Software joined Expedition Technology in October 2026.
Recent deals
Announced in the 24 months before November 2, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Oct 2026 | Agile DefenseAgreement to sell the federal IT and cyber contractor to Maximus for $660 million in cash; closing expected in Maximus's first fiscal quarter of 2027 | Exit | IT Services & MSP | Source |
| Oct 2026 | Millennial Software SolutionsSpace domain awareness and mission software company added to Expedition Technology | Add-on | Software & SaaS | Source |
| Jul 2026 | QuorumStrategic investment in the AI software platform used by government affairs teams | Investment | Software & SaaS | Source |
| Feb 2026 | Sev1TechLead investor DFW Capital sold the government IT company to ERT; Enlightenment was a minority investor | Exit | IT Services & MSP | Source |
| Feb 2026 | BCubed EngineeringSpace and tactical command and control software company added to Auria | Add-on | Source | |
| Jan 2026 | RKF Engineering Solutions and Kythera Space SolutionsSatellite communications engineering and payload software businesses added to Auria | Add-on | Source | |
| Nov 2025 | ForterraTook part as an existing investor in the defense autonomy company's $238 million Series C | Growth | Source | |
| Sep 2025 | Expedition TechnologyStrategic investment alongside Razor's Edge in the AI-driven signals and geospatial intelligence company | Investment | Source | |
| Aug 2025 | Caesar Creek SoftwareOffensive cyber research firm added to Cryptic Vector | Add-on | Cybersecurity | Source |
| Jun 2025 | LaxtonPartial exit as Dai Nippon Printing took a majority stake in the identity technology company | Exit | Source | |
| Feb 2025 | System HighCombined with Ridgeline International (now Veilant), another Enlightenment company | Add-on | Cybersecurity | Source |
| Jan 2025 | IntelliBridgeMerged into Agile Defense, another Enlightenment company, roughly doubling its headcount | Add-on | IT Services & MSP | Source |
| Nov 2024 | Enlightenment Capital Solutions Fund VClosed at an $825 million hard cap against a $600 million target | Fund close | Source |
Portfolio by sector
From the firm's portfolio page S3.
Cybersecurity
- Cryptic Vector
- Veilant
Environmental & Waste
- Living Earth
Industrial & Manufacturing
- Solarcore
IT Services & MSP
- Agile Defense Active (sale to Maximus pending)
- RealmOne
- Expression
Software & SaaS
- Allocore
- Quorum
Other
- Expedition Technology
- Auria
- Forterra
Past investments: Laxton Group, Sev1Tech, IntelliBridge, System High, Aeyon, Fenix Group, Infinite ID, Red Alpha
Greymont’s take
How Enlightenment Capital fits a seller
Enlightenment suits owners of federal IT, cyber, intelligence and space businesses who want a buyer that already knows their customers, contract vehicles and cleared workforce. Most of its recent activity is add-ons, so a smaller contractor will often join an existing platform such as Auria, Cryptic Vector or Expedition Technology rather than become a new one. It also merges its own companies, as it did with Agile Defense and IntelliBridge in January 2025.
The firm does sell: in October 2026 it agreed to sell Agile Defense to Maximus, a public government services company, for $660 million in cash. Because it makes both control and minority investments, an owner should ask early which one is on offer. Anyone rolling equity should ask how long the firm expects to hold the platform and what kind of buyer it has in mind.
Questions owners ask
Does Enlightenment Capital buy government IT services companies?
Yes. It bought Agile Defense in 2022, merged IntelliBridge into it in January 2025, and in October 2026 agreed to sell the combined company to Maximus for $660 million in cash. RealmOne and Expression are other current holdings that serve defense and intelligence agencies.
Does Enlightenment Capital take minority stakes?
Yes. It makes both control and strategic non-control investments. It was a minority investor in Sev1Tech until DFW Capital sold that company to ERT in February 2026, and its Expedition Technology and Quorum deals were announced as strategic investments.
How large is Enlightenment Capital's latest fund?
Enlightenment Capital Solutions Fund V closed in November 2024 with $825 million of commitments, above its $600 million target and its original $750 million hard cap. The firm said that was more than 50% larger than Fund IV.
Sources
- S1Enlightenment Capital home page Accessed November 2, 2026
- S2Enlightenment Capital: Firm Accessed November 2, 2026
- S3Enlightenment Capital: Investments Accessed November 2, 2026
- S4Enlightenment Capital: News Accessed November 2, 2026
- S5Enlightenment Capital: Contact (office address) Accessed November 2, 2026
- S6Enlightenment Capital Closes Oversubscribed Fund V at $825 Million (November 19, 2024) Accessed November 2, 2026
- S7Maximus to Acquire Agile Defense (October 19, 2026) Accessed November 2, 2026
- S8Enlightenment Capital Announces Strategic Investment in Quorum (July 20, 2026) Accessed November 2, 2026
- S9DFW Completes Sale of Sev1Tech to ERT (February 25, 2026) Accessed November 2, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Enlightenment Capital. Figures are as reported on the dates shown and may have changed. Request a correction