Argonaut Private Equity Closes Fifth Fund at $500 Million
Argonaut Private Equity, a private equity firm focused on investing in Middle America, today announced the final closing of Argonaut Private Equity Fund V ("APE V" or "the Fund") with $500 million in capital commitments, exceeding its initial target of $400 million and reaching its hard cap for the fund.
Since the Fund's first close in 2022, Argonaut has continued to invest in its specialty niche of diversified industrial businesses across Middle America. To date, the Fund has deployed approximately 39 percent of its commitments across 7 platform acquisitions, including Bandera Utility Contractors, Center Rock, Miller Contracting Services, Petroplex Acidizing., Tulsa Inspection Resources, Allstream Services & Rental, and Chemoil Energy Services.
APE V is comprised of leading institutional investors, including pensions, endowments, foundations, sovereign wealth funds, and family offices, among others.
"We are grateful for the support of existing and new investors who have entrusted us with their capital, and are proud to have closed APE V above our target, despite a challenging fundraising environment," said Steve Mitchell, CEO and Managing Director of Argonaut. "As interest rates have increased, our investors recognize that outsized returns in the future will come not from use of leverage but from operational excellence. Our track record of investing at conservative purchase price multiples with minimal debt while growing our partner companies through diligent execution resonated well during fundraising."
Since inception, Argonaut has deployed over $2.5 billion across 40 platform companies while consistently creating value through hands-on operational improvements. These include implementing lean manufacturing processes, upgrading software systems, bolstering talent development, and engaging in add-on acquisitions.
"Like the companies we partner with, Argonaut is both geographically and culturally part of Middle America," said Kelby Hagar, President and Managing Director of Argonaut. "With APE V, Argonaut continues to be well positioned to invest in the sectors and regions we know well but that are underserved by institutional capital."
About Argonaut Private Equity
Founded in 2002, Argonaut Private Equity is a Tulsa, OK-based private equity firm with $2.9 billion of assets under management. Argonaut partners with companies to develop a strategy for accelerating growth and enhancing operations. For more information, please visit www.argonautpe.com.
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