Enlightenment raises $147m for second fund

Enlightenment Capital has closed its second senior debt fund focusing on mid-market companies in the aerospace, defence and government industry with $147 million in capital, the company announced on Tuesday.

Launched in April 2015, the Enlightenment Capital Solutions Fund II surpassed its original target of $125 million, with commitments from undisclosed insurance companies, fund of funds, family offices, and foundations. Investments range from $5 million to $25 million. The firm declined to comment on the returns.

Devin Talbott, managing partner at the company, said in the statement the capital commitments will allow the firm to back “innovative entrepreneurs tackling a range of national security and government challenges”.

So far, Enlightenment has invested in eleven companies across its two funds, including most recently an unmanned drone manufacturer Aurora Flight Sciences, the engineering services firm Gleason Research Associates, and other infrastructure, cyber and data, aerospace and national security companies.

The Washington-based investment firm closed its first Enlightenment Capital Solutions Fund, which raised $80 million, in early 2014.

Talbott and Pierre Chao founded the firm in 2012. The pair launched the firm to target investment opportunities created by the withdrawal of traditional lenders and banks from the mid-market loan business, Talbott previously told PDI. On top of senior debt, the private firm also provides mezzanine debt and minority equity products.