Argonaut Hits Hard Cap

Argonaut Private Equity has held a final closing of Argonaut Private Equity Fund IV LP at its hard cap of $400 million.

Tulsa-based Argonaut invests in companies that are active in the energy services, manufacturing and industrial sectors. The firm was founded in 2002 and over its history has invested more than $3 billion of capital in more than 100 direct investments (www.argonautpe.com).

Limited partners in the new fund include pension funds, endowments, financial institutions and family offices from both the United States and abroad. “This fund is the next chapter in a legacy of identifying unique opportunities across historically underserved regions and creating long-term value for our partners and investors,” said Kelby Hagar, the president of Argonaut.

Argonaut held a first close for the new fund in August 2018 with $230 million of commitments and has already invested in four portfolio companies and deployed over $120 million of its equity capital.

“Since holding our first close last year, Argonaut has made investments in multiple platform companies across our target sectors and continues to seek out highly capable management teams wanting to partner and execute on growth initiatives,” said Steve Mitchell, CEO and managing director of Argonaut.

The most recent acquisition by Argonaut was the buy of Houston-based Mammoth Carbon Products, a distributor of carbon steel pipe in Texas and Colorado (www.mammothcarbon.com).

Argonaut’s prior fund, Argonaut Private Equity Fund III LP, closed with $600 million of capital commitments in July 2016.

© 2019 Private Equity Professional | August 20, 2019

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