Artemis Takes Aim with a $254 Million Fund IV

Artemis has closed its fourth fund, Artemis Capital Partners IV LP, with $254 million in capital commitments from existing and new limited partners.

Artemis invests in small manufacturers of specialized technical products, including sensors, test and measurement instruments, radio-frequency and microwave components, optics and advanced materials, and builds them into larger platforms through add-on acquisitions. Sectors of specific interest include analytical instruments, RF and microwave, testing and measurement, thermal management, optics and photonics, and diagnostics and discovery.

“We are thrilled to announce the final close of Fund IV and are deeply grateful to our investors for the conviction they have placed in our team, vision, and strategy,” said James Ward, the chief executive officer of Artemis. “The successful close of Fund IV reflects the strength of our team’s execution and the confidence our investors have in the opportunity ahead.”

The best way to raise a new fund is to return cash from earlier funds. In April 2026, Artemis agreed to sell Sightline Intelligence, an Oregon-based maker of onboard video processing systems for unmanned aircraft, vehicles and vessels, to Acron Technologies, a portfolio company of TJC. In October 2025, Taiwan’s Uneo agreed to acquire Tekscan, a maker of pressure-measurement sensors, and in 2021 Artemis sold fluid-dispensing equipment maker BioDot to ATS for $84 million.

“We are humbled by the continued support of our existing limited partners and excited to welcome many new limited partners to the Artemis partnership,” said Euan Milne, the chief investment officer of Artemis. “We are inspired to deliver on that support in the years to come.”

The new fund has already completed investments in three platform companies operating in industrial technology and serving aerospace, defense, life science and semiconductor customers.

Fund IV’s first investment was Diamond Antenna and Microwave, a Massachusetts-based maker of rotary joints — rotating connectors that allow radar and satellite antennas to turn while continuing to carry signals — in November 2024. That investment was followed in September 2025 by Millrock Technology, a New York-based maker of lyophilization equipment, the freeze-drying systems laboratories and drug developers use to preserve medicines, diagnostics and biological samples.

The fund’s third platform investment came in April 2026 with the acquisition of Optikos, a Massachusetts-based optical engineering company that designs lenses and builds instruments used to measure the performance of cameras and optical systems.

Artemis invests in companies with revenues of $5 million to $50 million and EBITDA of $1 million to $10 million. Its target companies make differentiated industrial technologies for aerospace, defense, life science and semiconductor customers. Artemis was founded in 2010 by Peter Hunter, who serves as chairman, and is headquartered in Boston.

Aviditi Advisors, the private capital advisory group of Piper Sandler, was the placement agent for the fundraise, and Mintz provided legal services.