Enlightenment Capital, LLC is a Delaware limited liability company formed in 2012, principally
owned and controlled by Devin Lloyd Talbott, with its principal place of business in Chevy
Chase, Maryland. Those responsible for governance of Enlightenment Capital, LLC are referred
to as “Principals” throughout this Brochure.
Enlightenment Capital, LLC provides investment advice to pooled investment vehicles (together
with any future private investment funds to which Enlightenment and or its affiliates provide
investment advisory services, the “Funds” and individually a “Fund”). The investment strategy
focuses on control and strategic, non-control investments in middle market companies in the
Aerospace, Defense, Government & Technology (“ADG&T”) sector. Enlightenment Capital,
LLC’s advisory services consist of investigating, identifying, and evaluating investment
opportunities, structuring, negotiating, and making investments, managing, and monitoring the
performance of such investments and disposing of such investments on behalf of the Funds.
Enlightenment Capital, LLC also establishes, when necessary, separate vehicles such as
blockers or holding companies to invest in or facilitate the investment in a business, on a deal-
by-deal basis.
Enlightenment Capital, LLC has qualified to sponsor SBIC Funds, organized to invest in the debt
and equity of growth-oriented companies qualifying as “small businesses” under Small Business
Administration (“SBA”) regulations.
The following are certain affiliated entities of Enlightenment Capital, LLC (each,
a “general
partner,” and collectively, together with any future affiliated general partner entities, the “general
partners,” and together with Enlightenment Capital, LLC, “Enlightenment” or the “Firm”):
• Enlightenment Capital Partners I GP, LLC
• Enlightenment Capital Partners II GP, LLC
• Enlightenment Capital Partners III GP, LLC
• Enlightenment Capital Partners IV GP, LLC
• Enlightenment Capital Partners V GP, LLC
• Enlightenment Capital SBIC GP,
• Enlightenment CoInvest GP, LLC
Each general partner is registered under the Advisers Act, pursuant to Enlightenment Capital,
LLC’s registration in accordance with SEC guidance. This Brochure also describes the business
practices of each affiliated general partner, which operate as a single advisory business together
with Enlightenment Capital, LLC. The terms ‘Enlightenment’, the ‘Firm’, and ‘general partner’ are
used interchangeably throughout this Brochure.
Each Fund’s terms may be different, including with respect to different mandates, minimum
investment size, and investment restrictions. Each Fund is a privately offered investment
vehicle exempt from registration under the Investment Company Act of 1940, as amended (the
“1940 Act”), and its securities will not be registered under the Securities Act of 1933, as
amended (the “Securities Act”).
Enlightenment does not now, and does not intend to, participate in any wrap fee programs.
Enlightenment had discretionary regulatory assets under management of $1,611,239,387 as of
December 31, 2023.