Arsenal
Private equityNew York · Growth · 115 people tracked
Also known as Arsenal Capital Management Lp
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Investment thesis
Arsenal is a specialized private equity firm that concentrates on high-growth healthcare and industrial markets and technologies. It combines deep domain and technical expertise to identify market needs and opportunities, and works to build strategically important businesses that deliver long-term, sustainable value. In healthcare, the firm targets pharma services and healthcare technology and services (HCIT). In industrial growth, it focuses on innovative materials, polymers and packaging, and industrial technologies. Arsenal describes itself as a hands-on operator, emphasizing collaboration, partnership, and disciplined commercial judgment to accelerate growth and build transformative companies for all stakeholders.
Source: firm website, verified Sep 1, 2026.
Team · 115 people
from the firm's website & public directories
What they invest in
from 26 of 76 portfolio companiesAdvanced Manufacturing ×12New Materials ×11Healthtech ×7AI & Machine Learning ×6Biotech ×5SaaS ×5Cleantech ×3Consumer ×3
HQs:United States×21Switzerland×1
Investments · 76 tracked
founders shown can be your intro pathBy year:2025 · 22023 · 12022 · 12019 · 12017 · 52016 · 22015 · 22014 · 115 dated
Certara provides biosimulation software, modeling, and regulatory services that support drug discovery and development across discovery, preclinical, clinical, regulatory, and market access phases.
AI & Machine LearningBiotechHealthtechSaaSRadnor, US
John Gallagher III(SVP and Chief Financial Officer)Adrian McKemey(President, Certara Drug Development Solutions)inRona Anhalt(Chief Human Resources Officer)inDaniel Corcoran(SVP and General Counsel)inRobert Aspbury(President, Certara Predicitive Technologies)Leif Pedersen(President, Chief Commercial Officer)in
Co-investorsIaso Ventures
Aptimmune develops vaccines for swine health, partnering with vaccine development and swine health consulting companies to speed product development, testing and manufacturing.
AgTechBiotechHealthtechChampaign, US
Aaron Gilbertie(CEO)Federico Zuckermann(Executive Officer, Director)
BoardRobert Easter(Director)Paul Olivo(Director)Gary Durack(Director)
Co-investorsMissouri Technology CorporationCultivation CapitalThe Yield LabIllinois VenturesThe Yield Lab Asia Pacific
Chroma Color is a plastics color compounding company that develops and manufactures color concentrates and masterbatches for engineered thermoplastics used across various industrial applications.
Advanced ManufacturingNew MaterialsAsheboro, US
Joe Herres(Chief Executive Officer)inGary Buckland(Vice President of Operations)Peter Gallagher(Vice President, Sales & Marketing)in
Co-investorsHeartwood
Cart.com provides unified commerce and logistics software and services that enable companies to sell and fulfill orders across multiple channels.
E-commerceLogistics & Supply ChainSaaSHouston, US
Omair Tariq(Founder and CEO)inJim Jacobsen(Director)inOmair T.(Founder)inSaheb Sabharwal(Founder)inRemington Tonar, PhD(Co-founder)Jim Jacobson(Director)
Board seatJohn Trbovich· per SEC Form D · $81.2M raise · filed May 2025
Co-investorsAngel Collective Opportunity FundBeyond CapitalCapital FactoryCincyTecheGateway CapitalHelium-3 Ventures+15 more
Boulder, US
Wesley Burgess(Executive Officer)inCarl Boni(Executive Officer)Jeff Bowman(Executive Officer, Director)in
BoardCraig Burson(Director)James Goldinger(Director)
Board seatChristopher Fountas· per SEC Form D · $5M raise · filed May 2017
Co-investorsFairhaven Capital PartnersH.I.G. Growth Partners
Chicago, US
Shaily Baranwal(Director)Piyush Lumba(Executive Officer, Director)
BoardDavid Heller(Director)David Nietfeldt(Director)John Rothwell(Director)
Board seatJason Rottenberg· per SEC Form D · $9M raise · filed Jun 2025
FilterEasy is an online retailer that sells home air filters directly to consumers, with a focus on delivery and subscription-based replacement.
ConsumerDirect to ConsumerE-commerceRaleigh, US
Thaddeus W. Tarkington(Executive Officer, Director)Kevin J. Barry(Executive Officer, Director)in
BoardSteve Dauphin(Director)David E. Gardner(Director)inLister Delgado(Director)Tom Lotrecchiano(Director)
Board seatJohn Trbovich· per SEC Form D · $7M raise · filed Jul 2017
Co-investorsCofounders CapitalElevate Innovation PartnersArsenal Growth EquityBonaventure CapitalHatteras Venture PartnersIDEA Fund Partners+2 more
Winter Park, US
Geoff Toffetti(Executive Officer)inDavid Schmeltz(Executive Officer, Director)
BoardZiad Khoury(Director)
Board seatJason Rottenberg· per SEC Form D · $3.3M raise · filed May 2017
HealthtechRaleigh, US
Joanne Rohde(Executive Officer, Director)Justin Neece(Executive Officer)
BoardRobert Crutchfield(Director)David Williams(Director, Promoter)Richard Allen(Director, Promoter)
Board seatJohn Trbovich· per SEC Form D · $4.9M raise · filed Aug 2016
Novaphos develops phosphate processing technology that reuses waste materials from existing processes to produce high-value phosphoric acid with a lower environmental footprint.
Circular EconomyCleantechEnergyNew MaterialsFort Meade, US
Joseph A. Megy(Executive Officer, Director)Mark Vignovic(Executive Officer)inJim Samuelson(Executive Officer)Scott Ritchey(Executive Officer)Evgeny Fedoseev(Executive Officer)Sanjay Pal(Executive Officer)
Board seatChristopher FountasChristopher P. Fountas· per SEC Form D · $2M raise · filed Dec 2018
Co-investorsArmilar Venture PartnersStonecutter Feazel Investors
Orlando, US
JEFF FLOWERS(Executive Officer)WILLIAM M. CATANIA(Executive Officer, Director)
BoardSTUART LARKINS(Director)DEAN HATTON(Director)
Board seatJohn Trbovich· per SEC Form D · $33.4M raise · filed Dec 2022
Co-investorsLas Olas VC
San Francisco, US
Abnesh Kumar Raina(Executive Officer, Director)
BoardWilliam T. Heflin(Director)
Board seatJohn Trbovich· per SEC Form D · $5M raise · filed Oct 2017
Co-investorsKinetic Ventures, L.L.C.
Sayari provides forensic investigation services using corporate records, trade data, and network analysis to uncover hidden risk networks across sanctions evasion, financial crime, counternarcotics, and adversary operations for law enforcement and government clients.
AI & Machine LearningEnterprise SoftwareFintechGovTechLegalTechWashington, US
Farley Mesko(Executive Officer)inEric Rhoades(Executive Officer)inBenjamin Power(Executive Officer)inDavid Asher(Executive Officer)in
BoardMike Zappert(Director)Benjamin Cukier(Director)
Board seatJohn Trbovich· per SEC Form D · $10.1M raise · filed Apr 2020
Co-investorsIn-Q-TelCentana Growth PartnersIronGate Capital AdvisorsJoule VenturesLavrock VenturesMissionOG+3 more
SimSpace provides a cyber range platform where security teams train, test, and operationalize AI agents and human analysts in a realistic digital replica of their production environment.
AI & Machine LearningCybersecuritySaaSBoston, US
William Edward Hutchison, Jr.(Executive Officer, Director)Lee Milhem Rossey(Executive Officer, Director)James Gerber(Executive Officer)in
Board seatJason Rottenberg· per SEC Form D · $55M raise · filed Dec 2023
Co-investorsCommunitas Capital Partners
Orlando, US
Andrew Bagley(Executive Officer)Michael J. Mason(Executive Officer, Director)
BoardVincent Olmstead(Director)Matthew Avril(Director)David C. Mason(Director)
Board seatJason Rottenberg· per SEC Form D · $2.5M raise · filed May 2016
Co-investorsArsenal Growth Equity
AI-enabled solutions for radiology departments
Formulated polyurethane products and solutions
Active packaging solutions for pharmaceuticals, diagnostic, and nutraceutical products
St Louis, US
Kevin Joseph Haar(Executive Officer, Director)Jean Roberson(Executive Officer)
BoardLawrence Alan Hough(Director)Ronald E. Osman(Director)John Robert Lovitt(Director)James Vincent O'Donnell(Director)
Value-added distributor of adhesives
ATP develops and manufactures client-specific, solvent-free and water-based adhesive tapes and films, and also provides end-to-end medical device manufacturing.
Advanced ManufacturingMedical DevicesNew MaterialsWollerau, CH
AvCarb Material Solutions develops and manufactures advanced carbon materials, including carbon fiber and carbon-based products, for industries such as transportation, aerospace and defense, energy/electrochemical applications, and sport fishing.
Advanced ManufacturingEnergyNew Materials
Biospecimens and other products for drug discovery and development
Co-investorsThompson Street Capital Partners
CellCarta is a contract research organization providing biomarker discovery, assay development, and clinical trial execution services for pharmaceutical companies and biotechs.
BiotechHealthtechMedical Devices
Charter Brokerage provides customs brokerage services including duty drawback recovery, Superfund tax credits, foreign trade zone and bonded warehouse management, import/export clearance, compliance, and consulting for companies with complex supply chains.
Logistics & Supply Chain
Co-investorsSummit Park
Formulator of custom color and additives masterbatch & compounding materials
Pigment dispersions for the automotive and industrial coatings industries
CPS Performance Materials is a specialty chemicals company operating businesses that produce and supply performance materials.
Advanced ManufacturingNew Materials
Graphic, printing, and business services
Invio Automation provides end-to-end industrial automation solutions including robotics, automated guided vehicles (AGVs), vision systems, and precision dispensing for manufacturing.
Advanced ManufacturingIoTRobotics
Co-investorsLFM Capital, LLC
Specialty polyurethane foams for bedding and home furnishings markets
Pharma services technology businesses
Liquid biopsy diagnostics solutions for oncology
Specialized glass processing technologies and solutions
Patented drag-reducing additive solutions
Engineered materials solutions for mission-critical end markets
Global producer of benzoic acid and derivatives
Hyperspectral imaging systems, components, and data-insight solutions
Formulated packager of specialty chemical products for the automotive market
Intermediates to ultraviolet coatings and inks
Inhance Technologies develops specialty chemicals, gases, and material technologies for customers across agriculture, healthcare, automotive, and electronics industries.
Advanced ManufacturingAgTechDeep TechNew Materials
Co-investorsAurora Capital
Outsourced solutions for orthopedic and medical device companies
Invio Automation is a full-service industrial automation provider that designs, builds, and supports systems for manufacturers, including AGVs, robotic assembly cells, controls engineering, machine vision, leak testing, and precision dispensing.
Advanced ManufacturingRobotics
Specialty chemicals for oil & gas exploration and production
Knowtion Health provides post-claim revenue-cycle management services for hospitals and health systems, using a proprietary AI and machine-learning platform plus specialized staff to recover owed revenue, prioritize claim management, and identify missed revenue streams.
AI & Machine LearningHealthtechSaaS
Lumanity provides consulting services across strategy, evidence generation, stakeholder engagement, and technology and AI to support pharmaceutical and life sciences companies in bringing medicines to patients.
AI & Machine LearningBiotechHealthtech
Co-investorsSvoboda Capital Partners
Specialty adhesives to a variety of end markets
OncoHealth develops software and services to help health plans, employers, and oncologists manage cancer care and reduce treatment complexity.
Digital HealthHealthtechMedical DevicesMental HealthSaaS
Jon Maack(Chief Executive Officer)in
Co-investorsBlue Venture FundsCobalt VenturesMcKesson VenturesOak HC/FTBaird CapitalSand Hill Angels
Specialty polymers serving consumer and industrial markets
Polyventive develops chemical formulations and product enhancements for consumer markets including household products, personal care, textiles, and carpets.
Advanced ManufacturingConsumerNew Materials
HDPE outdoor living furniture with a disruptive business model
Specialty distributor for the pharma industry
Rancho Biosciences provides biomedical data services covering strategy, curation, bioinformatics, engineering, analytics, and AI-ready data products for life sciences and pharmaceutical R&D teams.
AI & Machine LearningBiotechData & Infrastructure
Printed labels and brand imaging solutions
Sustainable materials and plastic waste solutions
Adhesives, sealants, and formulated products
Seal For Life Industries manufactures protective coatings for critical infrastructure, including insulation coatings, visco-elastic adhesives, corrosion prevention, fire and temperature protection, and cathodic protection products.
Advanced ManufacturingCleantechNew Materials
Engineered coatings and component repair services
Sirrus develops chemical building blocks based on patented methylene malonate monomers and oligomeric crosslinkers that polymerize anionically at ambient temperatures.
Advanced ManufacturingCleantechDeep TechNew MaterialsLoveland, US
Bernard Malofsky(Executive Officer)inJeff Uhrig(President, Chief Executive Officer, Secretary and Treasurer)inRobert Smith(Executive Officer)Adam Malofsky(Director)
BoardWilliam Lese(Director)inDoug Cameron(Director)
Co-investorsBraemar Energy VenturesCincyTechMitsui Global Investment
Refrigeration and HVAC services provider
Co-investorsMidwest Mezzanine Funds
Spartech engineers and manufactures plastic sheet and specialty materials, sourcing most raw materials in the United States and operating facilities close to its customers.
Advanced ManufacturingCircular EconomyNew Materials
Andy Filson(President & CEO)Kevin Duffy(Executive Vice President, Sales & Marketing)in
Printer hardware and other printing solutions
Temperature assurance technologies solutions for biopharma
Operational optimization solutions to healthcare organizations
Velcro Companies designs and manufactures hook-and-loop fasteners and related closure products, including consumer items and solutions for the footwear and apparel industries.
Advanced ManufacturingConsumerNew Materials
Clinical trial optimization solutions
Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.
Exits · 1
IPOs and acquisitions across the tracked portfolioCertaraNASDAQ: CERT
Portfolio news
latest coverage across their companies
Cart Com · houston.innovationmap.com · Mar 5, 2026
Oncohealth · castleplacement.com · Jun 25, 2025
Appistry · tucson.com · Apr 26, 2025
Fund performance · per public LP disclosures · 12
as of Sep 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| Arsenal Capital Partners GrowthLPs: California Public Employees' Retirement System, Oregon Public Employees Retirement System, The Regents of the University of California +2 more | 2021 | — | -20.6% | 0.73x | 0.30x |
| Arsenal Capital Partners VILPs: The Regents of the University of California, California State Teachers' Retirement System, California Public Employees' Retirement System +5 more | 2021 | — | -3.2% | 0.94x | 0.05x |
| Arsenal Capital Partners V LPLPs: The Regents of the University of California, California State Teachers' Retirement System, Minnesota State Board of Investment +1 more | 2019 | — | 6.9% | 1.36x | 0.32x |
| Arsenal Capital Partners IVLPs: The Regents of the University of California, California State Teachers' Retirement System, Surdna Foundation Inc | 2016 | — | 16.0% | 1.68x | 1.27x |
| Arsenal Capital Partners IIILPs: The Regents of the University of California, Teachers' Retirement System of Oklahoma, Surdna Foundation Inc | 2012 | — | — | 2.25x | 2.18x |
| Arsenal Capital Partners IILPs: New York City Police Pension Fund | 2006 | — | 12.1% | 1.95x | 1.95x |
| Arsenal Capital Partners II, L PLPs: The Regents of the University of California | 2006 | — | 20.5% | 2.85x | 2.16x |
| Arsenal Capital Partners II, L.P.LPs: The Regents of the University of California, New York City Employees' Retirement System, New York City Police Pension Fund +2 more | 2006 | — | 12.1% | 1.95x | 1.95x |
| Arsenal Capital Partners QP IILPs: The Regents of the University of California | 2006 | — | 12.1% | 1.81x | 1.81x |
| Arsenal Capital Partners QPFLPs: The Regents of the University of California | 2003 | — | 18.0% | 1.56x | 1.56x |
| Arsenal Capital Partners QPF BLPs: The Regents of the University of California | 2003 | — | 17.6% | 1.54x | 1.54x |
| Arsenal Capital Partners Fund, L.P.LPs: The Regents of the University of California | 2001 | — | 18.7% | 1.85x | 1.81x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- How many investments has Arsenal made?
- Arsenal has 58 tracked investments.
- What stage does Arsenal invest at?
- Arsenal invests at the Growth stage.
- What sectors does Arsenal focus on?
- Arsenal focuses on AI & Machine Learning, Biotech, Digital Health, Healthtech.
- Where is Arsenal located?
- Arsenal is headquartered in New York, US.
- Who does Arsenal co-invest with?
- Arsenal most often shares deals with Blue Venture Funds, McKesson Ventures, Midwest Mezzanine Funds, among 9 tracked co-investors.
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