LongWater Announces First Close of LWO Fund III, LP

LongWater Opportunities (LWO), a private equity firm based in Dallas, TX and Fargo, ND, announced the first closing of its third fund, LWO Fund III, LP, a $100 million fund. With $53 million committed in the first closing, LWO has received strong support from existing and new investors, including a diverse group of individuals, prominent family offices, and institutions. As was the case in its previous fund, the LWO team will continue to be the largest investor in the fund.

Founded in 2009, LongWater is led by its founding partners Jordan Bastable and Brooks Burgum and their highly experienced team of investment professionals and operators. Mr. Burgum stated, ​“LongWater is fortunate to have attracted such a strong team that has worked together for many years to consistently produce outsized returns for our investors. We are appreciative of the support provided to us by our limited partners throughout the challenges brought about by the COVID-19 pandemic, and we are excited about the significant momentum that continues to build at LongWater.”

LongWater’s last fund, LWO Fund II, LP, is a $50 million fund that includes seven investments across five platforms centered around family-owned, US-based manufacturing businesses. LongWater’s first fund, LWO Fund I, LP, which followed the same strategy as its second and third funds, has been fully realized.

LWO Fund III, LP will expand upon LongWater’s proven strategy of partnering with US-based, family-owned manufacturing and specialty distribution businesses with revenues between $20 million – $50 million and EBITDA between $3 million – $8 million. The firm has executed a Letter of Intent and is currently performing confirmatory due diligence on its first investment in LWO Fund III, LP.