Insight

LightBay racks up $1.04bn for sophomore fund

LightBay Fund II's limited partners include state and local pension funds, family offices, foundations, fund of funds, insurers, industry executives and LightBay professionals.

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  • The fund will target tech-enabled services, outsourced business-to-business services, healthcare services, HCIT, and consumer services
  • UBS Investment Bank’s Private Funds Group acted as advisor and placement agent for LightBay
  • Based in Los Angeles, LightBay Capital invests in the middle market

LightBay Capital has closed its second fund at $1.04 billion, beating its $800 million target.

LightBay Fund II’s limited partners include state and local pension funds, family offices, foundations, fund of funds, insurers, industry executives and LightBay professionals.

The fund will target tech-enabled services, outsourced business-to-business services, healthcare services, HCIT, and consumer services.

“Today marks a significant milestone for LightBay,” said Adam Stein, LightBay partner and co-founder, in a statement. “We are proud of the continued growth of the Firm – this successful fundraising effort is a strong endorsement of the outstanding team we have built over the last six years. LightBay remains committed to investing in our people and culture and we believe that this dedication to our core values and differentiated strategy will benefit us, our investors, our partner companies, and our communities for years to come.”

UBS Investment Bank’s Private Funds Group acted as advisor and placement agent for LightBay. Kirkland & Ellis LLP served as legal counsel to LightBay.

Based in Los Angeles, LightBay Capital invests in the middle market.