LightBay Capital, a Los Angeles-based private equity firm focused on service-based, middle-market companies, has held the close of LightBay Investment Partners II LP and its related vehicles with total capital commitments of $1.04 billion.Â
LightBay Capital (LightBay), a Los Angeles-based private equity firm focused on service-based, middle-market companies, has held the close of LightBay Investment Partners II LP and its related vehicles (LightBay Fund II) with total capital commitments of $1.04 billion.
The oversubscribed Fund exceeded its target of $800 million and closed at its hard cap, attracting commitments from a diverse investor group which includes state and local pension funds, family offices, foundations, fund of funds, insurers, LightBay’s network of highly experienced industry executives, and LightBay professionals.
LightBay’s all-weather investment strategy allows the firm to evaluate and pursue attractive risk-reward opportunities across the capital structure and through all economic cycles. LightBay says Fund II will continue the firm’s longstanding focus of partnering with best-in-class management teams across tech-enabled services, outsourced business-to-business services, healthcare services, HCIT, and consumer services, where investments in people, processes, and systems can lead to sustained competitive differentiation and accelerated growth.
LightBay has partnered with eleven companies and has successfully completed more than 140 add-on acquisitions since its inception. To date, LightBay has made two investments out of LightBay Fund II through the acquisitions of Clarion Home Services Group (Clarion) and Infinity Home Services (Infinity).
UBS Investment Bank’s Private Funds Group acted as advisor and exclusive placement agent for LightBay. Kirkland & Ellis LLP served as legal counsel to LightBay.
