Lightyear Capital has held a final close of its fifth private equity fund, Lightyear Fund V LP and Lightyear Fund V-A LP (together, Fund V), with $1.6 billion in total capital.
Lightyear’s new fund is 25% higher than its $1.25 billion target and is 63% larger than the firm’s $957 million fourth fund, Lightyear Fund IV LP, which closed in November 2017.
New limited partners in Fund V account for approximately one-third of Fund V’s capital and include institutions from Asia, Europe, and the Middle East.
“We are very pleased with this outcome and want to thank not only our existing investors for their continued strong support but also all our new investors who are entrusting Lightyear with their assets,” said Mark Vassallo, the managing partner of Lightyear. “Our talented team, investment culture and process, and successful track record made this achievement possible. Thank you as well to our management teams for their leadership and partnership in building strong companies.”
New York City-based Lightyear Capital makes control investments in North American middle-market companies in the financial services industry.
In August 2021 after a four-year hold, Lightyear sold Datalot, a provider of mobile and web marketing services to the insurance industry, to Centerfield, a portfolio company of Platinum Equity. The sale of Datalot followed the April 2021 sale of Therapy Brands, an Alabama-based provider of practice management services to behavioral and mental health providers, to KKR. Therapy Brands was acquired by Lightyear in July 2018.
Since its founding in 2000, Lightyear has made 53 investments in companies that provide wealth management, payment systems, healthcare financial services and technology-enabled business services.
© 2021 Private Equity Professional | November 16, 2021
