LightBay Capital, a Los Angeles-based private equity firm, has closed its LightBay Investment Partners II LP with total capital commitments of $1.04 billion.

LightBay’s investment strategy works to allow the firm to evaluate and pursue risk-reward opportunities across the capital structure and through all economic cycles. LightBay Fund II will continue the firm’s focus of partnering with management teams across technology-enabled services, outsourced business-to-business services, healthcare services, HCIT and consumer services. The oversubscribed fund exceeded its target of $800 million and closed at its hard cap.

“LightBay Fund II will leverage our team’s deep domain expertise and thematic approach to identifying, partnering with and accelerating the growth of market-leading companies,” says Nav Rahemtulla, LightBay Partner and co-founder.