LightBay Capital has joined a growing number of private equity firms in those partaking in middle-market fundraising efforts as of late. The Los Angeles-based private equity firm has closed its debut fund, called LightBay Investment Partners LP, with approximately $615 million in capital commitments after eight months of fundraising.
LightBay Investment Partners LP’s investment strategy plans to invest between $25 million and $150 million in shared-control opportunities, leveraged buyouts and special situations. The fund was oversubscribed beyond its target of $450 million, and received investments from family offices, foundations, funds of funds, insurers, pension plans and LightBay professionals. UBS Private Funds Group served as financial advisor to LightBay, while Kirkland & Ellis LLP served as legal counsel.
“The flexibility of our capital base enables us to invest in high-quality companies in all market environments, and our strategy is well suited to take advantage of the disruption occurring across the consumer, healthcare, and business services sectors,” says Adam Stein, cofounder of LightBay alongside Nav Rahemtulla.
Australis Partners, Morgan Stanley (NYSE: MS), ParkerGale Capital and Solace Capital Partners have also raised their first funds. Other middle-market fund raises include: Ridgemont Equity Partners’ raising $320 million to invest in the energy sector; Blue Wolf Capital Partners LLC’s closing a $540 million PE fund; Private Advisors’ raising the firm’s seventh small business PE fund; Saw Mill Capital’s closing of a new investment fund with $340 million in commitments; CVC Capital Partners’ $18 billion fund to target U.S. and European investments; the Riverside Co.’s first minority investment fund in April 2017.