LightBay Capital raises $615m

The Los Angeles-based firm exceeds target size on its inaugural vehicle.

LightBay Capital announced a final close of its debut vehicle, LightBay Investment Partners, at $615 million.

The oversubscribed fund, which surpassed an initial target of $450 million, will target middle-market opportunities in the consumer, business services and healthcare sectors. According to the Los Angeles-based firm’s press release, the fund’s strategy comprises buyouts, shared control and special situations investments in check sizes of $25 million to $150 million.

The fund’s limited partners include the Houston Firefighters’ Relief and Retirement Fund and the Texas Municipal Retirement System, which each committed $50 million.