Lightyear Capital hits final close for fifth fund

The New-York based investment firm raised $1.6bn, exceeding the $1.25bn target.

Fund: Lightyear Fund V
Amount raised: $1.6 billion
Target size: $1.25 billion
Stage of fundraising: Final close
Final close: November 2021
Time on the road: 20 months
Predecessor fund: Lightyear Fund IV ($1.03 billion)

US investment firm Lightyear Capital has held a final close for Lightyear Fund V, a contact at the firm told Private Equity International.

Fund V has closed with approximately $1.6 billion in capital commitments, exceeding the $1.25 billion target and the $1.03 billion raised by its predecessor, Lightyear Fund IV.

Lightyear Capital and its affiliated investment funds specialize in providing buyout and growth capital to companies across the financial services industry.

Fund V includes commitments from US and foreign institutional investors, with important new relationships in Asia, Europe and the Middle East. New investors account for approximately one-third of the overall amount raised. Past commitments to the fund include $100 million from Los Angeles County Employees’ Retirement Association, as well as $60 million from New Mexico Educational Retirement Board.