Lightyear Capital raises $613.5m for third fund

The New York-based firm apparently raised its target for the fund in February, shortly after receiving a $40m commitment from the New Mexico State Investment Council.

Lightyear Capital has raised $613.5 million for its third fund as of 15 August, according to US Securities and Exchange Commission filings. The $1.1 billion fund will focus on $50 million to $100 million investments in late-stage financial institutions and related service companies 
 
The firm could not be reached for comment as of press time. 
 
The fund, which launched earlier this year, is offering 94 cents in co-investments for every $1 invested, according to New Mexico State Investment Council documents, which committed a $40 million re-up to the fund in January.

Lightyear initially targeted $800 million for the fund, according to state documents. The firm appears to have raised its target in February when it submitted its first filing with the SEC.

In 2006, Lightyear raised $850 million for its second fund. Limited partners included Canadian pension Caisse de Depot et Placement du Quebec, the Canada Pension Plan Investment Board (CPPIB), North Sky Capital , the San Francisco Employees' Retirement System and shaPE Capital. 
 
Lightyear was founded in 2000 and currently manages around $3 billion in committed capital, according to its website.