Fundraising

Neuberger Berman led the transaction while Hamilton Lane also made a significant capital commitment.

The firm has made three investments out of the debut fund, including in Sequoia Financial Group.

“Despite macro-economic headwinds…we expect 2023 to be another very strong year for the business overall and for fundraising – on par with 2022, which was a record year,” CEO Bruce Flatt says.

LightBay Fund II's limited partners include state and local pension funds, family offices, foundations, fund of funds, insurers, industry executives and LightBay professionals.

The Presidio-managed continuation vehicle acquired a controlling interest in ElevATE from Presidio Investors Fund II and other shareholders.

Pantheon Credit Opportunities Fund II targets secondary investments in high-quality credit portfolios, primarily in the U.S. and with a focus on downside protection.

The fund is co-led by Carlyle subsidiary AlpInvest Partners and HarbourVest Partners.

An unusual aspect of LightBay’s funds is that the firm offers a fixed amount of its management fees and carried interest to its LightBay Foundation.

The manager has raised $4.8bn for Dover XI, which has an ambitious target of $12bn.

A dedicated program is expected to be unveiled in the third quarter, co-president Scott Kleinman said in the firm’s Q1-2023 earnings call.