Fundraising

Lightyear Capital has raised nearly $466 million for its fifth fund, according to an SEC filing.

In a competitive US healthcare deal market, Accelmed's strategy puts it “below the radar of the big guns,” managing partner Uri Geiger told Buyouts.

The firm is among a group of emerging managers testing a market that has been slow to open up to newcomers.

San Francisco-based Revelation Partners, a secondary healthcare investor, has closed its third fund at a hard cap of $350 million, beating its $300 million target.

European private equity Triton has closed its second lower mid-cap fund at 815 million euros, beating its target of 600 million euros.

The fund, backed by existing and new LPs, gives the firm $1.5bn in total AUM. Partner Chris Arsenault says the firm came to market with the vehicle sooner than expected.

The European manager's latest lower mid-cap fund raised €815m, well over its €600m target and 80% more than its 2017-vintage predecessor.

The latest Aberdeen vehicle will target lower mid-market turnaround, value buyout and growth capital funds.

There has been a general awareness by GPs in recent years that some companies they buy deserve to be held longer, because they still have room to grow.

Pathway Capital Management has closed its fifth custom co-investment fund at $1 billion.