The purpose of this notice is to provide individuals with information on the way Lightyear Capital LLC (together with the investment funds advised by Lightyear Capital LLC and its affiliates, “Lightyear”) uses personal information.
Personal information
In connection with offering, forming, and operating private investment funds, Lightyear may collect, record, store, adapt, and otherwise process and use personal information either relating to investors, to prospective investors, or to their partners, officers, directors, employees, shareholders, ultimate beneficial owners or affiliates or to any other data subjects. Personal information collected and maintained may include, without limitation:
- Personal identifiers, such as name and contact details (including physical addresses, email addresses, and telephone numbers).
- Identity verification information and documentation such as government identification numbers (e.g., passport number, drivers’ license number, Social Security number, and tax id number), date of birth, place of birth, and legal and regulatory status under various laws and regulations (e.g., tax status, income, and assets).
- Account and financial transaction information such as account data (e.g., wire instructions and account information), transaction history, commitment size, investment experience and investment activity, accounts and transactions with other institutions, source of funds used to make an investment, and information regarding the individual’s interest in a fund (e.g., ownership percentage, capital investment, income, and losses).
- Information reflecting preferences or characteristics (e.g., risk tolerance and investment preferences).
Uses of personal information
Lightyear collects and maintains personal information for a number of reasons, including, without limitation:
- Verifying the identity of prospective investors;
- Communicating with investors and prospective investors, or their representatives, advisors and agents (including the negotiation, preparation and signature of documentation);
- Contacting investors and prospective investors with information about products and services provided by Lightyear that Lightyear may consider may be of interest to investors;
- Qualifying investors for investment in a particular fund;
- Performing relevant contractual obligations and administering the investor’s investment in a fund;
- Facilitating the transfer of funds, and administering and facilitating any other transaction, between investors and Lightyear;
- Sending financial or capital account statements or tax documents;
- Any purposes ancillary to the management and operation of a fund and/or any of its investments;
- Fulfilling requests or replying to inquiries from investors and prospective investors;
- Investigating any complaints, or pursuing or defending any claims, proceedings or disputes;
- Protecting the security and integrity of Lightyear’s information technology systems;
- Evaluating and complying with anti-money laundering, regulatory, and tax requirements; and
- Complying with other legal and regulatory obligations.
Lightyear processes personal information where necessary for the compliance with a legal or regulatory obligation, for the performance of a contract, in connection with legitimate interests of Lightyear, or on the basis of consent received from the relevant individuals in compliance with the applicable legal requirements in respect to that consent.
Sources of personal information
Lightyear collects and maintains personal information from the following sources:
- Through subscription agreements, investor questionnaires, or other forms that the investor or prospective investor submits to Lightyear or contracts that the investor enters into with Lightyear;
- Through transactions with Lightyear, its affiliates, or others;
- Through meetings and telephone conversations with investors or prospective investors and from interactions Lightyear may have with investors or prospective investors over the Internet or via other technologies.
Consequences of not providing personal information
Lightyear requires personal information in respect to a fund to be able to comply with its legal and regulatory obligations and to operate a fund. Accordingly, if personal information is not provided, a prospective investor may not be able to invest in a fund.
Sharing personal information
Lightyear may share personal information with its affiliates and delegates, including, without limitation, certain third-party service providers, such as accountants, auditors, attorneys, consultants, placement agents, administrators, and lenders (each, a “Service Provider”), that it has engaged to perform certain activities on Lightyear’s behalf. There may also be circumstances where Lightyear, its affiliates, delegates, or Service Providers are obliged by law to disclose personal information or determine that it is otherwise appropriate to do so, including to law enforcement agencies and applicable regulators.
Location of personal information
Due to the international nature of Lightyear’s business, personal information may be transferred to other jurisdictions. For residents of the European Union (“EU”) and the United Kingdom (“UK”), personal information may be transferred to jurisdictions outside the EU or the UK that are not deemed to have data protection frameworks that are equivalent to those of the EU countries, including the United States of America (“US”). For residents of the Cayman Islands, personal information may be transferred to jurisdictions that do not offer equivalent protection of personal information as under Cayman Islands Data Protection Law, 2017, including the US.
Cross-border transfers may be to Lightyear entities, to governmental, regulatory or judicial authorities, auditors, attorneys or agents as well as to Service Providers engaged by Lightyear.
In cases of cross-border transfers, Lightyear will process personal information or procure that it will be processed in accordance with the requirements of the appropriate data protection legislation where possible, which may include having appropriate contractual undertakings in legal agreements with Service Providers who process personal information on its behalf.
Retention periods
Lightyear will keep personal information for as long as it is required by Lightyear for the purposes described in this notice. For example, Lightyear may require personal information for its legitimate business purposes, to perform its contractual obligations, or as required or requested by law or regulation. Lightyear will generally retain an investor’s personal information throughout the lifecycle of the relevant fund(s). Some personal information will be retained after an investor’s relationship with Lightyear ends. Lightyear expects to delete personal information once there is no longer any legal or regulatory requirement or legitimate business purpose for retaining the personal information.
Individual rights for residents of the EU or the UK
Individuals who are residents of the EU or the UK and whose personal information is collected and processed by Lightyear have certain legal rights with respect to the information. These include:
- The right to request access to personal information;
- The right to obtain information about the use of personal information including: (i) the purposes for which personal information is being used; (ii) the categories of personal information being used; (iii) to whom personal information has been or will be disclosed; (iv) where possible, the period for which information will retained; (v) the right to require correction or erasure of personal information or restrict or object to its use; (vi) the right to lodge a complaint with a supervisory authority; and (vii) whether personal information is subject to any automated decision-making including profiling;
- The right to require correction of errors in personal information without undue delay;
- The right to have personal information erased without undue delay in certain circumstances including where: (i) the personal information no longer needs to be processed for the purposes for which it was collected; (ii) the personal information has been processed unlawfully; and (iii) erasure is required by applicable law;
- The right to restrict the processing of personal information in certain situations including where: (i) the individual is contesting the accuracy of the personal information; (ii) the information is being processed unlawfully but the individual does not want the data erased; (iii) the personal information is no longer needed for the purposes for which the individual provided it but the individual requires that information to help establish, exercise or defend legal claims;
- The right to object to the processing of personal information; and
- The right to receive personal information in a structured, commonly used and machine-readable format and transmit that information to a third party.
Individuals may contact Lightyear at the contact information described in the “Contact Lightyear” section of this notice. Individuals may also bring issues or concerns regarding personal information to the attention of the applicable supervisory authority.
Individual rights for residents of the Cayman Islands
Individuals who are residents of the Cayman Islands and whose personal information is collected and processed by Lightyear have certain legal rights with respect to the information. These include:
- The right to request access to personal information;
- The right to stop direct marketing;
- The right to restrict the processing of personal information (with certain exemptions);
- The right to have incomplete or inaccurate personal information corrected;
- The right to ask Lightyear to stop processing personal information;
- The right to be informed of a personal information breach (unless the breach is unlikely to be prejudicial to the data subject);
- The right to complain to the Data Protection Ombudsman for the Cayman Islands; and
- The right to require Lightyear to delete personal information in some limited circumstances.
Individual rights for residents of the state of California
In accordance with the California Consumer Privacy Act (“CCPA”) and in certain circumstances, individuals who are residents of California and whose personal information is collected and processed by Lightyear may have certain legal rights with respect to some information. These may include:
- The right to request access to certain personal information collected by Lightyear dating back one year before the access request is made. Specifically, individuals may have the right to ask that Lightyear disclose (i) the categories of personal information Lightyear has collected; (ii) the categories of sources from which Lightyear collects personal information; (iii) the business or commercial purpose for collecting personal information; (iv) the categories of third parties with whom Lightyear shares personal information; (v) the specific pieces of personal information Lightyear has collected; and (vi) if Lightyear disclosed the individual’s personal information for a business purpose, a list of the categories of personal information Lightyear has disclosed in the prior 12 months; and
- The right to request that Lightyear delete personal information. Lightyear will not delete personal information if Lightyear needs it in order to service that individual’s account, to protect the security or functionality of its operations, to comply with legal and regulatory obligations, or for certain other reasons.
Lightyear does not sell personal information.
Individuals may submit requests for access or deletion to Lightyear at
www.lycap.com/lyemailform.aspx, by toll-free call to
1-833-994-1908, or by emailing
compliance@lycap.com.
Only the data subject, or a person registered with the California Secretary of State that is authorized by the data subject, may submit a request for access to, or deletion of, that data subject’s personal information.
In connection with an access or deletion request, Lightyear will undertake steps to verify the requester’s identity. Lightyear may ask the requester to provide information that Lightyear has on file about the requester or, if the request is submitted in writing or online, Lightyear may contact the requester via another method (e.g., phone or email) to verify the requester’s identity. Requesters should be prepared to provide Lightyear with, for example, their name, organization, contact details (including physical address, telephone number, and email address), and details regarding their interest in one or more funds managed by Lightyear. Lightyear will only use personal information provided in a request to verify the requester’s identity and authority to make the request, and Lightyear will maintain a record of access and deletion requests as required by the CCPA.
Lightyear will not deny services, charge different prices, offer a different quality of service or otherwise discriminate against an individual for exercising the rights afforded to him or her under the CCPA.
Contact Lightyear
Any questions regarding the contents of this notice, the personal information that Lightyear collects and maintains, or Lightyear’s privacy and information security policies and procedures in general, should be addressed to Doug Chiciak, Lightyear’s Chief Compliance Officer, via email at
compliance@lycap.com. or call 212-328-0509.
