Lightyear Capital Completes $1.6 Billion Fund V Fundraise
Over 60% Larger than Fund IV, Surpassing Target of $1.25 Billion
New York, November 15, 2021 – Lightyear Capital LLC ("Lightyear"), a New York-based private equity firm focused on financial services, announced today that it recently completed the final closing of its fifth flagship private equity fund, Lightyear Fund V, L.P. and Lightyear Fund V-A, L.P. (together, "Fund V"), with approximately $1.6 billion in capital commitments, including the sponsor commitment. This amount is 25% larger than the $1.25 billion target and 63% larger than the $957 million raised in Lightyear Fund IV, L.P.
Fund V, Lightyear's first fund in excess of $1 billion, includes commitments from U.S. 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.
Mark F. Vassallo, Lightyear's Managing Partner, said, "We are very pleased with this outcome and want to thank not only our existing investors for their continued strong support but also all our new investors who are entrusting Lightyear with their assets. Our talented team, investment culture and process, and successful track record made this achievement possible. Thank you as well to our management teams for their leadership and partnership in building strong companies."
Lightyear takes a long-term thematic approach to investing and reviews hundreds of investment opportunities annually. Since inception in 2000, Lightyear's investment funds have made 53 investments with significant investments in the categories of wealth management, payment systems, healthcare financial services and technology-enabled business services.
Atlantic-Pacific Capital Inc. acted as placement agent and Davis Polk & Wardwell LLP acted as legal counsel to Fund V.
About Lightyear Capital LLC
Founded in 2000, Lightyear is a financial services-focused private equity firm based in New York. Through its affiliated private equity funds, Lightyear makes primarily control investments in North America-based, middle-market companies associated with financial services, including asset management and wealth management, banks and brokerage, commercial and consumer finance, financial technology, healthcare financial services, insurance, and tech-enabled business services. Lightyear brings focus and discipline to its investment process, as well as operating, transaction, and strategic management experience, along with significant contacts and resources beyond capital. For more information, please visit www.lycap.com