Lightyear Capital Closes Fourth Financial Services Buyout Fund
NEW YORK--(BUSINESS WIRE)-- Lightyear Capital LLC ("Lightyear"), a private equity firm focused on financial services investing, announced today that it recently completed the final close of its fourth private equity fund, Lightyear Fund IV, L.P. ("Fund IV"), with more than $950 million in capital commitments, with an additional $75 million raised in a related co-investment vehicle. Fund IV received commitments from U.S. and foreign institutional investors, including public and private pension plans, insurance companies, fund of funds, and high net worth individuals. Since inception, Lightyear has raised approximately $3.6 billion of private equity capital.
Fund IV, the largest fund raised by Lightyear to date, will be invested primarily in control investments in middle-market companies across the financial services industry, including asset management, banks, brokerage, insurance, payments and processing, and specialty finance. This is the same strategy that Lightyear has employed over the past 17 years. Lightyear seeks to invest in companies where it can work with management to help implement growth strategies aimed at enhancing value, including through acquisitions, recruiting, new product offerings, strategic introductions, and geographic expansion.
Mark F. Vassallo, Lightyear's Managing Partner, said, "We are very pleased with this outcome and would like to thank our existing investors for their strong support and to welcome all of our new investors as well. Fund IV has completed three investments to date, and we look forward to continuing to build on our long-term record and strategy within financial services with the remainder of the capital."
Davis Polk & Wardwell LLP acted as legal counsel.
About Lightyear Capital LLC
Lightyear Capital is a financial services-focused private equity firm based in New York. Lightyear, through its affiliated private equity funds, makes primarily control investments in North America-based, middle-market financial services companies. Lightyear targets investments across the financial services spectrum, including asset management, banks, brokerage, insurance, payments and processing, and specialty finance. The firm brings strengths 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
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