What Lightyear Capital does

Lightyear Capital LLC is a New York-based middle-market private equity firm founded in 2000 that invests in growing companies at the intersection of financial services and technology, healthcare, and business services. The firm targets control investments in companies with enterprise values of $200M-$2B and EBITDA exceeding $10M, executing a buy-and-build strategy anchored by 61 platform investments and 350+ add-on acquisitions across its history, including 18 corporate carveouts. Lightyear's investment approach emphasizes operating partnership: a 50+ professional team is supplemented by a network of senior operating partners drawn from Goldman Sachs, UBS, JPMorgan Chase, Willis Towers Watson, and other leading firms who provide strategic, operational, and talent support to portfolio management teams. Active portfolio spans insurance brokerage (Inszone, King Risk Partners), wealth/RIA platforms (Allworth Financial, Cerity Partners), healthcare benefits and EAP services (HPOne, CuraLinc, Prime Pensions, PracticeTek), professional services software and payments (ProfitSolv, Vehlo), compliance/cybersecurity (Schellman), mobile payments (PayByPhone), and UK financial advice (Wren Sterling).

The firm's revenue model follows standard private equity economics: management fees (typically 1.5-2% of committed/invested capital) on $8.1B in AUM, supplemented by carried interest (typically 20%) on realized exits above a hurdle. Lightyear has raised six successive flagship funds; Fund VI closed in April 2026 at a $2.5B hard cap, a 60% step-up from Fund V's $1.6B and 43% above its $1.75B target, with commitments from 65+ global institutional investors (pension funds, insurers, sovereign wealth funds, endowments, and family offices). The firm also co-invests aggressively, deploying $3.1B of co-investment capital alongside its $5.2B of fund capital. Lightyear accesses deal flow through direct outreach, banking relationships, and its operating partner network rather than auctions, and increasingly brings in strategic co-investors (Goldman Sachs Alternatives in Schellman, Integrum and Ontario Teachers' in Allworth, FTV Capital in ProfitSolv) to share concentration risk and add sector expertise at the asset level.

Name

Lightyear Capital

Legal name

Lightyear Capital LLC

Website

http://www.lycap.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

51–100 employees

Short description

Lightyear Capital is a New York-based middle-market private equity firm founded in 2000 that makes control investments in financial services-and-technology, healthcare, and business services companies with $200M-$2B enterprise values, managing $8.1B in AUM across six funds.

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Management Fees: Private equity funds typically charge management fees on committed capital, typically 1.5-2% of AUM annually.
2. Carried Interest: Performance-based carried interest from successful portfolio company exits, typically 20% of profits above a hurdle rate.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Lightyear Capital is a middle-market private equity firm that makes control investments in growing companies at the nexus of financial services and technology, healthcare, and business services. The firm invests through successive funds (currently Fund VI at $2.5 billion) and partners with management teams to accelerate growth, broaden markets, and create enduring value. Across its history, Lightyear has completed 61 platform investments and 350+ add-on acquisitions, supported by a network of operating partners providing strategic, operational, and financial expertise.

Product overview

Lightyear Capital is a private equity firm that provides investment capital and strategic partnership services to growing companies in the financial services and technology, healthcare, and business services sectors. The firm does not offer technology products or services; rather, it partners with portfolio companies to accelerate their growth through capital investment, operational expertise, and strategic resources. Lightyear's investment approach focuses on making strong companies stronger by bringing deep domain expertise and a network of operating partners to support management teams.

Differentiator

Problem solved

Functional benefit

Products and services

• Lightyear Private Equity Funds (Funds I-VI)
• Operating Partner Advisory Network

Quantifiable outcome

• Fund VI raised $2.5 billion, 60% larger than Fund V
• +2 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• CorpaycoreStrategic or Co-development Partner · 6 April 2026Lightyear acquired PayByPhone mobile parking payments business from Corpay. This was Lightyear's 18th carveout transaction and 8th investment in vertical software and payments.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Genstar Capital: Genstar Capital is a middle-market PE firm with significant financial services and technology exposure and is a co-investor alongside Lightyear in Cerity Partners. Both firms target similar software, financial services, and healthcare buyouts at comparable enterprise value ranges ($200M-$2B).
• Reverence Capital Partners: Reverence Capital Partners is a financial services-focused middle-market PE firm investing across wealth management, insurance, asset management, and fintech. It directly competes with Lightyear for similar target companies, particularly in the RIA and insurance brokerage segments where Lightyear has Allworth and Inszone.
• GTCR: GTCR is a Chicago-based middle-market PE firm with similar AUM scale and a long track record in financial services and healthcare. Both firms pursue the same control investment strategy with similar EBITDA thresholds and target similar buyout opportunities in insurance, wealth management, and healthcare services.
• FTV Capital: FTV Capital is a growth equity firm focused on financial services and technology, with deep expertise in vertical software and payments—the same vertical Lightyear has built 8 investments in. FTV is a direct co-invest partner in ProfitSolv alongside Lightyear and competes for similar vertical SaaS and payments deals.
• Stone Point Capital: Stone Point Capital is a middle-market PE firm exclusively focused on financial services, making it the closest direct peer to Lightyear's financial services vertical. Both firms pursue control investments in insurance, wealth management, asset management, and financial technology companies, with overlapping portfolio profiles and similar AUM scales.
• New Mountain Capital: New Mountain Capital is a middle-market PE firm with comparable size and sector overlap in healthcare services, healthcare IT, and tech-enabled business services. Doug Chiciak, Lightyear's CCO, was previously Deputy CCO at New Mountain, evidencing direct talent and strategy overlap with Lightyear's healthcare and business services segments.
• Flexpoint Ford: Flexpoint Ford is a PE firm focused exclusively on the financial services sector, including asset management, insurance, and financial technology. It directly competes with Lightyear for similar middle-market financial services buyout opportunities and shares a comparable firm size and sector specialization.
• Lovell Minnick Partners: Lovell Minnick Partners is a PE firm dedicated exclusively to financial services, investing in asset and wealth management, insurance, and financial technology. It is a direct peer competing for the same niche as Lightyear's wealth management and insurance brokerage portfolio companies.

Broad incumbents

• American Securities: American Securities is a larger middle-market PE firm with broad sector coverage including financial services, healthcare, and industrial. While it is a larger, more diversified player, it competes for some of the same middle-market financial services opportunities as Lightyear.
• Audax Group: Audax Group is a large middle-market PE firm with healthcare, business services, and financial services exposure that has provided debt financing to Lightyear's portfolio (PracticeTek unitranche facility). Audax competes for similar buy-and-build opportunities in Lightyear's core verticals at comparable sizes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks1 record

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/lightyear-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries12 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A34 records

Investments37 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lightyear Capital