LightBay Capital, a private equity firm founded by two former Ares Management LP executives, said it had raised $615 million for its inaugural fund, exceeding its fundraising target.

LightBay had initially aimed for $450 million but pulled in just over a third more, with funds coming from family offices, foundations, funds of funds, insurers and pension plans.

LightBay targets smaller investments - between $25 million and $150 million - primarily in the consumer, healthcare and business services sectors through leveraged buy-outs and shared-control investments.

The company said the flexibility of its capital base will enable to invest in high-quality companies in all market environments,

LIGHTBAY CAPITAL is a private equity firm specializing in middle-market buyouts, recapitalizations, growth capital, and distressed debt investments. The firm generally invests between $25 million and $200 million. It was founded in 2016 and is based in Los Angeles, California. It invests in all market environments to accelerate the growth of quality businesses.