Lightyear Secures $2.5B for Sixth Flagship Fund
Lightyear Capital has held the final close of its sixth flagship vehicle, Lightyear Fund VI, L.P., at its $2.5 billion hard cap, exceeding its $1.75 billion initial target and marking a 60% increase over its predecessor.
The fund was significantly oversubscribed and represents the largest and most diversified investor base in the firm’s history, with commitments from more than 65 global institutions, including pension funds, insurance companies, sovereign wealth funds, endowments, foundations and family offices.
“This successful fundraise reflects our history of delivering strong returns for investors across multiple market cycles,” said Mark Vassallo, Managing Partner of Lightyear.
Since its founding in 2000, Lightyear has completed 60 platform investments and more than 300 add-on acquisitions, with a focus on sectors including wealth management, embedded payments, healthcare financial services and technology-enabled business services.
The close comes amid continued momentum across the firm’s portfolio. Recent transactions include the sale of its minority stake in cybersecurity compliance provider Schellman to Goldman Sachs Alternatives, as well as an agreement to acquire PayByPhone, a digital parking payments and management platform, from Corpay.
As of December 31, 2025, Lightyear managed $8.1 billion in assets.
Davis Polk & Wardwell LLP served as legal counsel, with Atlantic-Pacific Capital acting as global placement agent.