Fundraising FoxLightBay Capital
Private equityLos Angeles · Growth · 39 people tracked
Also known as LIGHTBAY MANAGEMENT LLC
Find your way into LightBay Capital
1,675 people in our graph share verified history with the LightBay Capital team — schools, employers, funds. One of them is your warm intro.
Investment thesis
LightBay Capital positions itself as a thematic private equity investor that tailors its investment structure to each business, using minority stakes, traditional LBOs, or structured deals. It backs both market leaders and disruptive challengers that show strong employee engagement, high returns on invested capital, meaningful growth potential, and mission-driven leadership. The firm applies domain expertise, relationships, and a hands-on value creation model to address growth constraints related to capital, talent, systems, and technology. It emphasizes over-equitizing rather than financial engineering to preserve flexibility and prioritize growth, and it will invest during market dislocations. Its typical equity range is $100-$300 million, with flexibility to scale higher for the right opportunities.
Source: firm website, verified Sep 22, 2026.
Team · 39 people
from the firm's website & curated
What they invest in
from 5 of 14 portfolio companiesHealthtech ×3Consumer ×2Digital Health ×2B2B Marketplaces ×1EdTech ×1HR Tech ×1Retail Tech ×1Sports Tech ×1
HQs:United States×4
Investments · 14 tracked
founders shown can be your intro pathBy year:2025 · 12022 · 12 dated
Alliance Animal Health operates a network of 250+ partner veterinary practices across 30 U.S. states, providing animal care services through a decentralized network of independent clinics.
B2B MarketplacesEdTechHealthtech
Matthew Sussman(Founder)in
Co-investorsL Catterton
Barry's is a boutique fitness studio chain offering high-intensity interval training (HIIT) classes combining strength and cardio workouts, along with a digital fitness platform for remote access.
ConsumerSports TechWellness & FitnessLos Angeles, US
Barry Jay(Founder)Joey Gonzalez(CEO)
Co-investorsCamino PartnersNorth Castle PartnersPrinceton
Propelled Brands is a franchisor that partners with, acquires, and provides operational support to franchise concepts, operating a portfolio of over 1,300 franchise locations and 45+ corporate stores.
ConsumerRetail Tech
Co-investorsFreeman Spogli
Rancho Family Medicine operates a family medical practice and organizes community events to help prospective patients meet physicians before establishing care relationships.
Digital HealthHealthtech
Ro Health is a school-health staffing partner that recruits, screens, and places nurses, therapists, and behavioral health professionals in school districts.
Digital HealthHealthtechHR Tech
Co-investorsKhosla VenturesMastry
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
AwaydayBoardroomBurtonCentre TechnologiesFemwell Group HealthFoundryInfinity Home ServicesPassion Dental GroupQuestco
Fund performance · per public LP disclosures · 3
as of Dec 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| LightBay Investment Partners II LPLPs: Florida State Board of Administration, Texas Municipal Retirement System, New York City Employees' Retirement System +3 more | 2022 | — | -6.0% | 0.94x | 0.00x |
| LightBay Investment Partners Il LPLPs: Florida State Board of Administration | 2022 | — | — | 0.80x | 0.00x |
| LightBay Investment Partners LPLPs: Florida State Board of Administration, Texas Municipal Retirement System | 2018 | — | 13.6% | 1.78x | 1.06x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- How many investments has LightBay Capital made?
- LightBay Capital has 14 tracked investments, including 1 dated in the last 24 months.
- What stage does LightBay Capital invest at?
- LightBay Capital invests at the Growth stage.
- What is LightBay Capital's typical check size?
- LightBay Capital typically writes checks of $100M – $300M.
- Where is LightBay Capital located?
- LightBay Capital is headquartered in Los Angeles, US.
- Who does LightBay Capital co-invest with?
- LightBay Capital most often shares deals with Camino Partners, Freeman Spogli, Khosla Ventures, among 6 tracked co-investors.
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