How many investments has LightBay Capital made?

LightBay Capital has 14 tracked investments.

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, North Castle Partners, among 4 tracked co-investors.

LightBay Capital

Private equity

Los Angeles · Growth · 39 people tracked

Also known as LIGHTBAY MANAGEMENT LLC

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Find your way into LightBay Capital

1,578 people in our graph share verified history with the LightBay Capital team — schools, employers, funds. One of them is your warm intro.

Rebecca Jamesunlockedknows Ben Herman · together at The Wharton School (overlapped)

×3knows the team · via Warburg Pincus

×2knows the team · via Cornell

×2knows the team · via The Wharton School

knows the team · via Yale University

knows the team · via Miami University

✨ Fox Verdict

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.

Invests inLos Angeles United States

Source: firm website, verified Sep 15, 2026.

Stage

Growth

Check

$100M – $300M

Los Angeles, US

Instruments

Equity

AUM

$1.8B

Tracked investments

Team · 39 people

from the firm's website & curated

Adam Stein· Founding Partner· Los Angeles, California, United Statesin

Adam Stein is a Senior Fund Accountant at Saw Mill Capital and a CPA, where he handles day-to-day core accounting responsibilities, process and reporting improvements, and technology and workflow projects. He previously worked as an auditor of private equity funds and hedge funds, advising clients on financial regulations and ensuring financial statements complied with GAAP.

Nav Rahemtulla· Founding Partner· Los Angeles, California, United Statesin

Nav Rahemtulla is a Co-Founder and Partner at LightBay Capital. He previously spent 15 years at Ares Management's Private Equity Group as a Partner and Head of Healthcare, and earlier held roles as a Director of Corporate Finance at DMC Venture Capital and in the Investment Banking Division of Donaldson, Lufkin & Jenrette Securities Corp. Rahemtulla holds a B.A. in Business Administration from the University of Western Ontario's Richard Ivey School of Business.

Abhishek (A.B.) Rampuria· Managing Director· Los Angeles, California, United Statesin

Atticus Bieff· Managing Director· Los Angeles, California, United Statesin

Ben Herman· Partner· Los Angeles, California, United Statesin

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David Burcham· Partner

David Leeney· Partner· Los Angeles, California, United Statesin

Aref H. Lahham· Partner· Londonin

Co-founder of Orion who acts as its CEO and CIO, setting strategy and leading acquisition and investment activities. He has around 29 years of real estate investment and development experience, previously helping build LaSalle's European operations, and holds engineering degrees from Purdue and Cornell plus an INSEAD MBA.

Chris Pummill· Partner· Milwaukee, Wisconsin, United Statesin

Chris Pummill is a Managing Director at Mason Wells, supporting the Buyout Funds' investment activities including developing sector playbooks, building relationships, and executing new investments alongside management teams. He joined Mason Wells in 2011 after serving as an Associate Intern at Thoma Bravo in Chicago and an Associate at Western Reserve Partners (now Citizens M&A Advisory) in Cleveland. He holds an MBA with honors from the University of Chicago Booth School of Business and a BS in Business, cum laude, from Miami University (Ohio).

c•••@masonwells.comreveal

Grant Roski Amendola· Principal· Los Angeles, California, United Statesin

Jonathan Merber· Principal· Los Angeles Metropolitan Areain

Aaron Shockey· Digital Marketing· New York City Metropolitan Areain

Aaron Shockey is an Operating Partner at LightBay Capital, with experience in growth and value creation roles across public companies, mid-market organizations, and private equity-backed portfolios. His work spans e-commerce, digital marketing, CRM, analytics, customer acquisition, retention, brand strategy, and go-to-market execution. He has held both operating positions within businesses and private equity operating partner roles focused on accelerating growth and building enterprise value.

Alexa Feuerman· Vice President· Los Angeles, California, United Statesin

Angelina Susanto· Associate· Chicago, Illinois, United Statesin

Angelina Susanto is an Associate at LightBay Capital. She graduated Summa Cum Laude from The Wharton School at the University of Pennsylvania in 2022, with concentrations in finance and management, and was inducted into Beta Gamma Sigma.

Chandler Jester· Associate

Dan Xiang· Vice President· Los Angeles, California, United Statesin

Dara Arabzadeh· Associate· New York City Metropolitan Areain

Davis DeLozier· Associate

Gabi Schiffler· Assistant Controller· Los Angeles, California, United Statesin

Jason Chima· Associate

John Struik· Associate· Kansas City, Missouri, United Statesin

Josie Inman· Senior Executive Assistant

Kailey Hecht· Administrative Assistant

Kerry Omughelli· Chief Operating Officer· Los Angeles, California, United Statesin

Kristen Moorman· Manager, Business Operations

Mason Nam· Associate· Los Angeles Metropolitan Areain

Matt Brudzynski· Artificial Intelligence

Meghan Hannafin· Senior Executive Assistant

Sarah Davies· Vice President, Operations and Compliance

Sarah Sun· Associate· Greater Chicago Areain

Siwei Wang· Senior Vice President, Finance and Accounting· Los Angeles Metropolitan Areain

Siwei Wang is a Facilities Coordinator at LightBay Capital and a graduate of Saint Louis University.

Tosh Martin· Associate

Trinity McCaw· Facilities Coordinator· Los Angeles, California, United Statesin

Trinity McCaw is an Associate at LightBay Capital. She graduated summa cum laude from The Wharton School at the University of Pennsylvania in 2022 with concentrations in finance and management, and is a member of Beta Gamma Sigma.

Vicky Colf· Technology

Willow Waugh· Talent

Courtney Kozel· Assistant Controller· Greater Chicago Areain

Michael Dean· Associate· Chicago, Illinois, United Statesin

Michael Wilds· Associate· Kansas City, Missouri, United Statesin

Steve Settles· Private Equity Associate· Greater Chicago Areain

What they invest in

from 5 of 14 portfolio companies

Healthtech ×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 path

Alliance Animal Healthallianceanimal.com

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

Barry’sbarrys.com

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 Partners North Castle Partners Princeton

Propelled Brandspropelledbrands.com

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 Medical Groupranchofamilymed.com

Rancho Family Medicine operates a family medical practice and organizes community events to help prospective patients meet physicians before establishing care relationships.

Digital HealthHealthtech

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 GroupQuestcoRo Health

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.
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, North Castle Partners, among 4 tracked co-investors.

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