Lightyear Capital raised more than $1 billion for its fourth private equity fund and co-investments, according to a news release.
Lightyear Fund IV closed on its largest middle-market buyout fund to date with more than $950 million. Lightyear raised an additional $75 million in a related co-investment vehicle. Fund IV will primarily make control investments in middle-market financial services companies. Lightyear's third fund closed with $950 million in 2012.
Investors in the fourth fund include the $23 billion New Mexico State Investment Council, Santa Fe; $21.9 billion Los Angeles Fire & Police Pension System and $12.6 billion New Mexico Educational Retirement Board, Santa Fe.
Lightyear executives declined to comment, spokesman Elliot Sloane said in an email.