Middle market private equity firm
LightBay Capital
- HeadquartersLos Angeles, CA S1
- Founded2017 S6
- Websitelightbay.com
- Last verifiedOctober 20, 2026
At a glance
| Latest fund | LightBay Investment Partners II, $1B (May 2023) S5 |
|---|---|
| Check size | $100M to $300M S2 |
| Deal types | Platform, Add-on, Minority, Growth S2 |
| Sectors | Healthcare Services, IT Services & MSP, Roofing, HVAC, Plumbing & Electrical, Dental, Veterinary |
What LightBay Capital buys
LightBay Capital is a Los Angeles private equity firm, founded in 2017, that backs service companies in two broad areas. In healthcare it looks at care delivery (behavioral health, home and community care, physician groups, post-acute care), outsourced services such as clinical staffing, and healthcare technology and revenue cycle work. In business services it looks at outsourced HR, education and training, residential and commercial services, and IT and managed services. Its partners have invested together for more than 25 years, and the firm cites about $2 billion of committed capital.
LightBay usually puts $100 million to $300 million of equity into a company and can go higher. It will do a traditional buyout, a minority stake or a structured deal, and it says it often uses extra equity rather than heavy debt so the company can keep investing in growth. Its second fund closed at $1.04 billion in May 2023. Smaller companies usually meet LightBay as add-ons to platforms such as Infinity Home Services in roofing, Clarion in HVAC and plumbing, or Centre Technologies in IT managed services.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Oct 2026 | AwaydayWarburg Pincus invested in the vacation rental manager; part of the money went back to LightBay, Ares and rollover owners, who stay in control | Investment | Source | |
| Jun 2026 | Centre TechnologiesHouston IT managed service provider with nine past acquisitions; the new capital will fund more MSP deals and AI, cloud and security services | Platform | IT Services & MSP | Source |
| May 2025 | AwaydayAres invested; LightBay fully realized its first-fund stake and reinvested from its second fund | Investment | Source | |
| Jan 2025 | Ro HealthSeattle clinical staffing firm that places nurses and behavioral health clinicians in K-12 schools | Growth | Healthcare Services | Source |
Portfolio by sector
From the firm's portfolio page S4.
Consumer & Food
- Boardroom Salon for Men
- Foundry
Dental
- Passion Dental Group
Healthcare Services
- Femwell Group Health
- Rancho Family Medical Group
- Ro Health
HVAC, Plumbing & Electrical
- Clarion
IT Services & MSP
- Centre Technologies
Roofing
- Infinity Home Services
Veterinary
- Alliance Animal Health
Other
- Awayday
- Propelled Brands
- Questco
Past investments: Barry's
Greymont’s take
How LightBay Capital fits a seller
LightBay suits owners of larger, growing service companies who want to keep a real role and a stake after the deal. Its equity checks start around $100 million, so most owners of smaller firms will meet it through one of its platforms rather than as a new investment. Centre Technologies, the Houston IT managed service provider it backed in June 2026, had already made nine acquisitions and plans more, which makes it a natural buyer for managed IT firms in Texas, Oklahoma and new regions it wants to enter.
The Awayday deals show how LightBay handles a winner: it sold its first-fund stake to Ares in 2025, reinvested from its second fund, and stayed a controlling owner when Warburg Pincus invested in 2026. Owners should ask whether LightBay is proposing a control or minority deal, and how much rolled equity it expects them to keep.
Questions owners ask
Does LightBay buy IT managed service providers?
Yes. In June 2026 it invested in Centre Technologies, a Houston MSP founded in 2006 that serves more than 750 clients in Texas and Oklahoma. The release says Centre will use the capital in part to speed up acquisitions of other MSPs.
How large an investment does LightBay usually make?
Its stated typical equity range is $100 million to $300 million per company, and it says it can go above that for the right growth opportunity. It invests from a $1.04 billion second fund that closed in May 2023.
Does LightBay always take control?
No. It says it fits the structure to the company, whether that is a minority investment, a traditional buyout or a structured investment. At Awayday it reinvested in 2025 and remains a controlling owner alongside Ares.
Does LightBay buy roofing or HVAC companies?
Through its platforms. With Freeman Spogli it acquired Infinity Home Services, a residential roofing replacement group, in late 2022, and it has backed Clarion, a multi-brand HVAC, plumbing and electrical company in six states, since December 2021.
Sources
- S1LightBay Capital home page Accessed October 20, 2026
- S2LightBay Capital: Approach (Operating Philosophy and Investment Criteria) Accessed October 20, 2026
- S3LightBay Capital: Sectors Accessed October 20, 2026
- S4LightBay Capital: Portfolio (Current and Realized Investments) Accessed October 20, 2026
- S5LightBay Capital Raises Over $1 Billion for its Second Private Equity Fund (May 10, 2023) Accessed October 20, 2026
- S6LightBay Capital Makes Strategic Investment in Centre Technologies (June 24, 2026) Accessed October 20, 2026
- S7Awayday Announces Strategic Investment by Ares Management and LightBay Capital (May 9, 2025) Accessed October 20, 2026
- S8Awayday Announces Strategic Investment from Warburg Pincus (October 2, 2026) Accessed October 20, 2026
- S9LightBay Capital: Clarion portfolio page Accessed October 20, 2026
- S10LightBay Capital and Freeman Spogli & Co. Announce Partnership with Infinity Home Services (January 2023) Accessed October 20, 2026
- S11LightBay Capital: News Accessed October 20, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with LightBay Capital. Figures are as reported on the dates shown and may have changed. Request a correction