We advised Lightyear on the transaction

Davis Polk advised Lightyear Capital LLC on its fundraise and related matters for Lightyear Fund VI, L.P. and Lightyear Fund VI-A, L.P. (together with its respective feeder fund, “Lightyear VI”), which recently held its final closing at its hard cap of approximately $2.5 billion in capital commitments. Fund VI was significantly oversubscribed, surpassing its initial target of $1.75 billion and is 60% larger than the $1.6 billion raised by Lightyear Fund V.

Lightyear Capital is a New York-based private equity firm that partners with growing companies at the nexus of financial services and technology, health care and business services. For over 25 years, Lightyear has worked closely with management and leveraged its industry expertise, network of advisers and operating resources to accelerate growth and build market-leading businesses. As of December 31, 2025, the firm had assets under management of $8.1 billion.

The Davis Polk investment management team included partner Michael S. Hong, counsel Michael A. Stenbring and associates Imad Rizkallah, Jonathan Ricottilli and Alex Brod. Partner Ethan R. Goldman and associate Bryce Maxey provided tax advice. Counsel Choyuan (Charles) Shi provided ERISA advice. All members of the Davis Polk team are based in the New York office.

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