We advised Lightyear Capital on the transaction and related debt financing

Davis Polk advised Lightyear Capital LLC in connection with its strategic investment in Prime Pensions, LLC and the related debt financing arrangements.

Founded in 2000 and headquartered in New York City, Lightyear Capital is a financial services-focused private equity firm based in New York. Through its affiliated private equity funds, Lightyear makes primarily control investments in North America-based, middle-market companies across the financial services spectrum.

Prime Pensions is an actuarial and record keeping firm committed to providing high quality, personalized design and ongoing administrative services for qualified retirement plans nationwide. Founded in 1975 and headquartered in Florham Park, New Jersey, Prime Pensions’ main focus is 401(k), profit sharing and defined benefit plans for both small and large employers.

The Davis Polk corporate team included partner Michael Davis, counsel Daisy Wu and associate John Foster. The tax team included partner Ethan R. Goldman and associate Danielle Rapaccioli. Partner Robert F. Smith and associate Natalie Lin provided sponsor finance advice. Partner Matthew J. Bacal provided intellectual property advice. Partner Adam Kaminsky provided executive compensation and ERISA advice. Associate Michael A. Stenbring provided investment management advice. Members of the Davis Polk team are based in the New York and Washington DC offices.