West Los Angeles-based private equity firm LightBay Capital has closed its sophomore fund with total capital commitments of $1.04 billion, exceeding the company’s own target by $200 million and hitting its hard cap.

The firm was founded in 2018 by partners Nav Rahemtulla and Adam Stein, original members of Ares Management’s private equity group, where Rahemtulla served as leader of Ares’ health care and consumer industry groups and Stein led its retail industry group.

According to Lightbay’s statement accompanying the fund news, the firm employs an “all-weather strategy” to evaluate and pursue attractive risk-reward opportunities across the capital structure and through all economic cycles.

The firm announced the news on May 10, though the fund officially closed April 28.

The company says its LightBay Fund II “will continue the firm’s long-standing focus of partnering with best-in-class management teams across tech-enabled services, outsourced business-to-business services, health care services, HCIT (healthcare information technology) and consumer services, where investments in people, processes and systems can lead to sustained competitive differentiation and accelerated growth.”

Offering gratitude to investors in a statement accompanying the announcement, Rahemtulla said the fund “will leverage our team’s deep domain expertise and thematic approach to identifying, partnering with, and accelerating the growth of market-leading companies.”

Combined with its first fund – which raised $615 million over the course of its private debut in 2018 – LightBay has amassed $1.62 billion in funding to date.

“A fixed portion of LightBay’s fees and carried interest is contributed to The LightBay Foundation and the closing of LightBay Fund II enables to us to deepen our impact on and support of local mission-driven organizations,” said Rahemtulla.