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We are excited to share some of Lightyear's key highlights from 2023...

We continued our long track record of partnering with growing companies at the nexus of financial services and technology, healthcare, and business services. We are excited to share our accomplishments from this past year and look forward to the year ahead!

2023 Highlights

at a Glance


















New Investment

Fund: Fund V

Sector: Financial Services

Investment Date: November 2023

A full-service insurance brokerage firm that provides a broad array of P&C insurance and employee benefits solutions.

Exited Investment

Fund: Fund IV

Sector: Tech-Enabled Business Services

Exit Date: August 2023*

A fast-growing professional employer organization providing outsourced HR solutions to small and mid-sized businesses across the U.S.

Add-On Spotlight

In August, PracticeTek, a Fund V portfolio company, completed the add-on acquisition of IPS. PracticeTek provides practice management software (“PMS”), electronic health record (“EHR”), payments and ancillary solutions to more than 40,000 retail healthcare providers including chiropractors, optometrists, dentists, and orthodontists.

Our team and culture continued to be a central focus of the firm in 2023.

We proudly promoted nine team members, added two associates to our investment team, and added an Operating Partner. Additionally, our Culture Working Group organized several firm events throughout the year to focus on team building and volunteering initiatives, which are outlined further below.




In July, Lightyear was delighted to welcome Tom Naratil as an Operating Partner to Lightyear Fund V. Most recently, Tom was Co-President UBS Global Wealth Management, the largest global wealth management firm, President UBS Americas, and a member of UBS Group AG’s Executive Board. He brings deep sector expertise and adds valuable perspectives as we continue to explore investment opportunities in wealth and asset management and the financial services space.

Advisory Committee Offsites

In 2023, we hosted two inaugural Advisory Committee offsites. Our Advisory Committees were formed to assist with idea and theme development, sourcing, due diligence, and value creation plans for Fund V and its portfolio companies. The offsites gathered our Advisory Committee members, Operating Partners, members of the Lightyear team, several portfolio company CEOs, and industry experts to discuss new trends, opportunities, and themes.

Wealth & Asset Management Offsite

June 2023

Healthcare Offsite

October 2023

10 Portfolio Company Roundtables

Lightyear hosted ten CXO Forums for executives at our portfolio companies to share best practices and discuss challenges and opportunities, ultimately making 250+ connections. Please see below for three examples from this past year.


CEO Forum

(CEO Excellence)


CHRO Forum

(Retaining and Engaging High Potential Employees)


CTO Forum

(Generative AI: Applications in Software and Wealth Management)

Introducing our New Website

We are excited to share the launch of our revamped website that provides a modern user experience along with simple navigation. The website may be viewed at

ESG & DEI Update

Lightyear is proud to announce that we are now a signatory to both the United Nations’ Principles for Responsible Investment as well as the Institutional Limited Partners Association’s Diversity in Action initiative. 

Lightyear Gives Back

The Lightyear team continues to value giving back to our local community. Team members dedicated their time and resources to a variety of causes throughout the year.

March | Career Discovery Week

Hosted high school students to discuss career paths in finance

June | Randall’s Island Park Alliance's Urban Farm

Tended and prepared the garden for their annual gala

July | Operation Backpack

Gave children living in NYC homeless shelters a new backpack and supplies

June & November | Food Drive with City Harvest

Donated over 250 pounds of food

December | Coalition for the Homeless Holiday Toy Drive

Donated gifts from 50 children's wishlists for the holidays


*As part of the transaction, Fund IV will retain a minority stake in the business and a seat on the company’s Board.


The information in this newsletter is presented on a confidential basis and may not be reproduced or used in whole or in part for any purpose. By viewing or accepting a copy of this newsletter, the recipient agrees that it is subject to a duty of confidentiality and will not disclose such information to any third party without the prior written consent of Lightyear Capital LLC (“Lightyear”).

The content of this newsletter is for information and discussion purposes only and does not constitute an offer to sell or a solicitation of an offer to purchase an interest in any investment fund affiliated with Lightyear (each, a “Lightyear Fund”). Any offer or solicitation will be made only pursuant to a confidential private placement memorandum, which will include a detailed description of the applicable Lightyear Fund, including the material terms of such Lightyear Fund and certain risk factors and potential conflicts of interest relating to an investment in such Lightyear Fund. An investment in a Lightyear Fund involves a high degree of risk due to, among other things, the nature of Lightyear Fund investments and potential conflicts of interest. Investors should carefully consider the risk factors and other disclosures included in the applicable offering memorandum and other materials relating to the Lightyear Fund in which the investor is considering an investment.

Statements contained in this newsletter that are not historical facts are based on current expectations, estimates, projections, opinions, and beliefs of Lightyear. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Certain economic and market information contained herein have been obtained from sources prepared by third parties and in certain cases have not been updated through the date hereof. While such sources are believed to be reliable, neither Lightyear nor its employees or any of its representatives assume any responsibility for the accuracy or completeness of such information and Lightyear has no responsibility to update any of the information provided in this newsletter. Lightyear has not made any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness, or completeness of any of the information contained herein (including, but not limited to, information obtained from third parties), and Lightyear expressly disclaims any responsibility or liability therefor.

Any selected examples and investments presented herein relating to investments made by the Lightyear Funds are not indicative of the Lightyear Funds’ investments as a whole or such funds’ performance and may not be representative of all transactions of a given type or of investments generally. Any such selected examples and investment summaries are merely intended to be illustrative of the types of investments that may be made by the Lightyear Funds employing the investment strategies deployed by Lightyear. Any add-on acquisition history of the portfolio companies of the Lightyear Funds included herein is intended to illustrate recent add-on acquisition activity of such companies and is not indicative of the activity of the portfolio companies of the Lightyear Funds as a whole or in prior years.

This newsletter includes information regarding past and present portfolio companies of the Lightyear Funds. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Past performance is not indicative of future results and there can be no assurance that any Lightyear Fund will achieve comparable results or be able to implement its investment strategy or achieve its investment objectives.

Recipients of this newsletter should not construe the contents of this newsletter as financial, legal, accounting, tax, or other advice or information applicable to such recipient’s particular financial situation.

These disclosures apply only to this newsletter and not to other websites that may be accessible from the newsletter and Lightyear shall not be responsible for the content of any third-party website accessible from this newsletter. If you access any third-party website through this newsletter, you do so at your own risk and we encourage you to review the privacy policies and user agreements of all other websites that you visit as such policies and agreements will govern your use of those websites.

Operating Partners (i) are not exclusive and may provide similar services to other third parties, including portfolio companies of investment funds affiliated with Lightyear and (ii) are not employees or affiliates of Lightyear or its affiliates but are independent contractors. The composition of the network of Operating Partners is subject to change.

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