Former Ares partners form new PE firm, prepare to launch new fund

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Two former Ares Management executives have formed a new firm focused on middle-market buyouts and distressed debt investments.

The new Los Angeles-based firm, dubbed LightBay Capital, has been launched by Nav Rahemtulla and Adam Stein according to their LinkedIn profiles.

They are preparing to launch a new private equity fund and hired placement agent UBS Group to push the vehicle out to potential LPs, according to Reuters, which cited people familiar with the matter.

However, it is unclear when the fund will launch and how much it will be targeting.

Spokespeople for LightBay and UBS did not immediately respond to a request for comment.

Prior to launching the firm, Rahemtulla was a partner and the head of healthcare for Ares Management’s Private Equity Group, where he worked for 15 years.

Before joining Ares, he was a director of corporate finance at DMC Venture Capital and a member of the investment banking division of Donaldson, Lufkin & Jenrette Securities.

Previously, Stein was a partner and the head of consumer & retail for Ares Management’s Private Equity Group, where he worked for 16 years.

Prior to joining Ares, he was a member of the Global Leveraged Finance Group at Merrill Lynch & Co., where he executed high yield bond and mezzanine financing transactions across various industries.

The founders have also bought in Stella Ho as managing director and Isaac Rosenberg as associate.
Ho joins LightBay after spending eight years with Moelis & Company, most recently as a senior vice president in business management.

Rosenberg previously worked as a private equity associate at Avista Capital Partners, where he evaluated new investments and supported existing portfolio companies.

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