US private equity firm Lightyear Capital is looking to raise $1.1bn for its third fund, and has already arranged a $150m commitment through UBS Securities. The fund has a minimum investment of $10m.
Lightyear founder Donald Marron, 76, led broker and asset manager Paine Webber for two decades before selling it to Swiss banking giant UBS in November 2000.
He later sat on the board of Fannie Mae and is President Emeritus of the Museum of Modern Art, and will play an executive role in the new fund.
Lightyear specialises in financial services investments, and counts Flagstone Reinsurance Holdings, Houston International Insurance Group and Collegiate Funding Services among its portfolio companies.
Last year the firm created Cetera Financial Group out of the merger of three smaller broker-dealers.
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