LightBay Capital has announced it has raised $615 for its inaugural private equity fund.

The fund, LightBay Investment Partners LP, exceeded its target of $450 million.

LightBay, based in Los Angeles, is led by cofounders Nav Rahemtulla and Adam Stein, original members of Ares Management’s private equity group. The firm takes a flexible capital approach to investing in middle-market companies.

LightBay targets investments between $25 million and $150 million in the healthcare, consumer and business services sectors.