AdvisorCensus / Financial advisors / California / Los Angeles / Lightbay Capital
Lightbay Capital is an SEC-registered investment advisory firm in Los Angeles, CA, registered since 2017, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.
Quick answers
From the filingHow is Lightbay Capital compensated?
On its Form ADV (Item 5.E, October 2026), Lightbay Capital reports these compensation arrangements: a percentage of assets under its management; performance-based fees.
How much does Lightbay Capital charge?
Its Form ADV Part 2A brochure dated March 31, 2026 states: Asset-based fee: 2% of assets a year. Fees can differ by service and may be negotiable; the brochure is the complete statement.
Where is Lightbay Capital located?
Lightbay Capital's principal office is in Los Angeles, CA, according to its Form ADV.
Is Lightbay Capital registered with the SEC or a state?
Lightbay Capital is an SEC-registered investment advisory firm, registered since 2017. Status as filed: Approved. CRD 288432.
How much does Lightbay Capital manage?
Lightbay Capital reports $1,838,339,267 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).
How have Lightbay Capital's assets and staff changed since 2021?
In the Form ADV data for Lightbay Capital: Regulatory assets under management: $723,345,365 in the October 2021 data and $1,838,339,267 in the October 2026 data, up 154%. Total employees: 14 in October 2021 and 29 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Lightbay Capital serve?
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (6).
Does Lightbay Capital report any disciplinary disclosures?
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/288432
Does Lightbay Capital state an account minimum?
Its Form ADV Part 2A brochure dated March 31, 2026 says: "The Funds generally have a minimum investment amount of $1.5 million for third-party investors, and the Funds’ interests are offered and sold solely to accredited investors that are also qualified clients. LightBay is permitted to waive such minimum investment amount in its sole discretion."
What changed in Lightbay Capital's recent Form ADV filings?
In the April 2026 filing data: Employees performing advisory functions went from 20 to 24. Regulatory assets under management went from $2,162,912,260 to $1,838,339,267 (-15%).
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Performance-based fees
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2AAsset-based fee: 2% of assets a year
The brochure's wording
The Funds (other than the Executive Funds) will pay LightBay a management fee (the “Management Fee”) quarterly in advance equal to 2% on an annual basis of aggregate Fund investor capital commitments
Account minimum: $1,500,000 (the brochure says it may be waived or negotiated)
The brochure's wording
The Funds generally have a minimum investment amount of $1.5 million for third-party investors, and the Funds’ interests are offered and sold solely to accredited investors that are also qualified clients. LightBay is permitted to waive such minimum investment amount in its sole discretion.
As stated in the firm's Form ADV Part 2A brochure dated March 31, 2026. Fees can differ by service and may be negotiable; the brochure is the complete statement. Read the brochure on the SEC's IAPD site
Regulatory assets under management
Item 5.F$1,838,339,267 as of October 2026, filing dated March 31, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for pooled investment vehicles (other than investment companies)
Registration and firm details
Items 1, 2, 5- Legal name
- Lightbay Management LLC
- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2017 (9 years)
- Employees
- Total: 29. Performing investment advisory functions: 24.
- Wrap fee program participation
- No.
- States registered or notice-filed
-
1 state or jurisdiction
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $1,838,339,267 | 29 | March 31, 2026 |
| October 2025 | $2,162,912,260 | 24 | July 24, 2025 |
| October 2024 | $1,932,540,580 | 27 | March 29, 2024 |
| October 2023 | $2,020,163,314 | 24 | March 31, 2023 |
| October 2022 | $1,675,807,987 | 21 | March 31, 2022 |
| October 2021 | $723,345,365 | 14 | March 23, 2021 |
Regulatory assets under management: $723,345,365 in the October 2021 data and $1,838,339,267 in the October 2026 data, up 154%.
Total employees: 14 in October 2021 and 29 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- April 2026
- Employees performing advisory functions went from 20 to 24.
- Regulatory assets under management went from $2,162,912,260 to $1,838,339,267 (-15%).
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Lightbay Capital (CRD 288432): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/lightbay-capital-los-angeles-ca-288432