# 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.

- CRD: 288432
- Filed as: LIGHTBAY CAPITAL
- Legal name: Lightbay Management LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Los Angeles, CA
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/288432
- AdvisorCensus page: https://advisorcensus.com/firm/lightbay-capital-los-angeles-ca-288432

## Quick answers

**How 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

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Asset-based fee: 2% of assets a year

> 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 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 brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $1,838,339,267
- Discretionary: $1,838,339,267
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Pooled investment vehicles (other than investment companies and business development companies) | 6 | $1,838,339,267 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2017 (9 years)
- Employees: 29 total, 24 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- lightbay.com
- LinkedIn @LIGHTBAY-CAPITAL

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $723,345,365 | 14 | March 23, 2021 |
| October 2022 | $1,675,807,987 | 21 | March 31, 2022 |
| October 2023 | $2,020,163,314 | 24 | March 31, 2023 |
| October 2024 | $1,932,540,580 | 27 | March 29, 2024 |
| October 2025 | $2,162,912,260 | 24 | July 24, 2025 |
| October 2026 | $1,838,339,267 | 29 | March 31, 2026 |

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.

## 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%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Lightbay Capital (CRD 288432): Form ADV filing data as of October 2026.