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Former Ares Management partners to form new private equity fund

(Reuters) - Two former Ares Management LP <ARES.N> private equity executives have joined forces to form a new firm called LightBay Capital focused on middle-market buyouts and distressed debt investments, according to people familiar with the matter.

Nav Rahemtulla and Adam Stein, who resigned from Ares last summer and are based in Los Angeles, are working with placement agent UBS Group AG <UBSG.S> on preparing to launch a new private equity fund, whose target size has not yet been finalized, the people said this week.

The sources asked not to be identified because the fundraising plans are not public. LightBay Capital and UBS offered no comment.

Rahemtulla and Stein were most recently heads of Ares' healthcare and consumer/retail private equity investing, respectively. They worked together at Ares for more than 15 years.

(Reporting by Greg Roumeliotis in New York; Editing by Sandra Maler)

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