Regal Healthcare Capital Partners, a private equity firm specializing in behavioral health investments, has committed $50 million in funding to Lightfully Behavioral Health, a mental health services provider based in Thousand Oaks, California. This latest investment builds on Regal’s previous $30 million injection in 2021, combining for a total of $50 million aimed at expanding Lightfully’s footprint and service offerings in the rapidly evolving behavioral health landscape, according to a report from Axios.
Lightfully Behavioral Health currently operates 12 behavioral health facilities throughout California and has another facility marked as “coming soon” on its website. The company provides a spectrum of care services, including partial hospitalization programs (PHP), intensive outpatient programs (IOPs), residential treatment, and virtual IOPs. These programs cater to patients at varying levels of need, offering flexible treatment options that can accommodate a range of behavioral health conditions.
Expanding Access: Lightfully’s New Virtual Program for College Students
One of Lightfully’s most recent and innovative moves is the launch of Lightfully U, a virtual intensive outpatient program specifically designed for university students. This program is a strategic response to the growing mental health crisis on college campuses, where demand for counseling and psychiatric services often outpaces available resources.
Andie Hollowell, Lightfully’s Chief Growth Officer, highlighted the critical gap colleges face in addressing student mental health: “Colleges don’t have enough resources… Counselors are struggling with what to do with students that maybe they are not prepared to manage.” Unlike typical college outpatient services that often involve weekly counseling sessions, Lightfully U offers a higher level of care, acting as a valuable referral or supportive service for campus health centers and counselors. This step-up program aims to provide more intensive and structured care for students needing additional support, helping to address the surge of behavioral health conditions among young adults.
This new offering is timely, as universities across the nation report rising rates of anxiety, depression, and other mental health disorders, intensified by the ongoing stresses of the pandemic and changing social dynamics.
Growth Ambitions: Aiming to Become a National Behavioral Health Leader
When Regal Healthcare Capital first made significant behavioral health investments in 2021 with $30 million, Lightfully laid out an ambitious expansion plan to open 30 outpatient behavioral health clinics across California, Colorado, and Washington over the next five years. This plan reflects Lightfully’s long-term goal to improve access to quality mental health care in multiple states.
Jennifer Steiner, CEO of Lightfully Behavioral Health, described the company’s vision in a 2022 interview: “We are seeking to basically be the DaVita of mental health — you will find us in every state, and you will experience a consistent care quality experience across every site, and we will be highly accessible.” The comparison to DaVita, a large and highly successful kidney dialysis provider known for its widespread accessibility and standardized care, signals Lightfully’s intent to be a household name in behavioral health services.
Regal Healthcare Capital’s Broader Behavioral Health Investment Strategy
This latest infusion of capital into Lightfully highlights Regal Healthcare Capital Partners’ commitment to behavioral health investments that drive innovation and expansion. The firm has a diversified portfolio in the space, including a $20 million investment in MIND 24-7, a behavioral health crisis care provider, showcasing Regal’s interest in supporting various points along the care continuum.
By investing in providers like Lightfully that offer a range of services—from outpatient and residential care to virtual programs—Regal is positioning itself as a leader in the transformation of behavioral health delivery. This is especially important as demand grows amid rising awareness of mental health needs nationwide.
Impact on Behavioral Health Access and Quality
The $50 million investment enables Lightfully to accelerate its expansion, opening new clinics and scaling its virtual offerings, including Lightfully U. This expansion is essential in a landscape where many communities still face limited access to timely, high-quality behavioral health care.
Lightfully’s integrated approach—providing multiple levels of care across physical and virtual settings—is designed to meet patients wherever they are in their recovery journey. This focus on consistent, accessible care across locations promises a reliable patient experience, regardless of geography.
For college students facing behavioral health challenges, Lightfully U offers a critical resource by providing more intensive treatment beyond traditional campus counseling, potentially improving outcomes for a vulnerable and growing population.
Looking Ahead: The Future of Behavioral Health Investments
With the renewed and expanded support from Regal Healthcare Capital Partners, Lightfully Behavioral Health is poised to become a national leader in behavioral health services. The firm’s strategic behavioral health investments underline confidence in Lightfully’s vision and the broader market opportunity for scalable, quality mental health solutions.
As mental health challenges continue to rise across the U.S., providers like Lightfully will be key to expanding access and improving care quality—helping to close gaps in the system and offering hope to many.
This partnership between Regal and Lightfully exemplifies how targeted behavioral health investments and innovative programming can make a meaningful impact, supporting both providers and patients on the path to recovery.
