Clearlake’s Fund III Tops Target With $789M Close: Corrected

Firm: Clearlake Capital Group

Fund: Clearlake Capital Partners III LP

Amount Raised: $789 million

Initial Target: $600 million

Placement Agent: Park Hill Group

Legal Counsel: Paul, Weiss, Rifkind, Wharton & Garrison

Clearlake Capital Group, a Los Angeles, Calif.-based firm, closed on its third fund, Clearlake Capital Partners III LP, having raised $789 million in commitments from a number of prominent investors. The closing was announced on Jan. 3, but actually occurred in December.

The close was substantially above the fund’s initial $600 million target. Clearlake invests in mid-market companies in a variety of industries, but focuses mainly on turnarounds and reorganizations, especially companies facing difficult financial or operational challenges. Jose Feliciano, Clearlake’s founding ...

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