Clearlake Capital Group closed its fifth fund on more than $3.6 billion, reaching its hard cap. The fifth fund started investing and closed or signed several investments including Perforce Software, Diligent Corp, Janus International, ProVation Medical and Wheel Pros. Fund V included more than 150 institutional investors from more than 25 companies across North America, South America, Asia, Europe and the Middle East. LPs included public and corporate pensions, sovereign wealth funds, insurance companies, foundations and endowments and family offices. Credit Suisse worked as placement agent on the fundraising.
Clearlake Capital Group, L.P. (“Clearlake”), a leading investment firm with a sector-focused approach, announced today it has completed fundraising for Clearlake Capital Partners V (“Fund V”) with over $3.6 billion in commitments.
Fund V exceeded its target and was substantially oversubscribed, reaching its hard cap. At over $3.6 billion, Fund V is Clearlake’s largest private equity fund to date. This brings Clearlake’s total cumulative capital commitments since inception to more than $7 billion. Fund V has already begun investing with several signed or closed transactions including Perforce Software, Diligent Corporation, Janus International, ProVation Medical, and Wheel Pros.
“We are thankful and humbled by the opportunity to prudently invest on behalf of our prominent and expanding base of global Limited Partners,” said José E. Feliciano, Co-Founder and Managing Partner at Clearlake. “We believe that the interest in Fund V is an acknowledgment of Clearlake’s superior track record and strategy. Clearlake brings deep industry knowledge and relationships, access to capital, and a flexible investment mandate to our partner management teams in our target sectors: industrials and energy, software and technology-enabled services, and consumer.”
“We are grateful that investors appreciate the strength of the Clearlake franchise in positively transforming businesses,” said Behdad Eghbali, Co-Founder and Managing Partner at Clearlake. “Clearlake creates value and provides patient, long-term capital to dynamic businesses that can benefit from our proprietary operational improvement approach, O.P.S.® We believe Clearlake has the investment and operational skills to execute its strategy and generate superior returns at this scale.”
Fund V welcomed more than 150 different institutional investors from over 25 countries across North America, South America, Asia, Europe, and the Middle East. Investors include public and corporate pension funds, sovereign wealth funds, insurance companies, foundations and endowments, and family offices.
“As we met with Limited Partners around the world, we continued to hear an excitement around Clearlake’s proven strategy, our core team which has been together for more than 11 years, and our unwavering commitment to investing with insight and discipline in our target sectors. We are very appreciative of the support from our longtime Limited Partner relationships and are delighted to welcome new institutional investors into the Clearlake family. We look forward to growing with these investors as we continue to earn their support through consistent execution,” Eghbali and Feliciano concluded.
Credit Suisse Securities (USA) LLC acted as advisor and placement agent for Fund V, while Simpson Thacher & Bartlett LLP served as legal adviser for Fund V.
Clearlake Capital Group, L.P. is a leading private investment firm founded in 2006. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are industrials and energy; software and technology-enabled services; and consumer. Clearlake has managed over $7 billion of institutional capital since inception and its senior investment principals have led or co-led over 100 investments. More information is available at www.clearlake.com.