Clearlake Capital Group LP said June 26 that its latest opportunities fund closed on $1.4 billion. Clearlake Opportunities Partners II will make non-control investments in middle market companies across in sectors including software and technology-enabled services; industrials and energy; and consumer.
Clearlake Capital Group Closes Clearlake Opportunities Partners II at $1.4 Billion
The Fund Will Focus on Non-Control Structured Equity and Credit Investments
Across Clearlake’s Target Sectors
SANTA MONICA, CA, June 26, 2019 – Clearlake Capital Group, L.P. (“Clearlake” or the “Firm”), a leading private investment firm with a sector-focused approach, announced today it has completed fundraising for Clearlake Opportunities Partners II (the “Fund” or “COP II”) with $1.4 billion in commitments.
COP II was oversubscribed, reaching its hard cap. With this latest fund, Clearlake’s total assets under management are over $10 billion. The Fund includes a significant commitment from its general partner, and will make non-control investments in middle market companies across Clearlake’s target sectors of software and technology-enabled services; industrials and energy; and consumer. COP II has already begun investing, with the recently announced investment in Appriss Holdings, Inc.
“We want to thank all of the limited partners in COP II, who through their commitments have shown they believe in the proven Clearlake value creation model, our sector focus, and our flexible investment strategy,” said José E. Feliciano, Co-Founder and Managing Partner at Clearlake. “We believe our continued strategic focus, backed by our financial discipline, systematic approach to operational improvement,O.P.S.®, and our cohesive team, provides our LPs with the partnership they seek, and we look forward to leveraging the Firm’s capabilities to deliver on our strategy.”
“We are pleased to bring the proven strategy of the Clearlake franchise to investors in COP II, and we thank our growing base of limited partners for their confidence,” said Behdad Eghbali, Co-Founder and Managing Partner at Clearlake. “The Clearlake team is uniquely positioned to execute COP II’s strategy alongside our flagship private equity control fund because of our deep sector expertise. We look forward to helping companies grow from the lower end of the middle market to the upper end with improving multiples, as we continue to demonstrate the power of the Clearlake platform.”
More than 40 different institutional investors are investors in COP II. Investors include public and corporate pension funds, sovereign wealth funds, insurance companies, foundations and endowments, and family offices.
In early 2018 Clearlake raised more than $3.6 billion for its latest flagship fund, Clearlake Capital Partners V, L.P., to make investments under its private equity control strategy.
Credit Suisse Securities (USA) LLC acted as advisor and exclusive placement agent for COP II, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal adviser for the Fund.
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 software and technology-enabled services; industrials and energy; and consumer. Clearlake currently has over $10 billion of assets under management and its senior investment principals have led or co-led over 100 investments. More information is available at www.clearlake.com.