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Clearlake eyes final close for oversubscribed non-control fund

  • Clearlake Opportunity Partners LP target $500 mln
  • Final close for fund seen summer or fall
  • Non-control structured debt and equity fund

Clearlake Capital Group has raised more than $530 million for its debut non-control structured debt and equity fund, a person familiar with the transaction said.

A final close of Clearlake Opportunity Partners LP, which is oversubscribed, is expected this summer or fall, the source said.

Clearlake had been seeking $500 million for the pool, Buyouts reported in March 2015. The firm’s main deal team, rather than a separate team, is managing Clearlake Opportunity Partners, Buyouts said.

Founded in 2006, Clearlake invests in private equity and special situations. Sectors of focus include technology, communications and business services; industrials, energy and power; as well as consumer products and services. The firm closed its fourth flagship fund at its $1.38 billion hard cap in September 2015.

The Los Angeles firm posted some notable exits this year. Last week, Clearlake closed its sale of AmQuip Crane Rental LLC to Apollo Global Management. Clearlake expects to make more than 3x its money with the sale, Buyouts reported.

Clearlake also agreed to sell Ashley Stewart Inc, a plus-size women’s clothing retailer, in June to Invus Group LLC. Clearlake stands to make 5-6x its investment with the Ashley Stewart sale, Buyouts said.

Action Item: Contact Clearlake: ir@clearlake.com

The Los Angeles skyline is seen in front of the snow-covered San Gabriel Mountains following a series of El Nino driven storms on  Jan. 7, 2016. Photo courtesy Reuters/Bob Riha Jr.