Clearlake Capital Group has closed its third private equity fund, Clearlake Capital Partners III, with more than USD785m in equity commitments.
Clearlake III exceeded its original target of USD600m and its original hard cap of USD750m.
Clearlake now has approximately USD1.4bn of capital under management. The firm invests in special situations and private equity, with a particular focus on companies undergoing complex financial, operational, or structural change.
Clearlake III will build on the strategy of Clearlake’s first two funds, a sector-driven approach to investing in situations where Clearlake can contribute operational, financial, and strategic resources and/or sponsor companies in the lower end of the middle market that are experiencing business transformations.
Investors consisted of some of the largest global institutions, including public and corporate pension funds, insurance companies, endowments and foundations, financial institutions, fund-of-funds, and family offices.
“In this difficult fundraising market, we are grateful to receive such significant support from returning and new investors for our third private investment fund,” says José E Feliciano, founding partner at Clearlake. “We look forward to continuing our success with the new fund by remaining focused on our investment approach, which allows us to apply patient, long-term capital to special situations in key focus sectors and to enhance portfolio company operations as we seek to realise returns that help our limited partners meet and exceed their goals.”
Founded in 2006, Clearlake’s portfolio is comprised of 16 companies in several target industries. Clearlake maintains a team of operating executives that regularly works with the firm’s investment professionals in the evaluation and execution of portfolio investments. The fund is already exploring a number of opportunities and recently made an investment in Swiss Watch International, an online retailer and multi-channel distributor of watches, accessories, and apparel.
Park Hill Group and Aqueduct Capital Group advised on the formation and placement of the fund and Paul, Weiss, Rifkind, Wharton & Garrison served as legal counsel.
