• Home
  • About Us
  • Contact
  • Your Account
  • Subscribe
No Result
View All Result
Wednesday, February 8, 2023
Alternatives Watch
  • Hedge Funds
    • Manager News
    • Mandates
    • Service Provider News
    • CTAs/Managed Futures
  • Private Equity
    • Manager News
    • Mandates
    • Service Provider News
  • Private Credit
    • Manager News
    • Mandates
    • Service Provider News
  • RE/Infrastructure
    • Manager News
    • Mandates
    • Service Provider News
  • Investor News
    • Endowments and Foundations
    • ESG
    • Pensions
    • Platforms
    • Consultants
  • Research
    • Investor Scorecard
    • Manager Scorecard
  • Subscribe
  • Log In
  • Hedge Funds
    • Manager News
    • Mandates
    • Service Provider News
    • CTAs/Managed Futures
  • Private Equity
    • Manager News
    • Mandates
    • Service Provider News
  • Private Credit
    • Manager News
    • Mandates
    • Service Provider News
  • RE/Infrastructure
    • Manager News
    • Mandates
    • Service Provider News
  • Investor News
    • Endowments and Foundations
    • ESG
    • Pensions
    • Platforms
    • Consultants
  • Research
    • Investor Scorecard
    • Manager Scorecard
  • Subscribe
  • Log In
No Result
View All Result
Alternatives Watch
No Result
View All Result

Clearlake raises over $14bn for latest PE fund

Susan BarretobySusan Barreto
May 19, 2022
in Manager News, Mandates, Open Access, Private Equity
Clearlake raises over $14bn for latest PE fund

By Galyna_Andrushko/Envato Elements

ShareTweetShareSendSend

Clearlake Capital Group attracted $14.1 billion for its seventh flagship private equity fund, far exceeding its initial target of $10 billion.

With 300 institutional investors representing six continents and over 40 countries, Fund VII received strong support from existing longtime investors as well as prominent new investors, with approximately half of these new investors based in the U.S. and the remainder representing Asia, Middle East, Europe, and North and South America, officials reported.

Clearlake Capital Partners VII attracted commitments from: CPP Investments ($200 million); New York State Teachers’ Retirement System ($300 million);  Pennsylvania State Employees’ Retirement System ($100 million); Connecticut Retirement Plans and Trust Funds ($125 million); Illinois Municipal Retirement Fund ($100 million); Minnesota State Board of Investment ($100 million); State of Wisconsin Investment Board ($300 million); Teachers’ Retirement System of Texas ($200 million); New Mexico State Investment Council ($50 million);  Pennsylvania Public School Employees’ Retirement System ($100 million) and Oregon Investment Council ($250 million).

Fund VII is double in size of Clearlake’s predecessor flagship fund, which closed in early 2020 and is fully deployed. Since January 2021, Clearlake has raised more than $25 billion in assets, which includes nearly $7 billion in four continuation funds.

As of December 31, 2021, Fund VII’s two predecessor funds reported large gains. Clearlake Capital Partners V generated a gross IRR of 65.1% (57.7% net), with a gross multiple of 3.9x (3.2x net), and Clearlake Capital Partners VI generated a gross IRR of 86.9% (78.8% net), with a gross multiple of 1.8x (1.6x net).

“We are very proud of the results generated by our funds in the context of a volatile macroeconomic backdrop in the past few years while experiencing significant growth and maintaining our focus on the fundamentals of our investment approach,” said José E. Feliciano, co-founder and managing partner at the $72 billion Clearlake. “We believe that our flexible investment strategy incorporating buyouts, corporate carveouts, and special situations is positioned to take advantage of the evolving and potentially unstable market conditions that we are likely to encounter in the investment period of Fund VII.”

The latest in the firm’s technology, industrials and consumer industries strategic flagship series has already announced platform investments that include Cornerstone OnDemand, Concert Golf, Discovery Education, Intertape Polymer Group, Kofax, Mold-Rite Packaging, Quest Software and Springs Window Fashions. Realizations across the Clearlake platform in 2021 include American Construction Source, Appriss, DigiCert, Ivanti, NetDocuments, Janus International, Precisely, Provation, symplr, Wheel Pros and investments under Clearlake’s Better For You platform.

“We remain focused on investing in companies at attractive price points that can benefit from our buy-and-build and organic growth strategies that best position our companies and our investors for long-term success,” said Behdad Eghbali, co-founder and managing partner at Clearlake.

Credit Suisse Private Fund Group acted as the primary placement agent for Fund VII, and Kirkland & Ellis LLP served as legal adviser for the Fund.

ShareTweetShareSendSend
Previous Post

Indiana pumps $1.2bn into alternatives in Q1

Next Post

Investor platforms grow on massive private credit expansion

Related Posts

Texas Teachers adds five alts funds
Pensions

Texas Teachers adds five alts funds

Starwood REIT to trade on retail alts secondaries platform
Real Estate/Infrastructure

Starwood REIT to trade on retail alts secondaries platform

State Street: Private equity gathers pace despite data challenges
Investor News

State Street: Private equity gathers pace despite data challenges

IMRF adds to PE, real asset programs
Pensions

IMRF adds to PE, real asset programs

Greenbriar closes oversubscribed sixth fund
Manager News

Greenbriar closes oversubscribed sixth fund

Next Post
Investor platforms grow on massive private credit expansion

Investor platforms grow on massive private credit expansion

Log In/Out

Lost your password?

Search the AW Archives

No Result
View All Result

Recent News

Texas Teachers adds five alts funds

Texas Teachers adds five alts funds

Starwood REIT to trade on retail alts secondaries platform

Starwood REIT to trade on retail alts secondaries platform

Florida ends 2022 with $594m in RE exposure

Florida ends 2022 with $594m in RE exposure

Pretium hires GS exec for business development

Pretium hires GS exec for business development

Be an Alts Insider

Sign up for your FREE daily alts news briefing

Subscribe

Subscribe to AW
Alternatives Watch

© 2019-2022, All Rights Reserved  |  BMV Digital

Navigate Site

  • Hedge Funds
  • Private Equity
  • Private Credit
  • RE/Infrastructure
  • Investor News
  • Research
  • Subscribe
  • Log In

Follow Us

No Result
View All Result
  • Hedge Funds
    • Manager News
    • Mandates
    • Service Provider News
    • CTAs/Managed Futures
  • Private Equity
    • Manager News
    • Mandates
    • Service Provider News
  • Private Credit
    • Manager News
    • Mandates
    • Service Provider News
  • RE/Infrastructure
    • Manager News
    • Mandates
    • Service Provider News
  • Investor News
    • Endowments and Foundations
    • ESG
    • Pensions
    • Platforms
    • Consultants
  • Research
    • Investor Scorecard
    • Manager Scorecard
  • Subscribe
  • Log In

© 2019-2022, All Rights Reserved  |  BMV Digital

Be an alts insider

Start your days in the know with our free newsletter

No, I don't want to be an alts insider

Thank

You!

Follow us
on LinkedIn

Lost your password?

Cookie Consent
We do not use cookies on our website other than those that are strictly necessary for the website to function. By clicking “Accept”, you consent to the use of all six strictly necessary cookies.
Do not sell my personal information.
Cookie Settings Accept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Save & Accept
Powered by CookieYes Logo