Clearlake Closes its Largest Fund

Clearlake Capital Group has a final close of Clearlake Capital Partners V LP 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 the largest fund that Clearlake has ever raised.

Fund V has 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.

“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 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.”

Clearlake already has five platforms for Fund V: (1) In December 2017 it acquired Perforce Software from Summit Partners. Perforce is a provider of enterprise software that is used by software developers to manage code during the development process; (2) In February 2018 it made a minority investment in Diligent Corporation, a portfolio company of Insight Venture Partners. Diligent is a provider of enterprise governance management (EGM) software that is used for secure collaboration, communication and meeting management by boards, committees and senior management teams; (3) In February 2018 it acquired Janus International, a manufacturer and supplier of roll up and swing doors and re-locatable storage units used in the self-storage industry, from Saw Mill Capital; (4) In March 2018 it acquired Provation Medical, a provider of software used for intelligent procedure documentation and coding by physicians and administrators, from Wolters Kluwer; and (5) in March 2018 it agreed to acquire Wheel Pros, a designer, marketer, and distributor of branded aftermarket wheels, primarily for light trucks and similar vehicles, from Audax.

Clearlake Capital invests in the following sectors: industrials and energy; software and technology-enabled services; and consumer. The firm was co-founded by Mr. Feliciano and Behdad Eghbali in 2006 and is headquartered in Santa Monica, CA (www.clearlakecapital.com).

“We are grateful that investors appreciate the strength of the Clearlake franchise in positively transforming businesses,” said Mr. Eghbali. “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.” Clearlake’s O.P.S. model stands for operations, people and strategy.

Credit Suisse Securities (USA) was the placement agent for Fund V and Simpson Thacher & Bartlett provided legal services.

© 2018 Private Equity Professional | March 16, 2018

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