Months of speculation and rumor in the private equity and deal community ended last week when Santa Monica-based Clearlake Capital Group announced the closure of its $3.6 billion fund.
It is the firm’s largest fund to date, and the closure comes after a hot 2017 for Clearlake. The company moved several assets, including a $1.3 billion package deal it put together for Syncsort Inc. and Vision Solutions Inc., which it sold in July to New York-based Centerbridge Partners.
Clearlake’s new fund – dubbed Clearlake Capital Partners V – was hard capped at $3.6 billion, the firm said in a statement. The raise exceeded its target and is already invested in Perforce Software, Diligent Corp., Janus International, ProVation Medical and Wheel Pros.
“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.”
The new fund received commitments from more than 150 institutional investors from more than 25 countries. Investors came from both the public and private sectors. The closing of the fund brings Clearlake’s overall capital commitments to $7 billion.
“We are grateful that investors appreciate the strength of the Clearlake franchise in positively transforming businesses,” said Behdad Eghbali, Clearlake’s co-founder and managing partner. “We believe Clearlake has the investment and operational skills to execute its strategy and generate superior returns at this scale.”
Credit Suisse Securities acted as advisor and placement agent for Fund V, receiving more than $4 million for its services, according to a Securities and Exchange Commission filing. Simpson Thacher & Bartlett served as legal counsel.
Honoré Adds Investors
11 Honoré, a West Hollywood-based ecommerce retailer that sells designer clothing for women sizes 10 to 24, raised $8 million in Series A funds, the company announced March 19.
The funding round was led by Redpoint Ventures and included commitments from Forerunner Ventures, Upfront Ventures, Greycroft and Canvas Ventures.
Medha Agarwal, a Redpoint principal who joined the 11 Honoré board as part of the deal, said that the company had seen strong demand from consumers as well as designers since being founded August last year.
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