Oversubscribed COP III Fund Invests Using an All-Weather Strategy by Providing Flexible Equity and Credit Solutions
SANTA MONICA, CA – September 20, 2022 – Clearlake Capital Group, L.P. (“Clearlake” or the “Firm”), an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies, announced today it has completed fundraising for Clearlake Opportunities Partners III (“COP III” or the “Fund”) with more than $2.5 billion in commitments. COP III was oversubscribed (including commitments from the General Partner and affiliates) and exceeded its $1.5 billion target with support from existing and new limited partners.
COP III will continue Clearlake’s flexible investment strategy of investing in non-control special situations investments, utilizing the Firm’s sector-focused approach targeting investments in technology, industrial, and consumer businesses.
“With COP III, Clearlake has the ability to partner with attractive businesses looking for bespoke capital solutions, while providing our investors with a combination of capital preservation and attractive contractual yields, plus potential equity or equity-like upside. This all-weather approach allows us to act nimbly during evolving market conditions, including taking advantage of periodic dislocations in the debt capital markets,” said José E. Feliciano, Co-Founder and Managing Partner at Clearlake. “A multi-pronged, agile investment approach has been a tenet of the Firm since our founding 16 years ago, and COP III is the perfect complement to our recently closed flagship Fund VII. We would like to thank our diverse group of investors for their confidence in our team and their continued support.”
“The Fund has the flexibility to invest across the capital structure in both equity, preferred equity and debt securities, allowing us to focus on opportunities where creativity and active sponsorship are rewarded,” said Behdad Eghbali, Co-Founder and Managing Partner at Clearlake. “Clearlake’s robust and growing team is well skilled to source and execute complex transactions, and we are eager to put our capital to work where it makes sense including funding mergers and acquisitions, enabling realization events for owners and shareholders, and bridging liquidity needs.”
Limited partners in COP III include institutional investors from Asia, Europe, and North America, and represent a diverse group of public and corporate pension funds, sovereign wealth funds, insurance companies, foundations and endowments, and family offices.
In May, Clearlake announced it had raised more than $14.1 billion for its seventh flagship private equity fund, Clearlake Capital Partners VII. Total capital raised by Clearlake since January 2021 exceeds $27 billion, which includes COP III, Fund VII, the Firm’s continuation and co-investment funds, and capital raised by WhiteStar Asset Management, LLC, the CLO, structured products and broadly syndicated credit arm of Clearlake. COP III has already led investments in AMCS, a global supplier of integrated cloud-based software and vehicle technology for the environmental, utilities, waste, recycling, and resource industries, and Chelsea Football Club, a professional football club that competes in the Premier League, the top division of English football. COP III led the Chelsea Football Club investment on behalf of Clearlake’s affiliated funds and other partners.
Credit Suisse acted as advisor and placement agent for COP III, and Paul Weiss served as legal advisor for the Fund.
Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with management teams by providing patient, long-term capital to businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are technology, industrials, and consumer. Clearlake currently has over $70 billion of assets under management, and its senior investment principals have led or co-led over 400 investments. The firm is headquartered in Santa Monica, CA with affiliates in Dallas, TX, London, UK and Dublin. More information is available at www.clearlake.com and on Twitter @Clearlake.
Clearlake Capital Group, L.P.
Clearlake Capital Group, L.P.