Clearlake Capital raises $3.6bn

The California-based private investment firm closes largest fund to date.

Clearlake Capital Partners V has held a final close at $3.6 billion, far exceeding its initial $2.5 billion target. The fund will pursue private equity, distressed debt and special situations investments through the firm’s target sectors: industrials, energy, technology, and consumer goods.

This is Clearlake’s largest vehicle to date and it was significantly oversubscribed, gathering investments from more than 150 limited partners across 25 countries.

Clearlake Capital Partners IV previously closed at $1.38 billion in September 2015.

Credit Suisse Securities acted as advisor and placement agent for Fund V and Simpson Thacher & Bartlett served as the legal counsel.