Clearlake eyes up to $7bn for new flagship fund, just a year after closing predecessor – report


Clearlake Capital is reportedly already in the market for up to $7bn for its latest flagship buyout fund, just a year after closing its predecessor vehicle.

The firm is prepping for a $5bn-plus first close later this month according to a report by Buyouts.

Hitting $7bn would mark a huge increase from the just over $3.6bn Clearlake gathered for its fifth flagship fund early last year.

The firm previously closed Fund IV on $1.38bn in 2015.

Clearlake has already been busy fundraising in 2019, bringing its assets under management to more than $10bn through the final close of its second Opportunities Partners fund on $1.4bn in the summer.

That was above the $1bn it was initially understood to be targeting for the vehicle, and more than double the $600m the firm collected for its debut fund in the strategy from 2016.

Recent deals from the firm include buying into private equity backed ID and encryption security software portfolio company DigiCert after seven years under TA Associates ownership.

TA and Clearlake become equal partners in the company following the deal, with Thoma Bravo exiting the business.

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