Clearlake Exceeds Target
The firm reels in $410 million in commitments for its second fund
January 20, 2010
Clearlake Capital Group wrapped up its follow-up fund, closing Clearlake Capital Partners II LP with $410 million in commitments. The final tally came in above the firm's original $350 million target, identified in a March 2009 filing with the Securities and Exchange Commission.
Clearlake joins the growing ranks of mid-market firms that have managed to close a fund above target in what has otherwise been a difficult fundraising environment for the broader asset class. Clearlake, like some of the new funds, is characterized by its flexible mandate and a familiarity with special situations.
Past deals for Clearlake include an equity and debt investment in CompuDyne; a debt investment in WL Ross-backed International Textile Group; and acquisition financing backing Triax Pharmaceuticals.
The firm was founded by Steve Chang, Behdad Eghbali and José Feliciano through a partnership with Reservoir Capital. Chang put in stints at Goldman Sachs, Barnard & Co. and Tennenbaum Capital Partners, where he was a member of the firm's investment committee, before forming Clearlake. Eghbali spent nearly five years at TPG Capital prior to launching the firm, while Feliciano, like Chang, came from Tennenbaum Capital and Goldman Sachs.
Paul, Weiss, Rifkind, Wharton & Garrison served as legal counsel in the fundraising, and Lazard and Keystone Capital Corp. are listed in an SEC filing as placement agents.
The new fund comes on the heels of other successful fundraises from Marlin Equity and Riverside Partners, two firms that also invest on both sides of the capital structure.
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