Clearlake Capital
| Company type | Private |
|---|---|
| Industry | Private equity |
| Founded | 2006 |
| Founder | Steven Chang, Behdad Eghbali, José E. Feliciano |
| Headquarters | Santa Monica , United States |
Area served | Global |
Key people | Behdad Eghbali (Managing Partner), José E. Feliciano (Managing Partner) |
| Products | Private equity investments |
| Website | clearlake |
Clearlake Capital Group, L.P. is a private equity firm established in 2006 that focuses on investments within the technology, industrial, and consumer industries. Based in Santa Monica, the firm also maintains offices in Dallas, London, and Dublin. In 2022, Clearlake joined the investor group BlueCo in acquiring ownership of Chelsea Football Club.
As of 2024, Clearlake holds the 16th position on the Private Equity International PEI 300 ranking, which lists the world’s largest private equity firms.
Background
The founding partners of Clearlake Capital in 2006 were Steven Chang, Behdad Eghbali, and José E. Feliciano. The firm’s investment approach alternates between buyouts and acquiring distressed securities, adapting to varying economic climates. This strategy enabled Clearlake to effectively invest in distressed assets during the 2008 financial crisis and later realize gains by exiting those investments as markets recovered.
Steven Chang exited the firm in 2015, leaving Eghbali and Feliciano as the managing partners.
In May 2018, Clearlake divested up to a 20% minority share to investors including Dyal Capital, Petershill Partners, and Landmark Partners. This capital injection supported the establishment of a dedicated credit division.
By June 2020, Clearlake had secured a controlling interest in WhiteStar Asset Management from Pine Brook Road Partners, designating WhiteStar as its platform for credit investments.
The firm has emerged as a prominent participant in "General partner-led Private-equity secondary markets," a tactic that gained prominence during the COVID-19 pandemic. For instance, in August 2020, Clearlake sold a portion of its stake in software company Ivanti to TA Associates at a valuation of $2 billion. This transaction generated substantial returns while enabling many investors to maintain their holdings. Subsequently, in 2021, Charlesbank Capital Partners invested in Ivanti at an increased valuation of $4 billion.
In September 2024, Clearlake expanded its credit capabilities by acquiring MV Credit, Natixis' pan-European private credit business.
In May 2025, the firm completed a majority acquisition of ModMed, a provider specializing in healthcare SaaS technology for medical specialties.
Funds
| Fund | Vintage Year | Committed Capital (US$m) |
|---|---|---|
| Clearlake Capital Partners I | N/A | N/A |
| Clearlake Capital Partners II | 2010 | 410 |
| Clearlake Capital Partners III | 2013 | 785 |
| Clearlake Capital Partners IV | 2015 | 1,380 |
| Clearlake Opportunities Partners | 2016 | 600 |
| Clearlake Capital Partners V | 2018 | 3,600 |
| Clearlake Opportunities Partners II | 2019 | 1,400 |
| Clearlake Capital Partners VI | 2020 | 7,000 |
| Clearlake Opportunities Partners III | 2022 | 2,500 |
| Clearlake Capital Partners VII | 2022 | 14,000 |
Noteworthy transactions
In 2014, Clearlake acquired women's apparel brand Ashley Stewart for $18 million following its bankruptcy filing. After implementing restructuring measures and reducing expenses, the company was sold to Invus Group for an amount exceeding $140 million in 2016.
The firm took control of Syncsort in 2015 and purchased Vision Solutions in 2016. Both entities were divested in 2017 to Centerbridge Partners for $1.26 billion and subsequently merged. The combined business was rebranded as Precisely in 2020. In 2021, Clearlake partnered with TA Associates to reacquire Precisely for $3.5 billion.
In November 2020, Clearlake announced its $3 billion purchase of Endurance International Group. It merged Endurance's Web Presence division with Web.com to create Newfold Digital, which has become a leading global provider of web presence services and domain registration.
In October 2021, Clearlake acquired the publicly traded software company Cornerstone OnDemand for $5.2 billion and took it private.
On May 30, 2022, a consortium named BlueCo, co-led by Clearlake and Todd Boehly, completed the $3 billion acquisition of Chelsea F.C.. Clearlake owns approximately 60% of the club and shares joint control along with equal governance responsibilities with Boehly.