Pathway Capital Management
| Company type | Private |
|---|---|
| Industry | Investment management, Private equity |
| Founded | 1991 |
| Founder | Douglas Le Bon and others |
| Headquarters | Irvine, California , United States |
Area served | Worldwide (U.S., Europe, Asia-Pacific) |
Key people | Douglas Le Bon (co-founder) |
| Products | Private fund of funds strategies |
Number of employees | 235 (2024) |
| Website | www |
Pathway Capital Management (commonly known as Pathway) is a U.S.-based firm specializing in private markets, with its main office located in Irvine, California. Its portfolio predominantly consists of private fund of funds strategies tailored for institutional investors. In 2020, Preqin identified Pathway as the fifth-largest global fund of funds, managing $62 billion in assets under management. By 2024, the firm's assets under management had grown to around $90 billion, supported by a workforce of 235 employees. In November 2025, Clearlake Capital reached an agreement to purchase Pathway for approximately $1 billion.
In addition to its U.S. headquarters, Pathway operates offices across Europe and the Asia-Pacific region.
Background
Established in 1991 by former partners from Wilshire Associates, including co-founder Douglas Le Bon, Pathway began as a private equity advisory firm assisting pension funds with private market investment strategies. Among its initial clients was CalSTRS, attracted partly due to Pathway's competitive fee structure.
In October 2006, the company transitioned away from consulting to concentrate exclusively on managing investments, taking direct control of fund of funds portfolios. It discontinued competing for advisory contracts with organizations such as the Los Angeles County Employees Retirement Association and Massachusetts Pension Reserves Investment Management Board, opting instead to develop specialized fund arrangements for major institutional investors.
Pathway's fee structure involves charging a management fee calculated on the net asset value of its funds during extended periods, whereas fees during initial investment phases are determined based on invested capital.
External links
- 1991 establishments in California
- Alternative investment management companies
- American companies established in 1991
- Companies based in Irvine, California
- Financial services companies established in 1991
- Investment management companies of the United States
- Privately held companies based in Illinois
- Private equity firms of the United States
- Announced mergers and acquisitions