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Private Equity

Clearlake Capital closes largest fund at $3.6 billion

Clearlake Capital Group has closed its latest private equity fund, Clearlake Capital Partners V, with more than $3.6 billion in commitments, reaching its hard cap and more than double its prior fund, said Kristin Celauro, spokeswoman, in an email.

The fund is Clearlake's largest; the predecessor fund, Clearlake Capital Partners IV, closed in 2015 at $1.4 billion. The new fund is expected to make opportunistic debt and equity investments in North American middle-market companies.

Investors in the latest fund include the $349.3 billion California Public Employees' Retirement System, Sacramento; $146 billion Texas Teacher Retirement System, Austin; $64.5 billion Alaska Permanent Fund Corp., Juneau; $56 billion Pennsylvania Public School Employees' Retirement System, Harrisburg; $51.9 billion Maryland State Retirement & Pension System, Baltimore; $34.2 billion Connecticut Retirement Plans & Trust Funds, Hartford; $24.2 billion San Francisco City & County Employees' Retirement System; $22.9 billion Los Angeles Fire & Police Pension System; and the $2.3 billion Houston Municipal Employees Pension System.