Private equity firm Clearlake Capital Group has acquired a majority stake in credit manager WhiteStar Asset Management.
Clearlake acquired the stake from Pine Brook Capital Partners in partnership with WhiteStar's management team, according to a joint news release from the firms Tuesday. Terms of the deal, its closing date, and the prior ownership structure of WhiteStar are not being disclosed, a spokeswoman said.
"Clearlake has always had a flexible investment mandate, and this fits perfectly with our strategy. Our team has a long history in credit and WhiteStar's investment philosophy lines up well with ours," said Jose E. Feliciano and Behdad Eghbali, Clearlake's co-founders and managing directors, in the news release.
The acquisition gives the combined firms a total of $24 billion in assets under management, according to the news release.
The spokeswoman for the firms would not provide further information.