Clearlake Capital Group closed its seventh flagship private equity fund, Clearlake Capital Partners VII, at its hard cap of more than $14.1 billion, a news release said Wednesday.
Clearlake's latest fund is about twice as large than its predecessor, Clearlake Capital Partners VI, which closed in 2020 with more than $7 billion. The current fund's initial fundraising target was $10 billion.
Clearlake invests in buyouts, corporate carve-outs and special situations in three core sectors: technology, industrial and consumer.
The firm has already announced investments by Fund VII in Cornerstone OnDemand, Concert Golf Partners, Discovery Education, Intertape Polymer Group, Kofax, Mold-Rite Packaging, Quest Software and Springs Window Fashions.
Clearlake Capital Group has more than $72 billion in assets under management.
Investors in Clearlake Capital Partners VII include the $204.7 billion Texas Teacher Retirement System, Austin; $165.7 billion State of Wisconsin Investment Board, Madison; $146.9 billion New York State Teachers' Retirement System, Albany; $135.7 billion Minnesota State Board of Investment, St. Paul; $100.6 billion State of Michigan Retirement Systems, East Lansing; $82.8 billion Alaska Permanent Fund Corp., Juneau; $75.2 billion Los Angeles County Employees Retirement Association, Pasadena, Calif.; $72.5 billion Pennsylvania Public School Employees' Retirement System, Harrisburg; $68.8 billion Maryland State Retirement & Pension System, Baltimore; and the $66 billion Illinois Teachers' Retirement System, Springfield.