What are people’s thoughts on Clearlake? Obviously getting a lot of publicity from the Chelsea deal, but curious to know thoughts on reputation, culture, comps, etc. Their website doesn’t list a team so it’s hard to even know how large they are.
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They’ve raised huge funds so assume performance has been good but heard culture/WLB is pretty terrible - heard basically constant weekend work and tons of both new deals and tuck-ins. Looking at how fast they’ve been deploying capital it’s not surprising
Very interesting mandate where you are working on anything from buyout you distressed credit transactions. AUM per IP is very high so would imagine compensation to be at the top of its comp set.
I've met with the firm, spoke to most of the team, and have former colleagues working there. My impression is they are generally nice people (although a couple senior people can be people you want to avoid). The firm is definitely set up that IC is based on what the co-founders decide. It isn't a broader partnership like many other large funds. Jose and Behdad are smart and the team is looking to grow its AUM by deploying capital quickly. Returns have been strong, but careful to compare apples to apples. Recycling capital and their mandate can make it tough to compare to traditional buyout shops. It is unclear how returns will look going forward given how quickly the fund has grown and that the team is continuing to deploy capital quickly. Additionally, the team focuses mainly on industrial and tech, but have done some other investments and operate with a flexible mandate. As an example, you may have seen they are in the running to be an investor in Chelsea FC. They also have done some continuation vehicles. Unclear if LPs will continue to allow strategies like that, but it has worked great for the more senior team members with carry in the fund.
From a lifestyle perspective, the team works incredibly hard. As people noted, significant weekend work is the standard. The team also is relatively light on headcount given its size, which only adds to the rough hours. Team growth is primarily done internally, but does not seem as stringent as places like H&F or Leonard Green. It does seem great to be in Santa Monica, even if it is a bit removed from typical finance hubs. However, you'll have to be comfortable working late while seeing everyone else hang out on the beach, which is just a few blocks from the office.
Agreed with everything you said.
The only concerning part is the number continuation vehicles they have done so far (double-digits)
Yeah, I wonder how investors feel about them just selling to themselves for big gains… especially in one of the best seller’s markets in decades
Everything here is 100% accurate. Can't underscore enough how quickly they have deployed and raised significantly larger funds.
What's all-in comp like at the Assc/VP-level?
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Are people siloed into industry verticals, or does everyone do tech/industrials/etc.? Also, are they hybrid or fully in-office?
My understanding is that you specialize more the further you rise in the ranks. VPs work largely in siloes but will do occasional deals in other verticals so that they get broader experience across industries and with more of the team.
What are comps?
Anyone know what total comp is for first year ASO?
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