Clearlake raises a $14.8B fund
Thoughts? Pretty impressive in this environment
https://www.wsj.com/pro/private-equity/clearlake-raises-14-8-billion-fo…
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but WSO told me they sucked!?
Does this include their CVs?
IR team belongs in the HoF
good for them. the 14.8b is obviously huge $ but wonder how much of that is fee earning at full rack rate... between the coinvestors, gp commit, retail channel, potentialy CVs. the headline number is surely inflated.
but, still good for them.... my fund could never..
Well you're right, press release says: "Clearlake Capital Partners VIII (“Fund VIII”), alongside related co-investment vehicles and separately managed accounts. Together, these vehicles represent $14.8 billion of capital commitments."
Fund VIII is probably billions below the $14.8bn. Their target was $15bn and took them 3 years to close fundraising well below target...
LPs are honestly complete clowns.
Greatest IR team on the street and it isn't close.
IR team succeeded in “putting lipstick on a pig”
I audibly said what out loud in the office reading this lmao
building upon that,
what do you think of capital raising / ir as a career?
Let's parse this: last fund at 14.1bn in 2022 - that is 16.15bn in 2026 dollars, new fund is a down fund in real terms regardless of how you spin it.
Their release explicitly mentions that the figure includes SMAs, co-investment vehicles, etc. e.g. the stuff that sits outside the main GP vehicle and pays little/no fees (for releases announcing previous funds this was of course not included). You can also bet your ass they had to go heavy on the GP commit & they included it (some funds don't count it towards announced fundraising figures, because it pays no fees). Essentially, they jacked up the numbers as high as they could, and still ended up with a down round in real terms.
Target was 15bn initially (hard-cap), assumes this is without co-invest, SMAs, etc. so they are well below. Fundraising started in June 23, this is over 3 years. Bulk of the commitment could have happened before people knew Fund VII was going to suck balls for sure (e.g. June 23 - June 24).
Overall this is pretty much a shit outcome, deservedly so given performance. Next fund is going to be even better, since it will be built upon Fund VII's non-existent DPI.
This is a good diagnosis. I would bet actual fee paying 2 and 20 capital is less than $10B out of the total.
And all of the fee paying portion was likely raised prior to q1 with saaspocalypse being the nail in the coffin.
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