Clearlake targets $600m for Fund III

The Los Angeles-headquartered firm has already received a $75m commitment from the Los Angeles County Employees Retirement Association.

Clearlake Capital is targeting $600 million for its third flagship fund, according to documents filed Monday with the US Securities and Exchange Commission. 

The fund, which launched earlier this year, is targeting commitments well beyond the $410 million Clearlake raised with its previous vehicle. Fund II closed in 2010 and was oversubscribed, according to a statement from the firm at the time of the close. 

Jose Feliciano, Steven Chang and Behdad Eghbali are listed as managers of the general partner on fund documents, according to the SEC. Park Hill Group and Aqueduct Capital Group are working on the latest offering as associated broker/dealers. 

A spokesperson for Clearlake was unavailable for comment at press time. 

The fund has already reportedly received $75 million commitment from the Los Angeles County Employees Retirement Association

Clearlake has a broad mandate that crosses a variety of sectors and strategies, according to its website. The firm typically invests in the business services, consumer products, retail, energy, power, industrials, technology, communications, defense, public safety, healthcare and media sectors. 

The firm’s investment professionals are capable of performing buyout, acquisition, carve-out, growth capital, platform, credit, recapitalisation, reorganisation and turnaround transactions, according to its website.  

The firm was founded in 2006 and maintains offices in Los Angeles and New York.  

Earlier this year, Clearlake announced that it was sponsoring the recapitalisation of silico simulation and modeling software company Entelos, providing an undisclosed amount of capital for a stake in the company. 

In June, former Minnesota Governor and Republican presidential candidate Tim Pawlenty joined the board of Smart Sand, a Clearlake portfolio company that provides proppant to the oil and gas industry.