In this edition of The Clearlake View, we look at how Clearlake is continuing to scale through disruption and dispersion – from platform expansion and fundraising momentum to credit capabilities and portfolio innovation.

We share that the completion of our acquisition of Pathway Capital Management in June increased our AUM to more than $185 billion and expanded our team to more than 500 people across 14 offices, including over 190 investment professionals.

This edition also features the $14.8 billion close of Clearlake Capital Partners VIII, takeaways from SuperReturn Berlin, highlights from our annual Credit Day, and the latest portfolio and media updates.

Recent Milestones

Pathway Capital Management: building the future of private markets

The close of the Pathway acquisition bolsters Clearlake's ability to deliver broader private markets solutions for institutional and wealth clients. The combination expands Clearlake's platform across private credit, secondaries, co-investments, and bespoke strategies, while reinforcing the firm's long-term growth ambitions.

Clearlake raises $14.8 billion in commitments: reflects continued confiedence from global investors

LPs continue to value Clearlake's differentiated strategy, integrated platform, and 20-year track record of value creation in a more selective fundraising environment.

Clearlake at SuperReturn Berlin

In June, Anna Ferguson took part in the Women's Private Capital Summit on Day 1 of SuperReturn, speaking on the panel "Unlocking new capital in a sluggish fundraising environment."

We caught up with Anna to discuss the key themes of the conference and what she is hearing from Clearlake's clients at the moment¹.

1. What were the recurring themes you heard at SuperReturn this year?

Liquidity was front and center. With exit valuations still under pressure, LPs remain focused on realizations over paper returns, while continuation vehicles and GP-led transactions continue to play an important role in creating liquidity within existing portfolios.

Private credit also stayed firmly in focus, with continued institutional appetite and growing interest in the liquidity dynamics of semi-liquid and evergreen structures. AI was another recurring theme, with investors increasingly looking at AI resilience as a valuation factor in its own right.

2. How does Clearlake demonstrate differentiation in today’s fundraising environment?

Clearlake’s differentiation is built on three pillars: a 20-year track record investing across market cycles, deep expertise at the intersection of technology and industrials, and a flexible investment approach across the capital structure.

As AI accelerates, we believe our experience in technology, data-rich businesses, and vertically integrated operating models provides a differentiated perspective on emerging opportunities. Combined with our flexible strategy, this positions us to pursue attractive investments and create long-term value across market environments.

3. What trends are you seeing in clients’ allocation decisions so far this year, particularly across private equity, credit, and broader private markets solutions?

Investors remain focused on liquidity, flexibility, and repeatable value creation. Secondaries continue to address liquidity needs, while evergreen private credit strategies are attracting interest from investors seeking long-term exposure to private markets.

Credit Day in London

Three key themes on the day

 Our 2026 Credit Day convened investors, clients, and Clearlake team members in London for a discussion on the evolving opportunity set across private and liquid credit.

These were the key takeaways¹:

Scale and selectivity matter as dispersion increases across borrowers, sectors, and capital structures.

Private credit continues to provide flexible, bespoke capital solutions for sponsors and management teams.

Cross-platform capabilities remain a differentiator as clients seek access across private credit, liquid credit, and broader private markets solutions.

Highlights From Across the Portfolio

Quest Software: accelerating AI innovation and growth

Quest Software’s acquisition of Anetac adds AI-powered identity security for human, non-human, and agentic identities to its cybersecurity platform, enhancing continuous visibility, access governance, and risk management capabilities for AI-driven enterprises.

ModMed acquires Bonsai Health to advance AI-powered patient engagement

ModMed's acquisition of Bonsai Health adds a high-growth agentic AI patient engagement platform to its AI-Powered Practice offering, strengthening automated patient reactivation and self-scheduling capabilities for specialty practices.

Portfolio Leadership Appointments

Andrew Langford named CFO;

Venkat Kavarthapu named CEO
symplr

New leadership to help accelerate AI-powered innovation across enterprise healthcare operations.

Sean Leer
appointed CEO

BakeMark

  Food distribution leader to guide the next phase of growth and customer service expansion. 

Walid Abu-Hadba

appointed CEO
Precisely

Software product leader to advance data integrity, innovation, and agentic AI opportunities.

Matt Yu named CFO;
Brandt McKee named CEO

United Site Services

New leadership to strengthen execution across the national portable sanitation and site-solutions platform.

Clearlake in the News

¹ Based on the investment theses and market perceptions of investment professionals at Clearlake. There can be no guarantee that any such predictions will come to fruition or that any investment performance will result.

Disclaimer: The information contained herein is intended for informational purposes only and is not investment advice. This material does not constitute an offer to sell, or the solicitation of any offer to purchase, an interest in any securities or investment funds managed by Clearlake or its affiliates. Any specific company listed or discussed is not intended to be representative of any or all companies purchased, sold or recommended for Clearlake’s advisory clients.

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