Clearlake Capital Group told investors it would double its commitment and cut the size of its latest flagship private equity fund to buy itself a second fundraising extension, according to people with knowledge of the matter.
The alternative asset manager agreed late last year to increase its own commitment to Clearlake Capital Partners VIII to about $600 million from roughly $300 million, the people said, asking not to be identified discussing confidential information.
Clearlake, which had been targeting $15 billion for the fund, also agreed to lower the hard-cap to $14.2 billion, the people said. The firm now has until June to keep gathering cash after securing its second extension, the people said. It has already raised about $13 billion.
A representative for Santa Monica, California-based Clearlake declined to comment.
Private equity fundraising has slowed in recent years, as elevated interest rates curbed dealmaking and squeezed cash distributions to fund investors. In turn, those investors -- often institutions such as pensions, endowments and sovereign wealth funds -- have been loath to commit money to new vehicles.
Private equity fundraising worldwide fell 11% to $490.81 billion in 2025, declining for a second-straight year, according to data from S&P Global Market Intelligence.
Clearlake began securing capital for its latest flagship private equity fund in June 2023 as private equity deals were slowing down. The firm secured its first extension early last year, buying itself until November to keep gathering cash.
The latest flagship, Clearlake Capital Partners VIII, has already started investing in deals, including health care technology company ModMed and business-data firm Dun & Bradstreet, according to Bloomberg data.
Co-founded in 2006 by José E. Feliciano and Behdad Eghbali, Clearlake oversees more than $90 billion of assets across private equity and credit investments. Its private equity portfolio includes the UK's Chelsea Football Club and learning software company Discovery Education.
The firm launched Clearlake Credit in May after acquiring MV Credit and WhiteStar Asset Management. It also struck a deal in November to buy Pathway Capital Management.
Clearlake has returned $24 billion to investors over the past five years and deployed $37 billion, according to a document seen by Bloomberg and a person with knowledge of the matter.
It has been contending with distressed investments in its portfolio in recent years, including Pretium Packaging, which filed for bankruptcy last month, and RSA Security, which cut debt costs through a distressed exchangeBloomberg Terminal.
With Intelligence previously reported on aspects of the extension.