Clearlake Gets Fundraise Extension After Doubling Commitment (1)

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 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 ...