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Story summary
- In May 2022, Clearlake Capital clients met at a California resort to celebrate a fund that posted 50 percent annual returns.
- Clearlake's approach sells companies between its own investment funds, called continuation vehicles.
- The continuation vehicles address a backlog of more than 31,000 unsold companies, worsened by high interest rates.
- Deal activity rose toward year-end but did not significantly reduce the backlog, while continuation vehicles let firms book paper gains.
