Clearlake Capital Group, L.P. (together with its related persons, “Clearlake”), a Delaware limited partnership formed
in 2007, is an investment adviser that provides advice to privately offered investment funds that focus on investing in
special situations, distressed, value private equity and opportunistic debt investments across the capital structure in
small and medium-sized companies in both control and non-control scenarios. Clearlake is led and principally owned
by José E. Feliciano and Behdad Eghbali (the “Co-Founders”), who hold their ownership interests in Clearlake
indirectly through CCG Global, LLC. In addition, affiliates of Dyal Capital Partners (“Dyal”), Goldman Sachs Asset
Management’s Petershill program (“Petershill”) and Landmark Partners (“Landmark” and, together with Dyal and
Petershill, the “Minority Investors”) hold a passive non-voting minority interest in Clearlake. The Minority Investors
do not have any authority over the day-to-day operations or investment decisions of Clearlake as they relate to the
Clients (as defined below), but they do have certain customary minority protections with respect to their respective
ownership interests in Clearlake. The Minority Investors do not have representation on the investment committees of
any of the Clearlake strategies.
Clearlake provides investment advisory services to the following privately offered investment funds as of the date of
this Brochure:
• Clearlake Capital Partners II, L.P., its parallel fund, Clearlake Capital Partners II (Offshore), L.P., and
their master fund, Clearlake Capital Partners II (Master), L.P. (collectively, “Fund II”);
• Clearlake Capital Partners III, L.P. and its master fund, Clearlake Capital Partners III (Master), L.P.
(collectively, “Fund III”);
• Clearlake Capital Partners IV, L.P. and its parallel fund, Clearlake Capital Partners IV (Offshore), L.P.
(collectively, “Fund IV”);
• Clearlake Capital Partners V, L.P. and its parallel funds Clearlake Capital Partners V (Offshore), L.P.
and Clearlake Capital Partners V (USTE), L.P. (collectively, “Fund V”);
• CCP V QI-A AIV, LLC and CCP V QI-B AIV, LLC (together, “Fund V Quasar”);
• Clearlake Capital Partners VI, L.P. and its parallel funds Clearlake Capital Partners VI (USTE), L.P. and
Clearlake Capital Partners VI (Offshore), L.P. (collectively “Fund VI”);
• CCP VI QI-A AIV, LLC and CCP VI QI-B AIV, LLC (together, “Fund VI Quasar”);
• Clearlake Capital Partners VII, L.P. and its parallel funds Clearlake Capital Partners VII (USTE), L.P.
and Clearlake Capital Partners VII (Offshore), L.P. (collectively “Fund VII”);
• CCP VII QI-A AIV, LLC and CCP VII QI-B AIV, LLC (together, “Fund VII Quasar”);
• Clearlake Capital Partners VIII, L.P. and its parallel funds Clearlake Capital Partners VIII (USTE), L.P.
and Clearlake Capital Partners VIII (Offshore), L.P. (collectively “Fund VIII” and, together with Fund
VII, Fund VI, Fund V, Fund IV, Fund III, and Fund II, the “CCP Funds”);
• Icon Software Partners, L.P. and its parallel fund Icon Software Partners B, L.P. (the “Icon Fund”);
• Icon Partners II, L.P. (“Icon II”);
• Icon Partners III, L.P. (“Icon III”);
• Icon Partners IV, L.P. and its parallel fund Icon Partners IV B, L.P. (collectively, “Icon IV”);
• Icon Partners V, L.P. and its parallel funds Icon Partners V B, L.P. and Icon Partners V C, L.P.
(collectively, “Icon V”);
• Clearlake Flagship Plus Partners, L.P. and its parallel fund Clearlake Flagship Plus Partners (Offshore),
L.P., the parallel fund’s mini-master fund, Clearlake Flagship Plus Partners Mini-Master Fund, L.P., and
their master fund, Clearlake Flagship Plus Partners Master Fund, L.P. (collective, the “Plus Fund”);
• CFPP QI-A AIV, LLC and CFPP QI-B AIV, LLC (together, “Plus Fund Quasar”);
• Clearlake Opportunities Partners (P), L.P., its parallel fund, Clearlake Opportunities Partners (P-
Offshore), L.P., the parallel fund’s mini-master fund, Clearlake Opportunities Partners (P) Mini-Master
Fund, L.P., and their master fund, Clearlake Opportunities Partners (P) Master Fund, L.P. (collectively,
“COP (P)”);
• Clearlake Opportunities Partners II, L.P., its parallel fund, Clearlake Opportunities Partners (Offshore)
II, L.P., the parallel fund’s mini-master fund, Clearlake Opportunities Partners Mini-Master Fund II,
L.P., and their master fund, Clearlake Opportunities Partners Master Fund II, L.P. (collectively, “COP
II”);
• Clearlake Opportunities Partners III, L.P.; its parallel fund, Clearlake Opportunities Partners (Offshore)
III, L.P., the parallel fund’s mini-master fund, Clearlake Opportunities Partners Mini-Master Fund III,
L.P., and their master fund, Clearlake Opportunities Partners Master Fund III, L.P. (collectively, “COP
III” and, together with COP II, COP (P), the Icon Fund, Icon II, Icon III, Icon IV, Icon V, the Plus Fund
and the CCP Funds, the “Closed End Funds”);
• Clearlake Opportunities Partners II (Onshore Blues AIV), L.P., its parallel fund, Clearlake Opportunities
Partners II (Offshore Blues AIV), L.P., and their master fund, Clearlake Opportunities Partners II (Blues
AIV), L.P. (collectively, “COP II Blues”);
• Clearlake Opportunities Partners III (Onshore Blues AIV), L.P., its parallel fund, Clearlake
Opportunities Partners III (Offshore Blues AIV), L.P., and their master fund, Clearlake Opportunities
Partners III (Blues AIV), L.P. (collectively, “COP III Blues”);
• Clearlake Flagship Plus Partners (Onshore Blues AIV), L.P., its parallel fund, Clearlake Flagship Plus
Partners (Offshore Blues AIV), L.P., and their master fund, Clearlake Flagship Plus Partners (Blues
AIV), L.P. (collectively, “CFPP Blues”);
• Clearlake Capital Partners VII (Blues AIV), L.P. and its parallel funds, Clearlake Capital Partners VII
(USTE Blues AIV), L.P. and Clearlake Capital Partners VII (Offshore Blues AIV), L.P. (collectively,
“CCP VII Blues” and together with COP II Blues, COP III Blues and CFPP Blues, the “Blues Funds”);
• Clearlake Opportunities Partners (E), L.P., its parallel fund, Clearlake Opportunities Partners (E-
Offshore), L.P., the parallel fund’s mini-master fund, Clearlake Opportunities Partners (E) Mini-Master
Fund, L.P., and their master fund, Clearlake Opportunities Partners (E) Master Fund, L.P., together with
Clearlake Opportunities Partners (E-C), L.P., its parallel fund, Clearlake Opportunities Partners (E-C)
Offshore, L.P., and their master funds, Clearlake Opportunities Partners (E-C) Master Fund I, L.P. and
Clearlake Opportunities Partners (E-C) Master Fund II, L.P. (collectively, the “Evergreen Fund” and,
together with COP III, COP II and COP (P), the “Opportunities Funds” and, together with the Blues
Funds and the Closed End Funds, the “Funds”);
• Diligere Co-Investment Partners, LLC (the “Diligere Co-Investment Fund”), Amber Co-Investment
Partners, LLC (the “Amber Co-Investment Fund”), Ulysses Co-Investment Partners, L.P. and Ulysses
Co-Investment Partners (GV), LLC (together the “Ulysses Co-Investment Funds”), Dragon Co-
Investment Partners, L.P. (the “Dragon Co-Investment Fund”), White Cypress Co-Investment Partners,
L.P. (the “White Cypress Co-Investment Fund”), Pyke Co-Investment Partners, L.P. (the “Pyke Co-
Investment Fund”), Wampa Co-Investment Partners, L.P. (the “Wampa Co-Investment Fund”),
Diamondleaf Co-Investment Partners, L.P. (the “Diamondleaf Co-Investment Fund”), Biloxi Co-
Investment Partners. L.P. (the “Biloxi
Co-Investment Fund”), Odyssey Co-Investment Partners A, LLC
and Odyssey Co-Investment Partners B, LLC (together with Odyssey Co-Investment Partners A, LLC,
the “Odyssey Co-Investment Fund”), Atlas Investment Holdings, L.P. (the “Atlas Co-Investment
Fund”), Sunshine Co-Investment Partners, L.P. (the “Sunshine Co-Investment Fund”), Falcon Co-
Investment Partners, L.P. (the “Falcon Co-Investment Fund”), Red Cypress Co-Investment Partners,
L.P. (the “Red Cypress Co-Investment Fund”), Palms Co-Investment Partners, L.P., Palms Co-
Investment Partners B, L.P., Palms Co-Investment Partners C, L.P., Palms Co-Investment Partners D,
L.P. (collectively with Palms Co-Investment Partners, L.P., Palms Co-Investment Partners B, L.P., and
Palms Co-Investment Partners C, L.P., the “Palms Co-Investment Fund”), Fox Co-Investment Partners
A, L.P. and Fox Co-Investment Partners B, L.P. (together, the “Fox Co-Investment Fund”), Blues
Partners I, L.P., Blues Partners II, L.P., Blues Vintage, L.P., Blues Legacy, L.P., Blues Founders, L.P.,
Blues Century, L.P. and Blues Forever, L.P. ((collectively with Blues Partners I, L.P., Blues Partners II,
L.P., Blues Vintage, L.P., Blues Legacy, L.P., Blues Founders, L.P., and Blues Century, L.P., the “Blues
Co-Investment Fund”), Azurite Co-Investment Partners, L.P. (the “Azurite Co-Investment Fund”) and
collectively with the foregoing, the “Co-Investment Funds” and, together with the Funds and any other
fund or account to which Clearlake may provide investment advisory services from time to time, the
“Clients”).
The term “Clients” will be deemed to include their respective alternative investment vehicles, if and as
applicable.
Furthermore, Clearlake has, and expects in the future to, create, acquire, or invest in, one or more standalone,
self-managed asset management businesses (which may be structured in any manner deemed appropriate by Clearlake,
including as a business development company or other investment vehicle) designed to manage some or all of the
investments or types of investments in which a Client may invest, including, by way of example only, managing or
investing in collateralized loan obligations (“CLOs”) and other similar investments. Without limiting the foregoing, a
Clearlake affiliate wholly-owns WhiteStar Asset Management LLC (“WhiteStar”), an investment manager and
investor in the syndicated bank loan space, with a focus on originating, structuring and managing CLOs, and has a
stake in Trinitas Capital Management, LLC (“Trinitas”), an investment manager and investor in CLO securities, under
whose name such CLOs are generally marketed.
As of the date of this Brochure, Clearlake provides investment advisory services to Fund II through its
subsidiary Clearlake Capital Management II, L.P., provides investment advisory services to Fund III through its
subsidiary Clearlake Capital Management III, L.P., provides investment advisory services to Fund IV and the
Snowbird Co-Investment Fund through its subsidiary Clearlake Capital Management IV, L.P., provides investment
advisory services to Fund V, Fund V Quasar, the Ulysses Co-Investment Funds and the Dragon Co-Investment Fund
through its subsidiary Clearlake Capital Management V, L.P., provides investment advisory services to Fund VI and
Fund VI Quasar through its subsidiary Clearlake Capital Management VI, L.P., provides investment advisory services
to the Plus Fund and Plus Fund Quasar through its subsidiary Clearlake Capital Management Flagship Plus, L.P.,
provides investment advisory services to Fund VII and Fund VII Quasar through its subsidiary Clearlake Capital
Management VII, L.P., provides investment advisory services to Fund VIII through its subsidiary Clearlake Capital
Management VIII, L.P., provides investment advisory services to the Icon Fund through its subsidiary Icon Software
Management, L.P., provides investment advisory services to Icon II through its subsidiary Icon Management II, L.P.,
provides investment advisory services to Icon III through its subsidiary Icon Management III, L.P., provides
investment advisory services to Icon IV through its subsidiary Icon Management IV, L.P., provides investment
advisory services to Icon V through its subsidiary Icon Management V, L.P., provides investment advisory services
to COP (P), the Evergreen Fund, the Diligere Co-Investment Fund, the Amber Co-Investment Fund through its
subsidiary Clearlake Capital Management Opportunities, L.P., provides investment advisory services to COP II
through its subsidiary Clearlake Capital Management Opportunities II, L.P., provides investment advisory services to
COP III through its subsidiary Clearlake Capital Management Opportunities III, L.P., provides investment advisory
services to COP II Blues through its subsidiary Clearlake Capital Management Opportunities II (Blues), L.P., provides
investment advisory services to COP III Blues through its subsidiary Clearlake Capital Management Opportunities III
(Blues), L.P., provides investment advisory services to CFPP Blues through its subsidiary Clearlake Capital
Management Flagship Plus (Blues), L.P., provides investment advisory services to CCP VII Blues through its
subsidiary, Clearlake Capital Management VII (Blues), L.P., manages the Wampa Co-Investment Fund, the Pyke Co-
Investment Fund, the White Cypress Co-Investment Fund, the Biloxi Co-Investment Fund, the Atlas Co-Investment
Fund, the Red Cypress Co-Investment Fund, the Falcon Co-Investment Fund, the Sunshine Co-Investment Fund, the
Odyssey Co-Investment Fund, the Palms Co-Investment Fund and the Azurite Co-Investment Fund through its affiliate
Meridian GP, LLC, manages the Diamondleaf Co-Investment Fund through its affiliate Cascade GP, LLC, will
provide investment advisory services to the Blues Co-Investment Funds through its subsidiary Clearlake Capital
Management Opportunities III (Blues), L.P.
Each such investment advisory entity is registered under the U.S. Investment Advisers Act of 1940 (as
amended, the “Advisers Act”) because each such investment advisory entity is an affiliate of Clearlake, is subject to
Clearlake’s supervision and control for compliance purposes and is a “relying adviser” of Clearlake. For regulatory,
legal, tax or other reasons, Clearlake may direct more than one of its affiliated relying advisers to provide certain
services to a Client, or to serve in a sub-advisory role with respect to a Client. In addition, each general partner of a
Client is a “related person” of Clearlake and a special purpose vehicle formed to act as the general partner of such
Client. Each such related person is covered by Clearlake’s registration as an investment adviser with the SEC and
deemed to be registered with the SEC. References in this Brochure to the “general partner” of a Client will also be
deemed to refer to the “non-member manager” of a Client in the case of the Co-Investment Funds and any other Client
that is a limited liability company.
As of the date of this Brochure, Clearlake has formed Clearlake Capital Management IDF, L.P., which is
expected to provide discretionary sub-advisory services to an insurance-dedicated fund sponsored by a third-party
adviser.
As of December 31, 2023, Clearlake had approximately $62,975,073,042 of regulatory assets under
management, all of which is managed by Clearlake on a discretionary basis. Clearlake does not manage any Client
assets on a non-discretionary basis. Together with its affiliates, WhiteStar and Trinitas, Clearlake has assets under
management of approximately $81,106,896,228.