- Strategic acquisition expands Clearlake’s private markets platform and supports accelerated growth in private credit, secondaries, co-investments, and bespoke private market strategies
- Transaction to boost Clearlake’s ability to meet demand from institutional and wealth clients
Santa Monica and Irvine, CA – November 12, 2025
Clearlake Capital Group, L.P. (“Clearlake” or the “Firm”), a global investment firm managing integrated platforms spanning private equity, liquid and private credit, and other related strategies, today announced that it has entered into a definitive agreement to acquire Pathway Capital Management (“Pathway”), a global provider of private market solutions for institutional and wealth markets. Terms of the transaction have not been disclosed, and closing is expected in the first quarter of 2026, subject to the receipt of required regulatory approvals and other customary closing conditions.
The acquisition represents a significant expansion of Clearlake’s private markets platform, adding complementary capabilities and reinforcing its position as a leading diversified alternative asset manager with assets under management growing to $185 billion. Founded in 1991, Pathway currently manages more than $95 billion in assets, bringing a proven track record and expertise across private equity, private credit, infrastructure, secondaries, and co-investments, offered as bespoke private market strategies or through multi-investor funds.
The combination will scale Clearlake’s business by bolstering private credit origination capabilities, expanding the scope of Clearlake’s private market capabilities, and broadening distribution across institutional and private wealth channels. Pathway will retain its brand and operate independently as Clearlake’s investment solutions business, expanding Clearlake’s footprint into the institutional and private wealth market.
“We are thrilled to welcome Pathway to the Clearlake family as we further expand our leadership in alternative investments,” said José E. Feliciano and Behdad Eghbali, Co-Founders and Managing Partners at Clearlake. “This partnership is designed to drive performance and deliver enhanced outcomes for clients across market cycles. Pathway’s long-standing track record and global reach complement our platform, and together we can offer broader access, deeper insights, and more tailored solutions — helping investors achieve better outcomes in an increasingly complex alternatives landscape.”
Pathway’s differentiated, data-driven insights will remain independent, but the combined firm is positioned to become a leading full-service investment provider, offering investors access to private equity, private credit, infrastructure, secondaries, and co-investments. Further, the collaboration will position Pathway to offer even more robust services and resources to its investor base.
Pathway’s leadership team will remain intact and continue to operate the business with James Chambliss, Richard Mazer, and Alex Casbolt leading the Pathway team. Together, they will continue to support the platform’s strategic growth and help guide the next chapter of Pathway’s evolution. Upon closing, Clearlake’s global team will total approximately 500 employees.
“After more than a decade of investing with the Clearlake team, we are excited to join a world-class alternative asset manager. We couldn’t be more excited to join forces with a firm that is a strong cultural fit with our firm. Pathway has always been focused on delivering innovative solutions to our clients and we will now bring our expertise to an even broader client base through Clearlake’s expansive private markets platform,” said Pathway’s James Chambliss, Richard Mazer, and Alex Casbolt.
Advisors
Evercore and BofA Securities served as financial advisors to Clearlake and Kirkland & Ellis served as legal advisor. UBS Investment Bank served as financial advisor to Pathway and O’Melveny & Myers LLP served as legal counsel.
About Clearlake
Clearlake Capital Group is a global investment firm managing integrated platforms spanning private equity, liquid and private credit, and other related strategies. Founded in 2006, the firm has more than $90 billion of assets under management and has led or co-led over 500 investments globally. With deep knowledge and operational expertise across the technology, industrials, and consumer sectors, Clearlake seeks to partner with experienced management teams, providing patient, long-term capital and aiming to drive value through its active hands-on operating approach, O.P.S.® (Operations, People, Strategy). Headquartered in Santa Monica, Clearlake maintains a global footprint with offices in Dallas, New York, London, Dublin, Luxembourg, Abu Dhabi, Tokyo, and Singapore. For more information, please visit Clearlake.com or follow us on LinkedIn.
About Pathway Capital Management
Pathway is a leading private market solutions provider with over $95 billion in assets under management from private equity, private credit, and infrastructure mandates serving the needs of institutional and wealth investors worldwide. Formed in 1991, Pathway creates and manages custom and multi-investor programs, investing in various private market strategies through primaries, secondaries, and co-investments. Pathway’s investment professionals have participated in the development of 135 private market portfolios, committing more than $135 billion across a wide variety of private market strategies. Pathway is headquartered in Irvine, California, with additional offices in Providence, London, Munich, and Hong Kong. For more information, please visit pathwaycapital.com or follow us on LinkedIn.
Pathway is pleased to announce that it has closed on a $250 million custom direct equity mandate for an insurance provider. The fund will make direct equity investments alongside private equity managers that invest in a variety of investment strategies, industries, and regions.
