Clearlake Capital

“As we had grown, we actually had a Fairly LP-friendly fund structure where a significant amount of our carry is in the European waterfall versus an American waterfall, meaning fund, we have to return the old fund versus a deal by deal basis.”

“When we went from the first week of March where we were having investment committees weekly and talking about buyouts, two weeks later, there were no buyouts in our pipeline. We were having investment committee daily and everything that we were looking at was …”

“If you were an investment committee, clearly you would know that you showed me an upside case that includes a bunch of acquisitions that we haven't done that have not been identified. You're going to be called out for it. It's okay to have a buy and build stra…”

“When COVID created significant dislocation, not only in our lives, but in the credit markets, we invested three or four billion dollars in the secondary credit markets, basically the period of three months.”

“So our pipeline right now is used to a little bit more into Special situations that may be bespoke transactions where we are basically providing either some type of debt instrument or structured equity instrument to a company to enable something, liquidity, ac…”

“Here, price was not the most important factor, speed, certainty, Understanding of a situation. Understanding how to turn a business around, perhaps. Those are actually more important considerations. And that enables us to prevail.”

“In a typical year, we'll do 10 platforms, not 10 investment platforms, but we'll do probably 40 to 50 ads.”

“We were certainly asked by some of our potential LPs, well, we would invest if you restrict this part of your strategy to no more than 40% of the investments or no more than x. And we refused to do that. Even at a time we were desperate for capital because we …”

“Total capital, roughly just showing up ten billion dollars in those five vehicles. And the first two have already returned all the capital back to the new investors.”

“In our case, we partnered with a firm that's fairly well-known in the seeding world or was a reservoir capital led by Dan Stern and Craig Huff. They provided some of that initial capital.”

“Many people in our industry and investing side I've never really had a real job. Never worked at a job where they're selling widgets, making, producing, marketing widgets. I think that that gives you a very different perspective about investing.”

“And then we actually sold it to a customer, actually customer slash supplier, and ended up making 10 times our money, and certainly a great outcome.”

“The better we are, and identifying the two or three or four things that really matter in that business, And then making that change in those two or three or four things, we have found that the better the outcome. And then everything else is secondary.”

“You look at our funds, additional funds with a ten-year block-up, maybe a few extensions. The investment period is five or six years, but during that investment period, we can recycle any of the capital.”

“I honestly can't say that we have incited to do any of those things, or that we are pursuing any of those things and earnings, but those are the type of things that I go to bed at night, that's what I'm thinking about.”

“What we have found is that the type of change that we bring to the table is actually easier to implement now than it was five or 10 years ago with a smaller company. Not necessarily because these companies are embracing it any more or any less, but they have j…”

“So there were two primary reasons for us to pursue a GP of stakes deal. One was To create a base of permanent capital at the GP level that would be used to invest in our own funds. And the other thing is, we always had the idea, right, that we were more than j…”

“We actually did a deal at the same time with Dial, Blue Owl Capital, and Petersil, which is a division of coal and sacks.”

“The most interesting trend out there that we have to think about is the different versions of permanent capital, and that can be in a waterfront. There's a version of permanent capital that could be partnering or doing something with an insurance company that …”