Clearlake to Acquire Pathway, Expanding Platform to $185B in AUM 

Clearlake Capital Group, L.P. has agreed to acquire Pathway Capital Management, a global private markets solutions provider overseeing more than $95 billion in assets, in a transaction that will boost Clearlake’s total assets under management to approximately $185 billion. 

Founded in 1991, Pathway manages capital across private equity, private credit, infrastructure, secondaries, and co-investments, serving institutional investors and wealth platforms through bespoke mandates and multi-investor funds. 

The acquisition marks a major expansion of Clearlake’s private markets platform, enhancing its private credit origination capabilities and broadening distribution across institutional and private wealth channels. Pathway will retain its brand, leadership team, and operational independence while becoming Clearlake’s dedicated investment solutions business. 

“We are thrilled to welcome Pathway to the Clearlake family as we continue to expand our leadership in alternative investments,” said José E. Feliciano and Behdad Eghbali, Co-Founders and Managing Partners of Clearlake. “This partnership will drive performance and deliver enhanced outcomes for clients across market cycles.” 

Pathway’s leadership—James Chambliss, Richard Mazer, and Alex Casbolt—will continue to oversee operations. The firm’s proprietary data and analytics platform will remain independent, supporting a more integrated and scalable investment offering. 

Financial terms were not disclosed. The transaction is expected to close in the first quarter of 2026, pending customary approvals. Evercore and BofA Securities advised Clearlake, while UBS Investment Bank advised Pathway. Kirkland & Ellis LLP and O’Melveny & Myers LLP served as legal counsel.