Clearlake Capital Group announced that it has entered into a definitive agreement to acquire Pathway Capital Management, a global provider of private market solutions for institutional and wealth clients. The acquisition, expected to close in the first quarter of 2026 pending regulatory approval, marks a major expansion of Clearlake’s private markets platform and strengthens its position as a diversified alternative asset manager with combined assets under management reaching $185 billion.
Founded in 1991, Pathway manages over $95 billion in assets and boasts a long-standing track record across private equity, private credit, infrastructure, secondaries, and co-investments. The acquisition will broaden Clearlake’s private market capabilities, deepen its reach into institutional and wealth channels, and enhance its ability to meet growing investor demand for bespoke and multi-investor private market strategies.
Under the terms of the transaction, Pathway will retain its brand and operate independently as Clearlake’s investment solutions business. The combined entity will leverage Pathway’s data-driven insights and Clearlake’s operational and strategic expertise to deliver an expanded suite of private market offerings. Upon closing, Clearlake’s global team is expected to grow to approximately 500 employees.
Pathway’s leadership team, including James Chambliss, Richard Mazer, and Alex Casbolt, will continue to lead the firm through its next phase of growth. Together, they will guide the integration process and maintain Pathway’s focus on delivering innovative private market strategies for clients.
Advisors on the transaction include Evercore and BofA Securities for Clearlake, with Kirkland & Ellis serving as legal advisor. UBS Investment Bank served as financial advisor to Pathway, and O’Melveny & Myers LLP acted as its legal counsel.
Clearlake Capital Group, founded in 2006, manages over $90 billion in assets and has completed more than 500 investments globally across technology, industrials, and consumer sectors. The firm’s proprietary O.P.S.® (Operations, People, Strategy) framework emphasizes active partnership with management teams to drive long-term value creation. Headquartered in Santa Monica, Clearlake maintains offices across North America, Europe, the Middle East, and Asia.
KEY QUOTES:
“We are thrilled to welcome Pathway to the Clearlake family as we further expand our leadership in alternative investments. 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.”
José E. Feliciano and Behdad Eghbali, Co-Founders and Managing Partners, Clearlake Capital Group
“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.”
James Chambliss, Richard Mazer, and Alex Casbolt, Leadership Team, Pathway Capital Management
