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Clearlake Capital Closes Fund V at Over $3.6 Billion
Santa Monica, CA – March 16, 2018– Clearlake Capital Group, L.P. (“Clearlake”), a leading investment firm with a sector-focused approach, announced today it has completed fundraising for Clearlake Capital Partners V (“Fund V”) with over $3.6 billion in commitments. Fund V exceeded its target and was substantially oversubscribed, reaching its hard cap. At over $3.6 billion, Fund V is Clearlake’s largest private equity fund to date. This brings Clearlake’s total cumulative capital commitments since inception to more than $7 billion. Fund V has already begun investing with several signed or closed transactions including Perforce Software, Diligent Corporation, Janus International, ProVation Medical, and Wheel Pros. “We are thankful and humbled by the opportunity to prudently invest on behalf of our prominent and expanding base of global Limited Partners,” said José E. Feliciano, Co-Founder and Managing Partner at Clearlake. “We believe that the interest in Fund V is an acknowledgment of Clearlake’s
Private Equity Leaders Working to Increase Gender Diversity in the Industry
NEW YORK, Feb. 9, 2018 /PRNewswire-USNewswire/ — On February 7th, the Private Equity Women’s Initiative hosted its second annual Forum at KPMG LLP headquarters in New York City with the aim of increasing gender diversity throughout the private equity industry. The Forum specifically included interactive discussions, case study analyses, networking opportunities, and insight from top industry executives. Over 80 top private equity professionals attended the Forum and worked to identify the best practices to recruit, retain, and advance women within the private equity industry. The Forum is part of the Private Equity Women’s Initiative, a partnership between the National Association of Investment Companies (NAIC) and the American Investment Council (AIC). Attendees heard from representatives of two of the largest public pension funds in the country, Ted Eliopoulos, Chief Investment Officer of CalPERS, and Scott Evans, Chief Investment Officer of New York City Retirement Systems. The Forum also included a roundtable
2017 – The Year of SEC Exams
About our Contributors ICS Group is a regulatory compliance consulting firm specializing in providing compliance support to the financial services and insurance industries. We help our clients comply with regulatory requirements and industry standards. Our clients include: registered investment advisers, private equity funds, hedge funds, mutual funds, broker-dealers, insurance companies and state pension plans. Our team of highly experienced compliance professionals know from first-hand experience what regulators are looking for, the industry standards that apply, and how to develop and implement cost-effective business-oriented solutions. Now that the holidays are behind us and we look forward to a promising new year, I find myself marveling at the year we had and proud of the results we achieved. We were busy on-boarding many new clients and continuing to manage and update the compliance programs for our existing clients. Meanwhile, the OCIE was busy trying to meet its goal of examining 40% of
Clearlake Capital Portfolio Company Acquires Global IT Services Provider
EAGAN, Minn., December 18, 2017 – ConvergeOne, a leading global IT services provider of collaboration and technology solutions, today announced that it has acquired Alexander Open Systems (“AOS”), a leading IT consulting group headquartered in Overland Park, Kansas. Effective immediately, AOS is now AOS, a ConvergeOne Company. This acquisition further solidifies ConvergeOne’s position as a leading provider of collaboration and IT-enabled solutions in the market today. ConvergeOne serves as a trusted advisor to more than 11,000 customers, including 57 percent of the Fortune 100 and 42 percent of the Fortune 500 across the healthcare, finance, manufacturing, education, and energy industries. A Microsoft Gold Partner, AOS specializes in architecting, implementing and supporting an expansive portfolio of solutions including cloud, collaboration, data center, networking, security, virtualization, business intelligence and more. “This acquisition enables us to broaden our portfolio and expand our coverage in the United States. AOS has been providing leading edge
Vista Completes Acquisition of Data Protection Solutions Provider
NORWALK, Conn.–(BUSINESS WIRE)–Datto, the leading provider of total data protection solutions for businesses around the world, today announced it has finalized its acquisition by Vista Equity Partners (“Vista”), a leading investment firm focused on software, data and technology-enabled businesses. The acquisition, first announced in late October, and the simultaneous merger with Vista portfolio company Autotask, have been followed by an intensive integration between the companies. The result is a single entity designed to empower Managed Service Providers (“MSPs”) with Autotask’s in demand IT business management offerings and Datto’s award-winning data protection solutions. As part of joining forces, Datto announced the formation of a new executive team. Under the direction of Datto CEO and Founder, Austin McChord, the senior management will now include Patrick Burns, Vice President of Product Management and Adam Stewart, Senior Vice President of Engineering of Autotask who will join the pre-existing Datto team. “With a small and
Amendments to Form ADV are Now Effective
About our Contributors ICS Group is a regulatory compliance consulting firm specializing in providing compliance support to the financial services and insurance industries. We help our clients comply with regulatory requirements and industry standards. Our clients include: registered investment advisers, private equity funds, hedge funds, mutual funds, broker-dealers, insurance companies and state pension plans. Our team of highly experienced compliance professionals know from first-hand experience what regulators are looking for, the industry standards that apply, and how to develop and implement cost-effective business-oriented solutions. The amendments to Form ADV became effective on October 1st. Unless you registered with the SEC on or after October 1st or have had a material change requiring an “other-than-annual” amendment since that date, you have not yet seen the following on the amended Form ADV. 1. Separately Managed Accounts Prior to the amendments, investment advisors disclosed information on their pooled investment vehicles and the amount
CABs Now Subject to Pay-To-Play Rules
About our Contributors ICS Group is a regulatory compliance consulting firm specializing in providing compliance support to the financial services and insurance industries. We help our clients comply with regulatory requirements and industry standards. Our clients include: registered investment advisers, private equity funds, hedge funds, mutual funds, broker-dealers, insurance companies and state pension plans. Our team of highly experienced compliance professionals know from first-hand experience what regulators are looking for, the industry standards that apply, and how to develop and implement cost-effective business-oriented solutions. In August 2016 the SEC approved FINRA rules for a new category of advisers known as “Capital-Acquisition Brokers” or “CABs”. CABs are firms that engage in a limited range of activities, essentially advising companies and private equity funds on capital raising and corporate restructuring, and acting as placement agents for sales of unregistered securities to institutional investors under limited conditions. But, unlike full-service brokers, CABs are
Siris Affiliates to Acquire Intralinks Holdings, Invest in Synchronoss
NEW YORK, October 17, 2017 – Siris Capital Group, LLC (“Siris”) today announced that investment funds affiliated with Siris have entered into a definitive agreement to acquire 100% of the common stock of Intralinks Holdings, Inc. (“Intralinks”), a global leader for secure data sharing and enterprise collaboration solutions and a wholly owned subsidiary of Synchronoss Technologies, Inc. (“Synchronoss”) (NASDAQ: SNCR), a leading provider of cloud-based, white-label software solutions for communications and media companies. Investment funds affiliated with Siris have also entered into a definitive agreement to make an investment in convertible preferred equity of Synchronoss. Under the terms of the agreements, investment funds affiliated with Siris will acquire all of the stock of Intralinks for approximately $1 billion in consideration and Intralinks will become an independent, privately owned portfolio company of investment funds affiliated with Siris. Under the terms of the agreements, investment funds affiliated with Siris will make an
SEC Issues Advertising Risk Alert
About our Contributors ICS Group is a regulatory compliance consulting firm specializing in providing compliance support to the financial services and insurance industries. We help our clients comply with regulatory requirements and industry standards. Our clients include: registered investment advisers, private equity funds, hedge funds, mutual funds, broker-dealers, insurance companies and state pension plans. Our team of highly experienced compliance professionals know from first-hand experience what regulators are looking for, the industry standards that apply, and how to develop and implement cost-effective business-oriented solutions. In September 2017, the OCIE issued a Risk Alert notifying advisors of the most common deficiencies related to the Advertising Rule. Interestingly, all the deficiencies identified involved misleading performance advertising. The takeaways from the Risk Alert are detailed below. Misleading Performance Results. The Staff observed advisers that presented performance results without deducting advisory fees. The Staff also found that advisers used advertisements that compared results to
Vista Equity Partners Completes Acquisition of Xactly
SAN JOSE, Calif.–(BUSINESS WIRE)–Xactly (NYSE:XTLY), a leading provider of cloud-based incentive solutions, today announced that it has been acquired by Vista Equity Partners (“Vista”), a leading private equity firm focused on investments in software, data and technology-enabled businesses. The transaction, originally announced on May 30, 2017, was completed on July 31, 2017. Xactly’s stockholders approved the acquisition on July 28, 2017. The acquisition – which combines Xactly’s product and industry leadership with Vista’s strategic and operational expertise for high-growth SaaS companies – begins the next phase of growth for Xactly, in which the company will continue to focus on innovation and thought leadership in cloud-based incentive compensation solutions. “Twelve years ago, we set out on a mission to transform the way companies approach incentive compensation,” said Christopher W. Cabrera, founder and CEO of Xactly. “Joining Vista marks a significant milestone on our journey. Vista is the ideal partner to accelerate