Clearlake Taps Pathway Team for First Wealth-Channel Interval Fund

Alternative asset manager Clearlake Capital Group has launched Clearlake Private Wealth, a platform for distributing private markets strategies through financial advisers, and plans to open its first product, a private equity secondaries interval fund, in the first quarter of 2027, the company said this week. The fund, Clearlake Private Markets Fund, will draw primarily on investment professionals from Pathway Capital Management, an Irvine, Calif.-based private markets investment firm that Clearlake acquired earlier this year.

The fund’s registration statement on Form N-2, first filed with the U.S. Securities and Exchange Commission on May 21, is not yet effective. The fund, organized as a Delaware statutory trust on April 2, has filed three amendments since, most recently on Oct. 26.

The fund is a non-diversified, closed-end interval fund registered under the Investment Company Act of 1940. Its stated objective is long-term capital appreciation, primarily through secondary investments in private equity funds and continuation vehicles. According to Clearlake, it targets at least 70% of assets in secondaries, up to 20% in co-investments, and up to 10% in primary fund commitments. It also targets at least 70% in North America and up to 30% in Europe.

Clearlake Capital RIC Management LLC, a wholly owned Clearlake subsidiary, will serve as adviser. Under a planned resource-sharing agreement, the adviser expects to rely primarily on Pathway’s investment professionals to source, evaluate, and execute the strategy, the firm said.

Fees, Share Classes, and Liquidity

The fund will offer Class S, A, and I shares, initially priced at $10 per share. Class S and Class A shares carry a $1,000 minimum investment. Class I shares carry a $1 million minimum, which the fund may reduce for clients of registered investment advisers and other intermediaries. Class A shares carry an upfront sales load of up to 3.5%. Class S and Class A shares pay ongoing distribution and servicing fees of 0.75% and 0.25%, respectively.

The adviser will charge a management fee of 1.5% of daily net assets. The fee table does not include an incentive fee. Based on an assumed $400 million in average net assets, the fund estimates first-year total annual expenses of 5.17% for Class S, 4.67% for Class A, and 4.42% for Class I. Those figures include 0.84% in acquired fund fees and expenses and 0.49% in borrowing costs. Under an expense limitation agreement, the adviser will waive fees or reimburse expenses to hold total annual expenses, excluding distribution and servicing fees, to 3.5% of average net assets, bringing estimated net expenses to 4.25%, 3.75%, and 3.5%, respectively. The adviser can recoup waived amounts within 36 months once the fund has raised at least $200 million from third-party investors.

Investors who subscribe during an initial offering period will receive additional shares equal to 5% of their investment, paid from the assets of the adviser or its affiliates rather than the fund. That period runs until May 31, 2027, or until subscriptions reach $200 million, whichever comes first.

The fund has adopted a fundamental policy of semiannual repurchase offers of 5% to 25% of outstanding shares. It currently expects to offer the 5% minimum each period. Shares repurchased within one year of purchase are subject to a 2% early repurchase fee. The fund expects to make its first repurchase offer no later than the end of its second full semiannual period after the registration statement becomes effective. Shareholders will receive tax reporting on Form 1099-DIV.

ALPS Distributors Inc. will serve as distributor. Certain Clearlake employees will market the fund as registered representatives of Vigilant Distributors LLC under a shared-services agreement, the company said.

Pathway Deal

Clearlake agreed in November 2025 to acquire Irvine, Calif.-based Pathway, a private markets solutions provider founded in 1991, and completed the deal in June. Pathway kept its brand and leadership team. Clearlake reported more than $185 billion in combined assets under management as of June 30.

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