Private equity firm Clearlake Capital Group LP has closed its third fund, Clearlake Capital Partners III LP, with more than $785 million in equity commitment.

Clearlake originally had a $600 million target and $750 million hard cap for the fund, which it exceeded.

Now the firm has about $1.4 billion in capital under management. Clearlake invests in special situations, focusing on companies undergoing financial, operational or structural change. The new fund’s investors include public and private pension funds, insurance companies, endowments, foundations, financial institutions, fund-of-funds and family offices.

Clearlake has 16 portfolio companies, including a recent investment in Swiss Watch International, as well as closing a deal to buy Mformation Technologies Inc., a provider of mobile-device management software, for an undisclosed amount. 

Park Hill Group and Aqueduct Capital Group advised Clearlake on the formation and placement of the fund, while Paul Weiss Rifkind Wharton & Garrison LLP served as legal counsel.

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