Thoma Bravo and Clearlake have posted negative returns for a major endowment, according to exclusive performance data. Middle-market firms have been much stronger.
Orlando Bravo, the founder and managing partner of private-equity firm Thoma Bravo, pictured in 2021.and start reading now.UTIMCO is among the largest US endowments and has poured more than $14 billion into private equity. The returns show losses from Thoma Bravo and Clearlake, though the funds are new and PE is a long game.notably active investors
The management company, known as UTIMCO, is among the largest college endowments in the US and has poured more than $14.5 billion into private-equity and venture-capital, according to filings. Clearlake declined to comment. More mature Clearlake funds have posted strong returns; the firm's Fund V, which has a 2017 vintage, has posted a 46% net IRR, while its Fund VI, a 2020 vintage, has returned 34%.
Even with the early dismal performance of Thoma Bravo and Clearlake, PE has been among UTIMCO's best performing asset class over the last five years,as of August 2022. That easily outperforms the portfolio of the endowment as a whole, which has a 5-year return of 8.1%, as of January 31.
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