José E. Feliciano – Flexible Private Market Investing at Clearlake (Capital Allocators, EP. 297)

Playbook Elements

Clearlake's investment playbook is centered on three key elements: operations, people, and strategy. José Feliciano emphasizes the importance of focusing on what truly matters, rather than relying on lengthy presentations. He believes in leveraging lessons learned over the years to systematically enhance business operations, complement management teams, and develop strategic growth plans 1. Feliciano explains that their approach involves bringing in new talent and improving efficiency, particularly in challenging situations like their investment in Chelsea Football Club. He notes, "We want to provide the best possible product, the best possible team on the pitch, but that requires a lot of things" 2.

   

Growth & Adversity

Operational excellence has been pivotal in Clearlake's growth, especially during challenging economic times. Feliciano recounts how the firm grew from managing $3 billion to $75 billion in assets by cementing strategy and team during the financial recession. He attributes their success to a combination of a strong track record, team cohesion, and favorable economic conditions 3. Feliciano highlights the importance of client-focused principles, stating, "If you do the right things for your clients, in our case, our LP's over the long term, that's going to benefit the firm" 4.