Goldman Sachs Alternatives Leads $3.5B Debt Financing for Clearwater Analytics Buyout

Permira and Warburg Pincus Investor Group to Take Clearwater Analytics Private in $8.4 Billion Deal

December 21, 2025

Software

Clearwater Analytics has entered into a definitive agreement to be acquired in an all-cash transaction valued at approximately $8.4 billion by an investor group led by Permira and Warburg Pincus, with participation from Temasek and support from Francisco Partners. Under the terms, Clearwater Analytics stockholders will receive $24.55 per share in cash at closing, and the company is expected to become privately held.

Sunstone Partners Acquires Majority Stake in Clearwater

September 30, 2025

Cybersecurity

Sunstone Partners, a growth-oriented private equity firm, has acquired majority ownership of Clearwater from Altaris, LLC and other existing shareholders. The investment will support Clearwater’s expansion of managed security, consulting, and software capabilities across the healthcare ecosystem and the defense industrial base (via its Redspin division).

Goldman Sachs Alternatives Takes Majority Stake in Crystal Group

May 6, 2024

Wealth Management

The Private Equity business at Goldman Sachs Alternatives has agreed to become the majority shareholder in French wealth manager Crystal, alongside Crystal's management team led by Bruno Narchal and Jean-Maximilien Vancayezeele; Seven2 will remain a c.25% shareholder. Crystal, founded in 1992, manages around €22 billion AUM (pro forma for recent acquisitions) and said the investment will support growth in France and internationally, including significant investments in digital and AI. The transaction is subject to regulatory and antitrust approvals.

Clearwater Analytics Acquires Enfusion for About $1.5 Billion

April 21, 2025

Cloud & SaaS

Clearwater Analytics entered into a definitive merger agreement to acquire Enfusion, a SaaS provider for investment management and hedge funds, in a deal valued at approximately $1.5 billion. Clearwater will integrate Enfusion’s front-office capabilities with its middle- and back-office platform to build a unified cloud-native front-to-back solution and expand hedge-fund coverage and international presence.

Goldman Sachs Alternatives Invests in Schellman (Lightyear Capital Retains Stake)

March 5, 2026

Cybersecurity

Lightyear Capital, the majority investor in Schellman since 2021, announced that Schellman is receiving a strategic investment from the Private Equity business at Goldman Sachs Alternatives. The investment is intended to accelerate Schellman’s next phase of growth, including capability expansion and scaling the team, and the transaction is expected to close in Q2 2026 subject to regulatory approvals.

Clearwater Analytics Completes Acquisition of Beacon Platform

May 1, 2025

Data & Analytics

Clearwater Analytics (NYSE: CWAN) completed its acquisition of Beacon Platform Inc., a provider of enterprise risk analytics and developer infrastructure. The combined platform strengthens Clearwater’s cross-asset portfolio management capabilities across public and private markets, including derivatives, structured products, and private credit.