Ares Slashes Value of Three Clearlake-Owned Software Companies

Ares Management Corp. wrote down the value of loans to three Clearlake Capital Group-owned software businesses, as it warns of difficult conversations ahead with companies vulnerable to disruption from artificial intelligence.

Ares Capital Corp. — a publicly traded private credit fund with almost $30 billion of assets — marked down loans to Cornerstone OnDemand, Symplr and DigiCert by 13-to-18 cents on the dollar in the first quarter, according to earnings reported Tuesday. The three companies were the largest contributors to the fund’s $357 million of net unrealized losses.