Goldman Sachs leads $3.5 billion loan to acquire Clearwater Analytics(CWAN.US) Private credit remains optimistic about the software sector

According to the Tonghuashun Finance APP, a group of private credit firms led by Goldman Sachs Alternative Investment Fund will provide $3.5 billion to support the acquisition of Clearwater Analytics (CWAN.US). This is the latest example of direct lending institutions financing software acquisitions. According to sources familiar with the matter, Ares Management Corp., Blue Owl Capital Inc., Antares Capital, and Apollo Global Management Inc. will join the lenders, with this debt issuance carrying a spread of 4.5 percentage points over the U.S. benchmark rate.

Before securing other lenders, Goldman Sachs’s private credit division committed to debt financing for this acquisition led by private equity firms Permira Holdings and Warburg Pincus. Announced on December 21, the deal values Clearwater at approximately $8.4 billion and is expected to close by mid-2026.

Meanwhile, as media reports on Thursday indicated that software company OneStream Inc. secured a $1.4 billion loan to support its upcoming acquisition by private equity investor Hg, this financing transaction was also finalized.

Listed on the New York Stock Exchange, Clearwater provides cloud software platforms for institutional investors in both public and private markets. The potential for artificial intelligence to replace software services has been a focus of market attention in recent weeks, causing some corporate debt prices to plummet and casting a shadow over private equity investments in software.

Many asset management firms that directly provide loans have also come under scrutiny due to their risk exposure to software companies. However, the financing of the acquisitions of OneStream and Clearwater indicates that private credit institutions remain open to the industry.