Thursday, October 12, 2017

Clearlake Capital Takes Lead In Raising $10M For Puerto Rico Hurricane Relief

Santa Monica-based private equity investor Clearlake Capital, along with Valor Equity Partners, StepStone Group, Palladium Equity Partners, and MoonSail Capital, have launched an effort to raise $10M in funding to help humanitarian efforts in Puerto Rico in the wake of Hurricane Maria. Clearlake Capital Group and the Kwanza Jones & Jose E. Feliciano Supercharged Initiative said they will match all donations up to $500,000 to the effort, which so far has raised a little over $832,000 in funds to help the island. Only about 17 percent of the island has electricity, and only 37.12% of the cell towers are operational, three weeks since the hurricane hit, according to the government of Puerto Rico. Reports also say Puerto Rico is facing a "massive" food shortage as a result of the hurricane, with only 200,000 meals a day being provided to meet the needs of more than 2 million people.