Clearwater Analytics secures $3.5 billion loan financing, with Goldman Sachs leading private debt deployment

A corporate loan financing deal worth $3.5 billion is currently underway. According to sources familiar with the matter, this is a financing arrangement initiated by Goldman Sachs to support the acquisition of cloud software company Clearwater Analytics. Notably, several leading asset management firms in the industry have also joined the financing lineup, participating in this large private credit project.

Asset Management Giants Collaborate, Keeping Financing Costs Reasonable

Participants in this $3.5 billion financing include well-known investors such as Ares Management Corp., Blue Owl Capital Inc., Antares Capital, and Apollo Global Management Inc. These firms have long been active in the private credit space and possess extensive experience in large-scale financing projects. According to the deal terms, this debt issuance carries a premium of 450 basis points (4.5 percentage points) over the U.S. benchmark interest rate, with pricing considered reasonable relative to similar market products.

Private Credit Continues to Focus on Software Sector, Institutional Investors Clear on Strategy

Industry trends show that giants like Goldman Sachs remain attentive to financing needs in the software sector. Clearwater Analytics, as a provider of cloud-based analytics software,’s successful financing reflects institutional investors’ recognition of the long-term value of SaaS companies. The private credit market has accelerated its expansion over the past few years, with more asset management firms turning their attention to financing high-quality tech companies. This transaction exemplifies that trend.