Goldman Sachs Alternatives is leading a $3.5 billion private loan for the $8.4 billion buyout of Clearwater Analytics Holdings, according to Bloomberg. The lender group includes Ares Management, Blue Owl Capital, Antares Capital, and Apollo Global Management, with debt offered at a 4.5-percentage-point premium to the US benchmark rate.

The acquisition, announced December 21, is being led by Permira and Warburg Pincus and is expected to close by mid-2026. Goldman's private credit business initially provided committed debt financing before assembling the broader syndicate. The deal comes amid heightened scrutiny of software valuations and AI-related disruption risks, which have pressured debt pricing across the sector.

Nevertheless, the Clearwater financing, alongside a $1.4 billion loan backing Hg's buyout of OneStream, signals that direct lenders remain willing to support high-quality software assets. For private equity sponsors, private credit continues to provide certainty of execution in competitive transactions. The 4.5-point premium reflects both sector risk and continued demand for yield in large-cap sponsor-backed deals.

The transaction reinforces private credit's expanding role in underwriting multi-billion-dollar buyouts, particularly in sectors facing cyclical valuation volatility but long-term digital growth potential.