Nov 12 (Reuters) - Clearlake Capital Group said on

Wednesday it will buy investment manager Pathway Capital

Management, as the buyout firm looks to expand its presence in

the red-hot private markets segment.

The deal will help more than double Clearlake's assets under

management to $185 billion and boost its growth in the private

credit market as well as broaden distribution across

institutional and private wealth channels.

The terms of the transaction were not disclosed.

The Wall Street Journal on Wednesday reported, citing people

familiar with the matter, that Clearlake will pay $1 billion for

the investment manager.

Evercore and BofA Securities served as financial

advisers to Clearlake, while UBS Investment Bank advised

Pathway.