A power transmitting component that includes a clutch, a valve and a ball ramp mechanism. The clutch has a hub, a housing, a clutch pack and an apply plate. The clutch pack has sets of friction plates that are mounted to the hub and the housing. The valve includes a valve element, which is received in a bore in the hub, an inlet and an outlet. The ball ramp mechanism has first and second ball ramp rings and is operable for selectively translating the apply plate to compress the friction plates against the housing as well as for translating the valve element to open the valve. The second ball ramp ring is coupled to the hub for rotation therewith. The first ball ramp ring is rotatable relative to the second ball ramp ring.