Comvest Closes Fourth Direct Lending Fund

Comvest Credit Partners has held a final close of Comvest Capital IV LP and affiliated funds (Fund IV) with total equity commitments of $836 million, above the original target of $650 million. Together with leverage, total available capital is expected to exceed $1.2 billion. Comvest Credit Partners is the middle-market direct lending platform of private equity firm Comvest Partners.

The new fund will provide senior debt, unitranche credit facilities, junior debt, and equity co-investments, with transaction sizes ranging from $20 million up to $200 million. Target borrowers will be both sponsored and non-sponsored businesses that are active in healthcare, technology, transportation and logistics, financial services, industrials, and consumer and retail.

“We are pleased to mark the close of Fund IV and are grateful for the strong support of both our existing and new limited partners, including public and private pension plans, financial and insurance companies, foundations, and family offices,” said Robert O’Sullivan, Managing Partner of Comvest Partners. “With the increased fund size, we believe we are well positioned to provide middle-market companies with a one-stop financing solution, as well as greater flexibility on structure and pricing.” Comvest Capital’s third fund closed in June 2015 with $450 million in capital commitments.

Comvest Partners provides debt and equity to middle-market companies. For debt investments, the firm will invest from $10 million to $50 million per transaction in companies with at least $15 million of revenue and EBITDA of at least $3 million. For equity investments, the firm will invest from $35 million to $125 million of equity per transaction in companies with $50 million to $1 billion of revenue that have positive or negative EBITDA. Comvest is based in West Palm Beach with additional offices in Chicago, New York, and Los Angeles (www.comvest.com).

Since it was founded in 2000, Comvest Partners has raised more than $3.7 billion across its private equity and private credit funds.

Kirkland & Ellis provided legal services to Comvest Credit Partners for the formation of Fund IV.

© 2018 Private Equity Professional | January 29, 2018

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