The Comvest Group, the Florida-based private equity firm, beat its $500 million target for its fourth fund, nabbing $580 million for Comvest Investment Partners IV. The capital commitments in Comvest IV are from a diverse group of institutional investors, including U.S. state and city pension plans, insurance companies, college endowments, European government pension plans, and global private equity funds of funds.
THE COMVEST GROUP CLOSES $580 MILLION PRIVATE EQUITY FUND
West Palm Beach, FL., September, 2011 – The Comvest Group, a leading private investment firm focused on the lower middle-market, today announced the closing of its fourth private equity fund, Comvest Investment Partners IV (“Comvest IV”), with capital commitments in excess of $580 million, surpassing its $500 million target. The capital commitments in Comvest IV are from a diverse group of institutional investors, including U.S. state and city pension plans, insurance companies, college endowments, European government pension plans, and global private equity funds of funds. “We welcome our new LPs and thank our existing LP’s for their continued confidence in Comvest” said Michael Falk, Managing Partner and Founder of The Comvest Group. “We are pleased to finalize our fund raise and focus on continuing to execute on our investment strategy.”
“With Comvest IV, we plan on continuing our disciplined investment strategy which has been developed over 20 years of investing in the lower middle-market. We focus on finding under-valued companies and partnering with great management teams to drive value for our investors,” said Pete Kight, Managing Partner of The Comvest Group.
The Comvest Group provides flexible financing solutions to lower middle market companies, often meeting time-critical and complex funding requirements. Our firm includes seasoned, senior level operating executives at all levels who partner with managers and owners of companies to operationally improve businesses and create long-term value. Fund IV, with $580 million of committed capital, will focus on $15-50 million control equity investments in growth oriented businesses where there is ample room for operational improvements and substantial scalability of the business model. Founded in 1988, and based in West Palm Beach, FL and New York City, Comvest has been investing in middle-market companies for the past 23 years, and has invested more than $2.5 billion of capital in over 200 public and private companies.