Comvest Credit Partners has closed its fourth direct lending fund at $836 million, beating its $650 million target. Comvest Capital IV LP will provide senior debt, unitranche credit facilities, junior debt and equity co-investments, with transactions ranging from $20 million up to $200 million. Kirkland & Ellis LLP served as legal adviser on the fund.
West Palm Beach, FL., January 29th, 2018 – Comvest Credit Partners announced today the final close of Comvest Capital IV, L.P. and affiliated funds (the “Fund”), with total equity commitments of $836 million, exceeding the initial fundraising target of $650 million. Together with fund-level leverage, total available capital is expected to exceed $1.2 billion. Comvest Credit Partners is the middle-market direct lending platform of Comvest Partners, a leading private investment firm. Since it was founded in 2000, Comvest Partners has raised more than $3.7 billion across its private equity and private credit funds.
Comvest Credit Partners provides flexible and innovative financing solutions to companies in the middle-market across a broad range of industries, with a focus on healthcare, technology, transportation/logistics, financial services, consumer/retail, and industrials. The Fund expects to 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.
Robert O’Sullivan, Managing Partner of Comvest Partners, said, “We are pleased to mark the close of the Fund 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. 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. This approach, combined with the resources of Comvest Partners, enables Comvest Credit Partners to be a stable, value added, long-term partner for our borrowers.”
Kirkland & Ellis LLP served as legal advisor to Comvest Credit Partners in the formation of the Fund.
About Comvest Credit Partners:
Comvest Credit Partners, the direct lending platform of Comvest Partners, provides flexible and innovative financing solutions to middle-market companies. We provide senior secured, unitranche, second lien, and mezzanine capital, as well as equity co-investments and lend to sponsored and non-sponsored companies, in support of refinancings, growth capital, acquisitions, buyouts, and recapitalizations. Credit facilities typically range from $20 million to $200 million for companies with revenues greater than $15 million.
About Comvest Partners:
Comvest Partners is a private investment firm providing equity and debt to middle-market companies across the U.S. Comvest is headquartered in West Palm Beach with offices in Chicago, Los Angeles, and New York. Since its founding in 2000, Comvest has invested over $2.9 billion in over 155 companies. Today, Comvest’s funds have $2.8 billion of assets under management. Through our extensive capital resources and broad network of industry relationships, we offer our companies financial sponsorship, critical strategic and operational support, and business development assistance.