Goldman Sachs has provided up to $150 million in credit to Comvest Partners‘ third direct lending fund, which closed at $450 million this past June. As a result of this commitment, Comvest Capital III now has up to $600 million in credit. Comvest Capital provides financing to middle-market companies.
WEST PALM BEACH, FL–(Marketwired – July 21, 2015) – Comvest Partners, through its Comvest Capital lending platform (“Comvest”), is pleased to announce that its third direct lending fund, Comvest Capital III, has closed on a $100 million committed revolving credit facility with Goldman Sachs Bank USA (“Goldman Sachs”), with an additional $50 million upsize structured through an uncommitted accordion feature (the “Facility”). This announcement follows Comvest’s final closing of Comvest Capital III in June of 2015 with $450 million in capital commitments, above the initial target of $350 million. With the addition of the Facility, Comvest Capital III will have up to $600 million of available capital, including the accordion upsize.
“We are very pleased to have closed this credit facility with Goldman Sachs as it provides Comvest with additional capital to deploy in our lower middle-market lending strategy. With this Facility, we can now offer a wider range of financing solutions, giving us greater flexibility to meet the unique needs of our borrowers. Together with our successful fund raise completed in June, we believe we are well positioned to continue to provide this important source of capital to our portfolio companies,” said Jason Gelberd, Managing Director.
Comvest Capital provides flexible financing solutions to companies in the lower middle-market across a broad range of industries, with a focus on companies in the healthcare, technology, transportation, financial services, media and manufacturing industries. The lending strategy primarily focuses on providing senior secured debt to less competitive segments of the market, lower middle-market businesses, and non-sponsored businesses. Comvest Capital is part of Comvest Partners’ broader private equity investment platform.
About Comvest Partners:
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across the U.S. Since its founding in 2000, the firm has invested over $1.9 billion. Today, Comvest’s funds have over $2.3 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. For more information, please visit www.comvest.com.