Comvest Credit Partners and Manulife Announce Agreement to Create a Leading Private Credit Asset Management Platform

Comvest Credit Partners, a middle-market direct lending private credit manager with $14.7 billion in assets under management, has signed a definitive agreement to sell a 75% stake in its private credit business to Manulife, according to a Business Wire release. As part of the transaction, Manulife's existing Senior Credit team, which manages $3.7 billion in AUM, will align with the Comvest team to form a stand-alone private credit asset management platform with $18.4 billion in AUM.

The partnership is structured to preserve Comvest's operating independence. Comvest will retain full responsibility for day-to-day operations and investment decision-making, and senior management will continue in current roles with no planned changes to leadership or investment process. Comvest will lead distribution of its strategies in close coordination with Manulife's global distribution teams across institutional, wealth, retail, and retirement channels. The new business will be co-branded Manulife | Comvest and led by Robert O'Sullivan, Co-Founder and CEO of Comvest.

The companies cite complementary capabilities as the rationale. Manulife brings sponsor relationships, sourcing capabilities, global distribution, and a strong balance sheet, and its reputation in the private equity sponsor-backed market. Comvest brings a long-standing position in private credit and a focus on founder-owned and sponsor-backed companies. Comvest's direct lending platform provides senior secured, unitranche, and second lien capital, with facilities up to US$300 million-plus. Michael Falk, Founder of Comvest, said Manulife stood out for its long-term investment mindset, credit expertise, and cultural fit. Anne Valentine Andrews, Global Head of Private Markets for Manulife Wealth and Asset Management, said the deal would create a world-class alternative credit platform serving Manulife's 19 million clients globally.

AMG, a minority investor in Comvest since 2020, will exit its position in Comvest's credit business at closing but will retain its interest in Comvest Partners' private equity business, which will be separated into a stand-alone entity. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions and approvals. BofA Securities served as exclusive financial advisor to Comvest, and Kirkland & Ellis as its legal counsel. The release does not disclose the purchase price.