Comvest Credit Partners, the direct lending platform of Comvest Partners, has held a final close of its latest flagship fund, Comvest Credit Partners VI LP (CCP VI) with $2 billion in equity commitments, exceeding its initial target of $1.7 billion.
Limited partners in the new fund include public and private pension plans, asset management firms, insurance companies, foundations, and family offices.
“We are delighted to mark the close of CCP VI with such strong support from new and existing investors,” said Robert O’Sullivan, managing partner and a co-founder of Comvest Credit Partners. “Comvest Credit Partners has been committed to providing flexible debt financing solutions that help drive meaningful growth of companies in our industries of expertise since 2006. We believe the strength of our fundraise during a challenging market environment is a testament to our veteran investment team and the platform’s long-term track record through various market cycles.”
Comvest Credit Partners is part of Comvest Partners which provides both debt and equity to middle-market companies. CCP VI primarily provides senior secured debt capital to private equity sponsored and non-sponsored backed acquisitions, buyouts, growth investments, refinancings, and recapitalizations, with transaction sizes of from $25 million to $250 million. Target borrowers will have EBITDA greater than $7.5 million with exceptions for recurring revenue, specialty finance, high growth or special situation businesses. Sectors of interest include business and technology services, consumer and retail, financial services and specialty finance, healthcare, and industrials.
For equity investments, Comvest invests from $50 million to $150 million of equity per transaction in companies with $50 million to $1 billion of revenue that have positive or negative EBITDA. Sectors of interest include business services, consumer and retail, healthcare services, industrials, and transportation and logistics.
“We believe our extensive originations network, highly experienced team, and ability to leverage the operating resources and sector expertise of the broader Comvest investment platform are differentiating capabilities that position Comvest Credit Partners as a strong and enduring source of non-bank private credit solutions,” added Mr. O’Sullivan.
Comvest, founded in 2000, is based in West Palm Beach with additional offices in Chicago and New York City.
© 2023 Private Equity Professional | July 27, 2023
