Comvest holds final close on $2bn for Fund VI

The senior secured flagship direct lending fund has surpassed its target.  

Comvest Partners said its direct lending platform, Comvest Credit Partners, held a final close of its latest flagship fund on $2 billion, exceeding its $1.7 billion target.

Comvest Credit Partners VI, which was launched in March 2022, per Private Debt Investor research, received commitments from public and private pension plans, asset management firms, insurance companies, foundations and family offices, according to a statement.

As with its predecessor funds, CCP VI provides primarily senior secured debt capital to mid-market companies in support of growth, acquisitions, buyouts, refinancings and recapitalisations, with transaction sizes up to $250 million, the statement said. The immediate predecessor, Comvest Credit Partners V, closed in April 2021 on $1.3 billion, exceeding its target as well.

According to PDI research, limited partners in CCP VI included the New York State Teachers’ Retirement System, which committed $300 million; Maine Public Employees Retirement System, with $125 million; and Ohio Police & Fire Pension Fund, with $50 million.

CCP VI supports both private equity-sponsored and non-sponsored companies within targeted industries that include healthcare services, financial services and specialty finance, business and technology services, consumer and retail and industrials.

“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,” Robert O’Sullivan, managing partner and a co-founder of Comvest Credit Partners, said in the statement.

Indeed, PDI just reported that first-half fundraising plunged to a seven-year low.

Comvest, based in West Palm Beach, Florida, manages more than $9.3 billion of assets. Kirkland & Ellis and Foley & Lardner served as legal advisors to Comvest Credit.