Comvest Partners has reached a first close on its latest fund, a source familiar with the matter told Private Debt Investor. The West Palm Beach, Florida-based firm has locked down $450 million toward Comvest Capital V’s $1.25 billion target, this person said.
The strategy focuses on both private equity-backed and non-private equity-backed companies with hold sizes ranging from $30 million to $200 million with companies of EBITDA greater than $5 million, according to the firm’s website. It targets multiple industries including healthcare services; technology, media and telecom; and education. It invests in senior debt, unitranche facilities and mezzanine loans.
The firm declined to comment.
Fund IV raised $836 million, exceeding its $650 million target. With leverage, its deployable capital was expected to surpass $1.2 billion. Limited partners in the fund included the New Hampshire Retirement System ($50 million allocated), the Retirement System of the City of Detroit ($30 million) and the Orlando Firefighters’ Pension Board ($8 million).
Comvest also runs a private equity strategy that focuses on mid-market buyouts with companies of between $50 million and $1 billion in revenues and puts $35 million-$125 million in each deal. Its most recent fund, Comvest Investment Partners V, closed on $893 million in buyouts, which included the $850 million hard-cap and a $43 million GP contribution.