Comvest Partners is marketing its fourth direct lending fund only a year after closing the last one, according to PDI sources. The fund's target is understood to be between $600 million and $700 million with a first close expected in August.
A Comvest representative declined to comment.
Last June, Comvest closed its third direct lending fund on $450 million , exceeding the fund's initial target by $100 million. Through that fund, Comvest offered a typical loan size of around $20 million to lower mid-market companies in the healthcare, technology, transportation, financial services, media and manufacturing sectors.
Overall, Comvest's direct lending platform offers senior secured, unitranche, first in last out facilities, second lien and mezzanine loans, as well as equity co-investments to publicly and privately owned companies in the lower mid-market with revenue greater than $15 million. Its typical investment size is between $10 million and $50 million with some transactions going as high as $100 million.
The firm recently hired former Monroe head of originations for the west region, Bradley Nii, who is to be based in Southern California as managing director for Comvest.
The Comvest direct lending fund joins others recently understood to be vying for investments from LPs. Last week, Alcentra reached a €2 billion interim close on its European Direct Lending Fund II. In June, Crestline Investors reached a $720 million second close for its Opportunity Fund III, which will pursue a direct lending strategy, and PDI reported that HPS Investment Partners is also launching its fourth direct lending fund.
Founded in 2000, Comvest provides equity and debt capital to mid-market companies and has invested $2.1 billion more than 130 companies. The firm's funds have about $2.6 billion in assets under management. Comvest's headquarters is in West Palm Beach, Florida, and it also maintains offices in New York and Chicago .