Comvest sets up shop in New York

The lower mid-market lending firm has opened its first office in the north-eastern US with a partner from its direct lending investment committee.

Comvest Partners’ direct lending strategy has come to New York, and a five-year veteran of the firm has relocated to help start the new outpost in the Big Apple.

The West Palm Beach, Florida-based firm said on Monday that Dan Lee, who joined Comvest in December 2011 and is a partner with the direct investment committee, has relocated to open its new office. It currently has offices in Los Angeles and Chicago alongside its presence in the Sunshine State. Comvest opened its Chicago office in September 2015 with managing director Greg Reynolds, principal Jon Huitink and associate Tim Kim.

“The decision to expand our presence into New York was a logical next step in our strategy to grow the business,” Robert O’Sullivan, one of the firm’s managing partners.

The expansion comes as Comvest is raising its fourth direct lending fund, as Private Debt Investor exclusively reported. The fund will seek $650 million, according to a regulatory filing with the US Securities and Exchange Commission. EdgeLine Capital Partners is a placement agent, helping Comvest raise the fund. It closed its third direct lending fund at $450 million in June 2015.

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.