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Comvest Partners Closes $450MM Debt Fund Above Target

June 03, 2015, 08:04 AM
Filed Under: Industry News

Comvest Partners announced the final closing of its third direct lending fund, Comvest Capital III ("CVC III"), with $450 million in capital commitments. The $450 million amount is above the original cap, and is substantially higher than the original target of $350 million. The capital commitments in CVC III are provided by a diverse group of investors -- public pension funds, insurance companies, family offices, and multiple U.S. and European global private equity investors. Comvest Partners also announced that CVC III is arranging a fund-level line of credit of up to $150 million, providing CVC III with up to $600 million of available capital.

CVC III provides flexible financing solutions to companies in the lower middle-market across a broad range of industries, with a focus on companies in the healthcare, technology, transportation, financial services, media and manufacturing industries. In an effort to achieve strong risk-adjusted returns, the lending strategy primarily focuses on providing senior secured debt to less competitive segments of the market, lower middle-market businesses, and non-sponsored businesses. CVC III is part of Comvest Partners' broader private equity investment platform.

Robert O'Sullivan, Partner of Comvest, added, "We are pleased with the positive reception from both our existing limited partner relationships and the new group of high quality investors who have joined us in this fund. We will continue to build on our disciplined investment strategy targeting privately originated senior loans to lower middle-market companies."

Kirkland & Ellis LLP served as legal advisor to Comvest in the formation of CVC III.

Comvest Partners, with $2.1 billion of assets under management, provides flexible financing solutions to middle-market companies through its equity and debt funds, often meeting time-critical and complex funding requirements.

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