WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Comvest Credit Partners (“Comvest”), a leading provider of flexible direct financing solutions to middle-market companies, today announced the recent closing of its debut Collateralized Loan Obligation (CLO), Comvest 2024-1 CLO (“Comvest CLO”), at $500 million.
“We are excited to leverage Comvest’s resources and capabilities to further expand our credit product offering and fund financing sources,” said Jason Gelberd, a Partner and Chief Operating Officer and Co-Head of Direct Lending for Comvest. “A CLO solution builds upon Comvest’s longstanding expertise in middle-market credit investment management and provides investors diverse opportunities to invest in Comvest, whether through our direct lending funds or a CLO.”
“We are thankful for the strong response from our investor base and believe our ability to price a CLO reflects confidence in our veteran credit investment team and 18-year performance record through market cycles. We hope to return to the market and become a programmatic CLO issuer,” Mr. Gelberd continued.
Comvest CLO is rated by Standard & Poor’s and collateralized by a diversified portfolio of senior secured loans, originated and managed by Comvest, with a nine-month reinvestment period and a nine-month non-call period.
Deutsche Bank Securities Inc. served as the Lead Manager and Sole Bookrunner on the transaction. NatWest Markets plc acted as the Co-Placement Agent and GreensLedge Capital Markets LLC was the Co-Manager.
Comvest is the first debut issuer of a middle-market U.S. CLO in 2024.
About Comvest Credit Partners
Comvest Credit Partners, the direct lending platform of Comvest Partners, focuses on providing flexible financing solutions to middle-market companies. Comvest Credit Partners provides senior secured, unitranche, and second lien capital to sponsored and non-sponsored companies in support of growth, acquisitions, buyouts, refinancings, and recapitalizations, with credit facilities up to $300 million-plus. For more information, please visit comvest.com/direct-lending.
About Comvest Partners
Comvest Partners is a private investment firm that has provided equity and debt capital to well-positioned middle-market companies throughout North America since 2000. Through its private equity, direct lending and special opportunities investment platforms, Comvest offers tailored investment solutions across the capital structure along with deep industry expertise, operating resources, a collaborative approach, and significant transaction experience as an active investor. Today, Comvest manages $12.5 billion in assets, and has invested over $13.5 billion since inception. Based in West Palm Beach, Comvest also maintains offices in Chicago and New York City. For more information, please visit comvest.com.
