Canada $900 Billion Manulife Buys 75% Stake in United States $14.7 Billion Private Credit Manager Comvest Credit Partners for $1.2 Billion ($937.5 Million Upfront + $337.5 Million Contingent) to Create $18.4 Billion Private Credit Asset Management Platform (Manulife | Comvest) with Integration of Manulife $3.7 Billion Senior Credit Team & Comvest, Manulife Has Option to Acquire Remaining 25% Stake in Comvest Credit Partners, Founded in 2000 by Michael Falk & Robert O’Sullivan
7th August | Hong Kong
Canada Manulife (via $900 billion Manulife Wealth & Asset Management) has announced to buy 75% stake in United States private credit manager Comvest Credit Partners ($14.7 billion AUM) for $1.2 billion ($937.5 million upfront + $337.5 million contingent) to create a $18.4 billion private credit asset management platform (Manulife | Comvest), with integration of Manulife $3.7 billion senior credit team & Comvest. Manulife has the option to acquire the remaining 25% stake in Comvest Credit Partners. Announcement (6/8/25): “Manulife Financial Corporation (TSX: MFC), through its more than US$900 billion Global Wealth and Asset Management (“Global WAM”) segment, today announced it has signed an agreement to acquire 75% of Comvest Credit Partners (“Comvest”) for US$937.5 million in upfront consideration. Comvest is a rapidly growing, middle market direct lending private credit manager with US$14.7 billion on its platform. As part of the agreement, Manulife will align its US$3.7 billion Senior Credit team with Comvest, creating a leading US$18.4 billion private credit asset management platform. Manulife intends to co-brand the new platform as Manulife | Comvest … … Comvest Credit Partners has built a differentiated approach to private credit, offering investors a diversified strategy encompassing non-sponsor lending, specialty finance sector exposure and traditional sponsor lending in the core mid-market. The firm has a demonstrated track record of fundraising and a history of delivering strong risk-adjusted returns through market cycles. Manulife’s existing Senior Credit business and Comvest are highly complementary given the different areas of the market they focus upon. Comvest is focused on non-sponsor backed middle market direct lending and other specialty lending, while Manulife has built a strong reputation over the last decade serving the private equity sponsor-backed market, and these deep sponsor relationships will benefit the aligned platform going forward. In addition to the upfront consideration, Comvest will be eligible for additional consideration of up to US$337.5 million, contingent on achieving certain performance targets. The agreement provides Manulife the ability to purchase the remaining 25% through a put/call mechanism. The transaction is immediately accretive to core EPS, core ROE and GWAM’s core EBITDA margin and will be funded entirely with cash on hand, resulting in less than a 3-point reduction to Manulife’s LICAT ratio. Michael Falk, Founder of Comvest, will assume a role as Senior Advisor and Board Member where he will continue to offer strategic advice and guidance. Robert O’Sullivan, Co-Founder and CEO of Comvest, will be appointed Head of the newly aligned business. He will report directly to Anne Valentine Andrews, Global Head of Private Markets, and will join the Private Markets Executive Committee. In addition to significantly enhancing and scaling Manulife’s Private Markets business, the new Manulife | Comvest private credit platform will also complement our existing public market alternative credit platform, Manulife | CQS Investment Management, positioning the company to offer the full spectrum of credit solutions to clients.”
“ Canada $900 Billion Manulife Buys 75% Stake in United States $14.7 Billion Private Credit Manager Comvest Credit Partners for $1.2 Billion ($937.5 Million Upfront + $337.5 Million Contingent) to Create $18.4 Billion Private Credit Asset Management Platform (Manulife | Comvest) with Integration of Manulife $3.7 Billion Senior Credit Team & Comvest, Manulife Has Option to Acquire Remaining 25% Stake in Comvest Credit Partners, Founded in 2000 by Michael Falk & Robert O’Sullivan “
Phil Witherington, Manulife President & Chief Executive Officer: “With a continued focus on disciplined, strategic capital deployment, our acquisition of Comvest Credit Partners further enhances our private markets platform by adding differentiated capabilities in private credit. The transaction is expected to be immediately accretive to core EPS, core ROE and core EBITDA margin, it will contribute to the strong growth trajectory of our broader Global Wealth and Asset Management business.”
Paul Lorentz, President & CEO of Manulife Wealth and Asset Management: “We are excited to see the continued growth and maturity of private credit as an asset class, providing flexible, tailored financing to businesses that are underserved by traditional lenders, while offering investors attractive, risk-adjusted returns. We are thrilled to welcome Comvest’s exceptionally talented team of investment professionals. This acquisition, coupled with our acquisition last year of CQS, demonstrates our commitment to thoughtfully grow our business and offer a broader range of investment solutions to our institutional, retail, and retirement clients.”
Robert O’Sullivan, Comvest Credit Partners Chief Executive Officer: “This partnership is an important step forward for Comvest and will meaningfully strengthen our market position. From the outset, the synergies between Comvest and Manulife have been clear, we share a disciplined approach to credit, a client-first mindset, and a strong focus on team culture. Manulife’s deep relationships with private equity sponsors, robust sourcing capabilities, financial strength, and broad distribution platform will help us scale our differentiated private credit strategy and unlock new opportunities.”
Manulife Wealth & Asset Management – As part of Manulife Financial Corporation, Manulife Wealth & Asset Management provides global investment, financial advice, and retirement plan services to 19 million individuals, institutions, and retirement plan members worldwide. Our mission is to make decisions easier and lives better by empowering people today to invest for a better tomorrow. As a committed partner to our clients and as a responsible steward of investor capital, we offer a heritage of risk management, deep expertise across public and private markets, and comprehensive retirement plan services. We seek to provide better investment and impact outcomes and to help people confidently save and invest for a more secure financial future. Not all offerings are available in all jurisdictions.
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 US$300 million-plus.
Canada $900 Billion Manulife Buys 75% Stake in United States $14.7 Billion Private Credit Manager Comvest Credit Partners for $1.2 Billion ($937.5 Million Upfront + $337.5 Million Contingent) to Create $18.4 Billion Private Credit Asset Management Platform (Manulife | Comvest) with Integration of Manulife $3.7 Billion Senior Credit Team & Comvest, Manulife Has Option to Acquire Remaining 25% Stake in Comvest Credit Partners, Founded in 2000 by Michael Falk & Robert O’Sullivan
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