Manulife Investment Management acquires Comvest Credit Partners
for $750m

Transaction overview

Manulife Investment Management (CA) acquired a 75% controlling stake in Comvest Credit Partners (US), a private credit platform focused on the North American middle market, for $750 million on November 3, 2025. The deal expands Manulife's presence in private credit and leverages Comvest's expertise in direct lending to both sponsored and non-sponsored companies.

Deal structure and financing

Details of the equity and debt split were not disclosed. However, given the $750 million valuation for a 75% stake, the implied full enterprise value is approximately $1 billion. The acquisition was funded through a combination of cash and potential new issuance by Comvest's CLO platform, which includes South Cove 2025-3 CLO closed on November 21, 2025.

Regulatory path

Manulife Investment Management's acquisition did not require review from any major regulatory bodies due to the nature of financial services regulation in North America. The deal was structured and closed without significant regulatory hurdles, reflecting the transaction's focus on private credit rather than more heavily regulated retail banking or insurance activities.

Strategic context

Manulife sought Comvest Credit Partners as a strategic entry into the middle market direct lending sector, which has been growing due to demand from both corporate clients needing flexible financing options and institutional investors seeking alternative assets with attractive risk-adjusted returns. The acquisition provides Manulife with a platform that complements its existing private equity investments and offers opportunities for cross-selling within its broader wealth management client base.

Comvest Credit Partners' decision to divest a controlling stake allowed it to scale up operations while retaining operational independence under Manulife's ownership, enabling the company to maintain its reputation as a nimble direct lender. This structure also ensures that Comvest can continue to innovate and respond quickly to market changes without being constrained by larger organizational hierarchies.

Historical context underscores this deal as part of broader trends in financial services towards consolidation among providers of alternative credit solutions. Over the past decade, major players have been building out their private debt offerings to match clients' evolving needs for tailored financing products beyond traditional bank loans and public market instruments.