Manulife Financial, through its Global Wealth and Asset Management segment valued at over $900 billion, has entered an agreement to acquire 75% of Comvest Credit Partners for $937.5 million in upfront consideration.
Comvest is a middle-market direct lending private credit manager with $14.7 billion on its platform. Under the agreement, Manulife will integrate its $3.7 billion Senior Credit team with Comvest, creating a combined $18.4 billion private credit asset management platform. The new platform will be co-branded as Manulife | Comvest.
Comvest Credit Partners offers a diversified private credit strategy that includes non-sponsor lending, specialty finance sector exposure, and traditional sponsor lending in the mid-market. The firm has experience in fundraising and delivering risk-adjusted returns across different market cycles.
Beyond the initial consideration, Comvest may receive up to $337.5 million in additional payments contingent upon specific performance targets. The agreement also grants Manulife the option to purchase the remaining 25% through a put/call mechanism. The transaction is projected to be immediately accretive to core EPS, core ROE, and GWAM’s core EBITDA margin. It will be fully funded with existing cash, resulting in a decrease of less than 3 points in Manulife’s LICAT ratio.
Michael Falk, Comvest’s Founder, will become Senior Advisor and Board Member, continuing to provide strategic input. Robert O’Sullivan, Co-Founder and CEO of Comvest, will lead the newly aligned business, reporting to Anne Valentine Andrews, Global Head of Private Markets, and will join the Private Markets Executive Committee.
The creation of the Manulife | Comvest private credit platform will expand Manulife’s Private Markets business and complement its existing public market alternative credit platform, Manulife | CQS Investment Management, broadening the range of credit solutions available to clients.
The transaction is anticipated to close in the fourth quarter of 2025, subject to customary closing conditions and approvals.
Advisors: Morgan Stanley is acting as exclusive financial advisor to Manulife on the deal and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor.
KEY QUOTES:
“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.”
Phil Witherington, Manulife President & Chief Executive Officer
“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.”
Paul Lorentz, President & CEO of Manulife Wealth and Asset Management
“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.”
Robert O’Sullivan, Comvest Credit Partners Chief Executive Officer
