Manulife Financial Corporation has announced its agreement to acquire a 75% stake in Comvest Credit Partners for US $937.5 million in upfront cash consideration. This strategic acquisition is set to significantly scale Manulife’s private credit capabilities, bringing together Comvest’s US $14.7 billion in assets and Manulife’s US $3.7 billion Senior Credit business to form an integrated platform managing US $18.4 billion in private credit assets. The combined business will operate under the co-branded name Manulife | Comvest. Comvest, a fast-growing private credit manager, has established itself in the middle market with a diversified investment strategy spanning non-sponsor lending, specialty finance, and sponsor-backed loans. Its strong fundraising track record and history of generating consistent risk-adjusted returns have made it a respected player in the private credit space.

By combining Comvest’s non-sponsor and specialized finance knowledge with Manulife’s sponsor-focused Senior Credit platform, two complimentary methods are brought together, expanding the scope and depth of the combined entity’s lending strategies. Manulife’s decade-long presence in sponsor-backed private credit is expected to synergize effectively with Comvest’s focus on non-sponsored borrowers, creating new growth and client engagement opportunities. As part of the deal, Comvest will also be entitled for further performance-based incentive of up to US $337.5 million. A provision in the agreement allows Manulife to eventually purchase the remaining 25% of the business.

This acquisition will be funded entirely with cash on hand and is projected to enhance Manulife’s core EPS, ROE, and Global Wealth and Asset Management (Global WAM) EBITDA margins, while having only a minimal impact on the company’s LICAT ratio. Leadership transitions following the acquisition include Michael Falk, Comvest’s Founder, assuming a role as Senior Advisor and Board Member, and CEO Robert O’Sullivan stepping in as Head of the new business unit. He will answer to Manulife’s Global Head of Private Markets, Anne Valentine Andrews. Assuming customary regulatory approvals and conditions are met, the transaction is anticipated to close in Q4 2025.