Life Insurance Corporation Manulife to Buy Out Comvest Credit Partners
Manulife Strengthens Private Credit Presence with Comvest Acquisition
Manulife Financial Corporation has announced its acquisition of a 75% stake in Comvest Credit Partners for US$937.5 million, marking a significant step in expanding its presence in the growing private credit market. The transaction, expected to close in the fourth quarter of 2025, subject to conditions and approvals, will create a leading US$18.4 billion private credit asset management platform.
Robert O'Sullivan, Co-Founder and CEO of Comvest, will head the newly aligned business. He will join the Private Markets Executive Committee and report directly to Anne Valentine Andrews, Global Head of Private Markets. Michael Falk, Founder of Comvest, will serve as Senior Advisor and Board Member.
Comvest Credit Partners, a rapidly growing, middle-market direct lending private credit manager with US$14.7 billion on its platform, brings a strong focus on non-sponsor backed middle market direct lending and other specialty lending. This complements Manulife’s reputation serving the private equity sponsor-backed market. The leadership of Comvest will continue to lead the aligned private credit platform, with no changes to the investment process or strategy.
The strategic rationale behind this acquisition centers on significantly expanding and strengthening Manulife’s presence in the private credit market. The acquisition provides Manulife meaningful scale and adds differentiated private credit capabilities, particularly in middle-market financing via senior secured, unitranche loans, and specialty finance.
Private credit is a rapidly growing asset class offering tailored financing solutions to businesses underserved by traditional lenders. Manulife aims to meet rising institutional, retail, and retirement client demand for private credit while capturing attractive risk-adjusted returns.
The transaction is financially attractive for Manulife shareholders, expected to be immediately accretive to core EPS, core ROE, and core EBITDA margin. Morgan Stanley & Co. LLC is the exclusive financial advisor, while Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor.
This acquisition is part of Manulife’s strategy to increase earnings from its highest potential businesses and follows Manulife’s earlier purchase of CQS, demonstrating a deliberate strategy to grow its alternative credit and private markets capabilities, providing a broader suite of investment options for its 19 million clients globally.
The combined $18.4 billion platform leverages Manulife’s capital and distribution network alongside Comvest’s specialized lending expertise to build a world-class alternative credit franchise capable of serving diverse client needs and capitalizing on private credit’s expanding role in global finance.
- Engaging in this acquisition, Manulife aims to broaden its offerings in wealth management by expanding its presence in the private credit market, particularly in middle-market financing.
- The strategic acquisition of Comvest will help Manulife Investing in differentiated private credit capabilities, seeking to meet growing institutional, retail, and retirement client demand for private credit while capturing attractive risk-adjusted returns.
