West Palm Beach, FL – Comvest Partners (“Comvest” or “the Firm”), a private investment firm that provides equity and debt capital to middle-market companies across North America, today announced the final close of its fifth private equity fund, Comvest Investment Partners V (“the Fund”), with $893 million in total capital commitments. The capital commitments consist of $850 million from Limited Partners at the hard cap, plus a substantial commitment of $43 million from the General Partner and Affiliates. As a result of strong investor interest from returning and new limited partners, Comvest closed the Fund well above the $700 million target established at the outset of fundraising. Investors in the Fund represent a diverse group of global private equity investors, including pension funds, endowments, insurance companies, fund of funds, and family offices. The Fund is the successor to Comvest Investment Partners IV raised in 2010, which had $582 million in capital commitments.
Consistent with Comvest’s private equity strategy and investment philosophy, the Fund will pursue control equity investments in mature and growing middle-market companies that can benefit from Comvest’s significant capital base and operationally focused approach to investing. The Fund will look to deploy $25 million to $100 million of equity per investment in industries where Comvest has expertise, including healthcare services, industrials, consumer and retail, and transportation and logistics. The Fund’s first investment was the acquisition of AxisPoint Health from McKesson Corporation in June 2015. AxisPoint is a leading provider of care management services to payers and other risk-bearing entities.
“Over the last decade, Comvest has invested heavily in all areas of the firm, and continues to do so. We are appreciative of the support and confidence we have received from both our existing and new investors. We are firmly committed to executing on our strategy and serving our investors, management teams, operating partners, and employees,” said Michael Falk, Comvest’s Founder and Managing Partner.
The close of the Fund comes at an exciting time in Comvest’s growth as a Firm. In June, Comvest’s direct lending strategy closed on its third fund – Comvest Capital III – also well above its initial target with $450 million in capital commitments, later adding a $100 million committed revolving credit facility from Goldman Sachs. In August 2015, Comvest announced the opening of an office in Chicago to further increase origination capabilities for both the direct lending and private equity strategies.
Kirkland & Ellis served as legal advisor to Comvest Partners.
About Comvest Partners:
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across the U.S. Since its founding in 2000, the firm has invested $1.9 billion in over 135 companies. Today, Comvest’s funds have $2.3 billion of assets under management. Through our extensive capital resources and broad network of industry relationships, we offer our company’s financial sponsorship, critical strategic and operational support, and business development assistance.