New private credit platform after majority sale
Comvest Credit Partners has sold a 75% interest to Manulife Financial Corporation, with the remaining 25% retained by the seller group and an option for full ownership transfer after six years, creating the new Manulife | Comvest Credit Partners platform under Manulife’s US$900 billion Global Wealth and Asset Management business.
The transaction, which was first announced earlier in the year and completed on November 3, 2025, brings together Manulife’s global distribution capabilities and Comvest’s experience in U.S. middle-market direct lending. The new platform is positioned within Manulife Investment Management’s private markets business and will provide private credit solutions to both sponsored and non-sponsored companies.
Manulife president and chief executive officer Phil Witherington said the acquisition enhances the firm’s private markets platform and is expected to be immediately accretive to its core earnings per share, core return on equity, and core EBITDA margin. He said the combination of Manulife’s resources and Comvest’s origination channels presents opportunities for long-term, sustainable growth.
Robert O’Sullivan, co-founder and former chief executive officer of Comvest Credit Partners, will serve as global head of private credit for Manulife | Comvest Credit Partners. He said the new platform will aim to extend access to institutional capital and continue to seek risk-adjusted returns across market cycles.
Michael Falk, founder and executive chairman of Comvest, will continue to be involved in both organizations. He will act as senior advisor and investment committee member of Manulife | Comvest Credit Partners while remaining executive chairman of Comvest Private Equity.
Comvest Private Equity is not included in the transaction. The business will continue operating independently, led by managing partner Maneesh Chawla. Its investment team and strategy remain unchanged, continuing to focus on control investments in U.S. middle-market companies.
According to Manulife, the new platform will sit alongside its existing private equity program and global distribution network. It will combine Comvest’s underwriting discipline and deal origination capabilities with Manulife’s global reach to pursue private credit opportunities.
Manulife stated that the transaction is immediately accretive to financial performance metrics and supports its strategy within private markets.
Market observers expect future updates on assets under management growth, fund inflows, and portfolio performance to indicate the platform’s operational results over the next one to two years.
