Comvest Closes $500M Middle Market CLO
Comvest Credit Partners has closed its first collateralized loan obligation (CLO), Comvest 2024-1 CLO, at $500 million, making it the first debut issuer of a middle-market U.S. CLO this year.
Comvest CLO is rated by Standard & Poor’s and collateralized by senior secured loans, originated and managed by Comvest, with a nine-month reinvestment period and a nine-month non-call period.
Jason Gelberd, partner, COO and co-head of direct lending noted the strong response from investors, interpreting it as a vote of confidence in Comvest’s veteran credit investment team and their 18-year track record of performance through various market cycles. He also indicated the company’s intention to become a regular CLO issuer, stating, “We hope to return to the market and become a programmatic CLO issuer.”
West Palm Beach, FL-based Comvest Credit Partners is the direct lending platform of Comvest Partners. The firm provides senior secured, unitranche, and second lien capital to sponsored and non-sponsored middle market companies with credit facilities of $300 million or more.
Earlier this week, hedge fund Chatham Asset Management announced the launch of its own CLO management business, CTM Asset Management. Meanwhile, Clearlake Capital Group acquired MV Credit, a pan-European private credit specialist with $5.1 billion in assets under management across CLOs and other strategies from Natixis.
Deutsche Bank Securities Inc. served as the Lead Manager and Sole Bookrunner on the transaction. NatWest Markets plc acted as the Co-Placement Agent and GreensLedge Capital Markets LLC was the Co-Manager.
