Comvest Credit Partners, a provider of flexible direct financing solutions to middle-market companies, closed its debut collateralized loan obligation (CLO), Comvest 2024-1 CLO, at $500 million.
“We are excited to leverage Comvest’s resources and capabilities to further expand our credit product offering and fund financing sources. A CLO solution builds upon Comvest’s longstanding expertise in middle-market credit investment management and provides investors diverse opportunities to invest in Comvest, whether through our direct lending funds or a CLO,” Jason Gelberd, a partner and chief operating officer and co-head of direct lending for Comvest, said. “We are thankful for the strong response from our investor base and believe our ability to price a CLO reflects confidence in our veteran credit investment team and 18-year performance record through market cycles. We hope to return to the market and become a programmatic CLO issuer.”
Comvest CLO is rated by Standard & Poor’s and collateralized by a diversified portfolio of senior secured loans, originated and managed by Comvest, with a nine-month reinvestment period and a nine-month non-call period.
Deutsche Bank Securities served as the lead manager and sole bookrunner on the transaction. NatWest Markets acted as the co-placement agent and GreensLedge Capital Markets was the co-manager.
Comvest is the first debut issuer of a middle-market U.S. CLO in 2024.
