Manulife Financial Corporation (TSX: MFC) announced on August 6, 2025, that it has agreed to acquire a 75% stake in U.S.-based Comvest Credit Partners for US$937.5 million (approximately C$1.28 billion). Comvest, a fast-growing private credit manager with US$14.7 billion (C$20.06 billion) in assets, will be combined with Manulife’s US$3.7 billion (C$5.05 billion) Senior Credit team, forming a new US$18.4 billion (C$25.09 billion) platform under the co-brand Manulife | Comvest.

The deal includes a potential earn-out of up to US$337.5 million (C$461 million) based on performance targets. Manulife may also acquire the remaining 25% through a put/call mechanism. Funded entirely with cash on hand, the transaction is expected to be immediately accretive to core EPS, ROE, and EBITDA margin, with limited impact on Manulife’s LICAT ratio.

Comvest CEO Robert O’Sullivan will lead the aligned business, reporting to Anne Valentine Andrews, Global Head of Private Markets. Founder Michael Falk will become Senior Advisor and Board Member.

Morgan Stanley & Co. LLC advised Manulife, with Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel. BofA Securities advised Comvest, while Kirkland & Ellis LLP served as its legal counsel.

The transaction was completed on November 3, 2025.