Skadden advising Manulife; Kirkland & Ellis acting for Comvest
Manulife Financial Corporation agreed to acquire a 75 percent stake in U.S.-based Comvest Credit Partners for US$937.5 million. Comvest, a fast-growing private credit manager with US$14.7 billion in assets under management, will be combined with Manulife’s US$3.7 billion senior credit team to form a new US$18.4 billion private credit asset management platform under the co-brand Manulife | Comvest.
The deal includes a potential earn-out of up to US$337.5 million based on performance targets, and Manulife will have the option to acquire the remaining 25 percent of the business in the future. The purchase will be paid entirely in cash and is expected to strengthen Manulife’s earnings and returns without significantly affecting its financial strength.
Comvest will maintain full investment autonomy and day-to-day operations, with its leadership team continuing in their current roles. Comvest co-founder and CEO Robert O’Sullivan will lead the aligned business, reporting to Anne Valentine Andrews, the global head of private markets for Manulife Wealth and Asset Management. Comvest founder Michael Falk will become a senior advisor and board member.
“After building Comvest over the past two decades, it was important to find a partner who shares our values and vision for the future,” said Michael Falk. “Manulife distinguished itself through their long-term investment mindset, deep credit expertise, and cultural fit with our team.”
Anne Valentine Andrews said, “With this acquisition, we will create a world-class alternative credit platform that can meet the distinct and growing needs of Manulife’s 19 million institutional, retirement, and retail clients globally.”
The acquisition is expected to close in the fourth quarter of 2025, subject to customary closing conditions and approvals.
AMG, a minority investor in Comvest since 2020, will exit its position in Comvest’s credit business following the closing but retain its interest in Comvest’s private equity business, which will operate as a stand-alone entity.
Morgan Stanley & Co. LLC advised Manulife on the transaction, with Skadden, Arps, Slate, Meagher & Flom LLP serving as its legal counsel. BofA Securities acted as exclusive financial advisor to Comvest, while Kirkland & Ellis LLP served as its legal counsel.
