Comvest Credit Partners announced the recent closing of its debut Collateralized Loan Obligation (CLO), Comvest 2024-1 CLO (“Comvest 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,” said Jason Gelberd, a Partner and Chief Operating Officer and Co-Head of Direct Lending for Comvest. “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.”
“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,” Mr. Gelberd continued.
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 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.
Comvest is the first debut issuer of a middle-market U.S. CLO in 2024.