Manulife to Acquire Comvest's Private Credit Business from AMG for $285M, Boosting Assets Under Management to $14B

Manulife Financial Corporation is acquiring Comvest's private credit business from Affiliated Managers Group for $285M, with the transaction expected to close in Q4 2025. The deal will see Manulife receive a private credit business with $14B in assets under management, while AMG will retain its interest in Comvest's private equity business and receive $285M in cash.

Manulife Financial Corporation has announced its acquisition of Comvest Credit Partners, a rapidly growing private credit manager, for a total consideration of $285 million. The transaction is expected to close in the fourth quarter of 2025 and will significantly enhance Manulife's private credit platform.

Comvest Credit Partners, with $14 billion in assets under management, focuses on providing flexible financing solutions to middle-market companies. The acquisition will see Manulife receive the private credit business, while Affiliated Managers Group (AMG) will retain its interest in Comvest's private equity business and receive $285 million in cash.

The deal aligns with Manulife's strategy to increase earnings from its highest potential businesses. The acquisition is expected to be immediately accretive to core EPS, core ROE, and core EBITDA margin, contributing to the strong growth trajectory of Manulife's Global Wealth and Asset Management business [1].

Phil Witherington, Manulife's President & Chief Executive Officer, stated, "This acquisition further enhances our private markets platform by adding differentiated capabilities in private credit. The transaction is expected to be immediately accretive to core EPS, core ROE, and core EBITDA margin, it will contribute to the strong growth trajectory of our broader Global Wealth and Asset Management business" [1].

Paul Lorentz, President & CEO of Manulife Wealth and Asset Management, added, "We are excited to see the continued growth and maturity of private credit as an asset class, providing flexible, tailored financing to businesses that are underserved by traditional lenders, while offering investors attractive, risk-adjusted returns. We are thrilled to welcome Comvest's exceptionally talented team of investment professionals" [1].

Robert O'Sullivan, Co-Founder and CEO of Comvest, will be appointed Head of the newly aligned business, reporting directly to Anne Valentine Andrews, Global Head of Private Markets. The new platform, Manulife | Comvest, will complement Manulife's existing public market alternative credit platform, Manulife | CQS Investment Management, positioning the company to offer the full spectrum of credit solutions to clients [1].

The acquisition is expected to close in the fourth quarter of 2025, subject to customary closing conditions and approvals. Morgan Stanley & Co. LLC is acting as exclusive financial advisor to Manulife on the transaction, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor [1].

References:
[1] https://www.prnewswire.com/news-releases/manulife-to-acquire-comvest-credit-partners-creating-a-leading-private-credit-platform-302523650.html