Manulife Acquires Majority Stake in Comvest for $938 Million to Build $18.4 Billion Private Credit Platform

Manulife Financial Corp. has agreed to buy a majority stake in Comvest Credit Partners, creating an $18.4 billion private credit platform. The deal includes a potential earnout of up to $337.5 million and is expected to be immediately accretive to Manulife's core earnings per share, return on equity, and margins. The acquisition is expected to close in Q4 pending regulatory approvals.

Manulife Financial Corp. has agreed to acquire a 75% stake in Comvest Credit Partners, creating a leading private credit platform valued at $18.4 billion. The deal, announced on August 6, 2025, involves an upfront consideration of $937.5 million, with an additional earnout of up to $337.5 million contingent on performance targets [1].

The acquisition aligns with Manulife's strategy to enhance its private markets platform by adding differentiated capabilities in private credit. Comvest, a rapidly growing middle market private credit manager with $14.7 billion on its platform, will integrate with Manulife's Senior Credit team, creating a comprehensive private credit asset management platform [1].

Manulife expects the transaction to be immediately accretive to core earnings per share (EPS), return on equity (ROE), and EBITDA margin, contributing to the growth trajectory of its Global Wealth and Asset Management business [1]. The acquisition is expected to close in the fourth quarter of 2025, subject to regulatory approvals.

The new platform, to be co-branded as Manulife | Comvest, will complement Manulife's existing public market alternative credit platform, Manulife | CQS Investment Management, offering a full spectrum of credit solutions to clients [1].

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