Comvest closes fifth fund on $893m

The fund received $850m from LPs and $43m from the GP and affiliates.

Comvest Partners has held a final close of Comvest Investment Partners V on $893 million.

Limited partners committed $850 million, while general partners and their affiliates invested the remaining $43 million, the firm said.

Fund V had an original target amount of $700 million, which was surpassed due to interest from both returning and new LPs. Investors include pension funds, endowments, insurance companies, fund of funds and family offices, the firm said.

PKA AIP, a Danish pension fund, committed DKK 75 million ($11.5 million; €10.1 million) to the fund, according to PEI’s Research & Analytics division.

Fund IV was its predecessor, a 2010 vintage vehicle that closed on $582 million. PKA AIP committed DKK 50 million, along with the Colorado Public Employees’ Retirement Association, which committed $30 million, corporate pension fund Dominion Resources, Princess Private Equity Holding, the New York City Police Pension Fund, which committed $45 million, and the New York City Fire Department Pension Fund, which committed $20 million.

Fund V will seek control equity investments of between $25 million and $100 million in growing and late-stage mid-market companies within the healthcare services, industrials, consumer and retail, and transportation and logistics sectors.

Its first investment was the purchase of AxisPoint Health from McKesson Corporation in June along with co-investor Mosaic Health Solutions, according to AxisPoint.

In August the firm opened its Chicago office to expand its origination abilities in direct lending and private equity.

Kirkland & Ellis served as legal advisor with a team led by Chris Kallos and Nicholas DiCrescenzo.

Comvest manages $2.3 billion in assets and has invested over $1.9 billion into more than 135 mid-market companies, the firm said.