Comvest Credit score Companions has closed its debut collateralised mortgage obligation (CLO) at $500m (£382.94m).
The Comvest 2024-1 CLO covers US-based center market corporations. This makes Comvest the primary firm to debut a middle-market US CLO in 2024.
“We’re excited to leverage Comvest’s assets and capabilities to additional broaden our credit score product providing and fund financing sources,” mentioned Jason Gelberd, chief working officer and co-head of direct lending for Comvest.
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“A CLO resolution builds upon Comvest’s longstanding experience in middle-market credit score funding administration and offers traders numerous alternatives to put money into Comvest, whether or not by way of our direct lending funds or a CLO.
“We’re grateful for the sturdy response from our investor base and consider our means to cost a CLO displays confidence in our veteran credit score funding staff and 18-year efficiency document by way of market cycles. We hope to return to the market and develop into a programmatic CLO issuer.”
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The CLO is rated by Normal & Poor’s and collateralised by a diversified portfolio of senior secured loans, all of that are originated and managed by Comvest. There’s a nine-month reinvestment interval and a nine-month non-call interval.
Deutsche Financial institution served because the lead supervisor and sole bookrunner on the transaction. NatWest Markets acted because the co-placement agent and GreensLedge Capital Markets was the co-manager.
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