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Highlights

  • AMG will receive approximately USD 285 million in cash from the Comvest private credit sale.
  • Comvest’s credit assets under management grew from USD 2 billion to USD 14 billion during AMG’s investment.
  • AMG will retain exposure to Comvest’s private equity operations and carried interest from certain credit funds.

Affiliated Managers Group (NYSE: AMG) has entered into an agreement to divest its interest in Comvest Partners’ private credit business, in a transaction tied to Manulife Financial Corporation’s acquisition of the unit. The deal values AMG’s share at approximately USD 285 million in cash, subject to closing adjustments. The transaction is expected to be completed in the fourth quarter of 2025.

Comvest, a direct lending and private equity firm, has been a long-standing partner of AMG. Since the inception of their relationship more than five years ago, Comvest’s private credit platform has expanded significantly—from USD 2 billion to USD 14 billion in assets under management—supported in part by AMG’s growth capital and strategic capabilities.

Although AMG is selling its equity interest in the credit business, it will retain certain economic interests related to the partnership. These include participation in the carry from select existing Comvest private credit funds, along with its share of invested capital in those funds. AMG will also continue to hold its interest in Comvest’s private equity business. Additionally, the company will exit its stake in the AMG Comvest Senior Lending Fund joint venture.

AMG’s management described the move as consistent with its partnership model, which aims to enhance affiliates’ long-term success while preserving their independence. The firm highlighted the outcome as a result of strategic engagement across product development, distribution, and capital formation during the course of the partnership.

As of June 30, 2025, AMG reported USD 771 billion in aggregate assets under management across private markets, liquid alternatives, and differentiated long-only strategies. The divestiture reflects AMG’s approach to actively managing its portfolio and reallocating capital to opportunities with higher potential returns, while still maintaining strategic alignment with select affiliate businesses.