Core Viewpoint - Manulife Financial Corporation has announced the acquisition of 75% of Comvest Credit Partners for US$937.5 million, aiming to enhance its private credit asset management platform to a total of US$18.4 billion [1][5][9] Group 1: Acquisition Details - The acquisition will be funded entirely with cash on hand and is expected to be immediately accretive to core EPS, core ROE, and core EBITDA margin [7][5] - Comvest Credit Partners has US$14.7 billion on its platform and focuses on middle market direct lending, which complements Manulife's existing Senior Credit business [1][6] - The agreement includes potential additional consideration of up to US$337.5 million based on performance targets, with a mechanism for Manulife to acquire the remaining 25% in the future [7][22] Group 2: Strategic Rationale - The acquisition is part of Manulife's strategy to increase earnings from high-potential businesses and enhance its private markets platform [5][2] - Comvest's differentiated approach to private credit, including non-sponsor lending and specialty finance, aligns well with Manulife's existing capabilities [4][6] - The partnership is expected to unlock new opportunities and strengthen market position through shared synergies and a client-first mindset [3][5] Group 3: Leadership and Integration - Comvest's leadership will continue to guide the aligned private credit platform, ensuring no changes to the investment process or strategy [5][8] - Michael Falk, founder of Comvest, will serve as Senior Advisor and Board Member, while Robert O'Sullivan will lead the newly aligned business [8][9] - The transaction is anticipated to close in the fourth quarter of 2025, pending customary approvals [9]