Comvest Partners has closed a fifth private equity fund with $893 million in capital commitments.
The fund, Comvest Investment Partners V, closed above the $700 million target with $850 million in commitments from limited partners, and $43 million from Comvest and affiliates. West Palm Beach, Florida-based Comvest closed a fourth fund in $2010 with $582 million in capital commitments.
Comvest has already made the first investment from the new fund, acquiring AxisPoint Health from McKesson Corp. in June.
Investors include pension funds, endowments, insurance companies, fund of funds and family offices. The new fund plans to invest between $25 million and $100 million in equity per transaction in health care services, industrial, consumer, retail, transportation and logistics deals. Right now Comvest's portfolio includes investments in Old Time Pottery, Convey Health Solutions and Haggen.
Kirkland & Ellis advised Comvest on the new fund.
The firm also provides debt to companies, and closed a third debt fund, Comvest Capital III, with $450 million in commitments in June.
Despite a mid-market M&A slowdown, dealmakers haven't stopped raising new funds. (For more, see Middle-Market M&A Continued Downward Trend in Third Quarter). Earlier in October, Apollo Aviation Group raised a third aerospace fund with $833 million in commitments, and Flag Capital Management closed a $295 million lower middle-market fund.