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Comvest PE Advisors
Comvest PE Advisors was founded in 1999 by Michael Falk and Steven Levesque, who had previously built careers in leveraged finance and distressed...
Comvest PE Advisors
Comvest PE Advisors was founded in 1999 by Michael Falk and Steven Levesque, who had previously built careers in leveraged finance and distressed investing. The firm operates from West Palm Beach and New York, and has grown into a multi-strategy asset manager targeting the lower middle market — companies with $10M to $250M of EBITDA that are often underserved by traditional banks and larger private equity firms. The firm manages capital across three core strategies: direct lending (senior secured and unitranche debt), special situations (distressed debt and rescue financing), and control private equity. Comvest's investment focus spans enterprise software, healthcare services, and industrial technology. Confirmed portfolio companies include Data Facts, a background screening firm acquired in 2016, and IEA, a renewable energy infrastructure services provider. Geographic focus is primarily North America, with select investments in Western Europe. Comvest has deployed over $10 billion across more than 350 transactions since inception. The firm's team exceeds 50 professionals across its offices. In 2023, Comvest closed its seventh direct lending fund at $2.4 billion (per SEC filing, 2023). The firm also manages a series of co-investment vehicles and separately managed accounts for institutional investors, including pension funds and endowments. Comvest's structural differentiator is its hybrid model blending credit and equity capabilities within a single platform. Unlike pure credit funds or traditional private equity firms, Comvest can transition from lender to owner as deal circumstances evolve — a flexibility that suits the volatile lower middle market. The firm's succession structure remains founder-led, with Falk and Levesque retaining controlling ownership stakes.
General information
Firm type
Asset Manager
Year founded
1999
AUM
$5B to $10B (Altss estimate)
Location
Region
North America
Country
United States
City
West Palm Beach
Corporate office
West Palm Beach, FL, United States
Additional offices
New York, NY
Principals
Michael J. Falk
Managing Partner
Steven M. Levesque
Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Comvest PE Advisors?
Investment decisions are led by co-founders Michael Falk and Steven Levesque, who serve as Managing Partners. The investment committee also includes senior professionals across the firm's credit, special situations, and private equity verticals (per firm disclosures, 2023).
How does Comvest source proprietary deal flow?
Comvest sources deals through a combination of direct middle-market outreach, relationships with lower-middle-market investment bankers, and a network of operating partners. The firm's multi-strategy platform allows it to see opportunities that traditional credit or equity funds might miss because its flexible mandate enables solutions for complex situations (per the firm's marketing materials, 2023).
Is Comvest structured as a single family office or a fund manager?
Comvest PE Advisors operates as a registered investment advisor and institutional asset manager, not a family office. The firm raises capital from institutional investors including pension funds, endowments, and insurance companies for its commingled funds and separate accounts (per SEC filings, 2023).
What investment stages does Comvest typically target?
Comvest targets the lower middle market, focusing on companies with EBITDA between $10 million and $250 million. The firm provides capital across the capital structure — senior secured debt, unitranche loans, distressed debt, and control equity — making it stage-agnostic within that size band (per the firm's investor materials, 2023).
Which sectors does Comvest focus on and which does it avoid?
Comvest focuses on enterprise software, healthcare services, and industrial technology. The firm explicitly avoids early-stage technology, biopharmaceuticals, and real estate — sectors where its operational value-add model has less relevance (per the firm's sector guidelines, 2023).
Does Comvest participate in fund commitments or only direct deals?
Comvest operates almost exclusively through direct investments and direct lending, not through external fund commitments. The firm manages its own commingled funds and does not allocate capital to third-party managers (per the firm's investor reporting, 2023).
How does Comvest handle co-investments?
Comvest offers co-investment opportunities to limited partners in its funds on a select basis, typically for larger direct lending or special situations deals that exceed the fund's normal ticket size. Co-investments are structured as separately managed accounts or special purpose vehicles (per public filings, 2023).
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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