John Hancock Comvest BDC assumes $250M JPMorgan facility

John Hancock Comvest Private Income Fund assumed a credit facility of up to $250 million with JPMorgan Chase Bank after completing its merger with Manulife Private Credit Fund, The DI Wire reported Oct. 12.

At June 30, $158.4 million was drawn on the facility at a weighted-average rate of 5.69%, leaving roughly $92 million undrawn. The facility carries interest at term SOFR plus 2% and matures in November 2029. Manulife Private Credit Fund opened it with JPMorgan as administrative agent in March 2024, and the surviving fund, a nontraded business development company managed by Comvest Credit Managers LLC, assumed the obligations.

For advisors with clients in either fund, the open term is the final exchange ratio, which will determine how many shares of the combined fund a Manulife Private Credit Fund investor receives. The ratio has not been disclosed; it will be set on a net-asset-value-for-net-asset-value basis once both advisers agree on closing values, with June 30 values implying about 0.82. Until it is fixed, the share count is an estimate.

Before the Sept. 30 close, debt-to-equity was about 0.91x at Aug. 31, up from 0.88x a month earlier, on aggregate NAV of $515.1 million. The investment portfolio was valued at $948.9 million, about 1.8 times NAV, and Class I NAV was $25.11 per share, up from $25.06 at July 31.

The merger created a fund with about $1.3 billion in total assets, The DI Wire previously reported. The John Hancock Comvest fund had raised $517.4 million as of its Sept. 1 subscription date, little changed since July, against a continuous offering of up to $2 billion in shares, leaving roughly a quarter of the shelf funded.