Affiliated Managers Group acquired a minority interest in middle-market private equity and credit manager Comvest Partners.
The terms of the deal, which has closed, and the exact amount of the minority stake are not being disclosed, said AMG spokesman Jonathan Freedman.
Comvest Partners' senior partners continue to own a majority stake in the firm, which has more than $3.7 billion in assets under management.
"Against the backdrop of strong client demand for private equity and private credit, and increasing client allocations to this segment of the market in particular, Comvest has outstanding forward prospects," said Jay C. Horgen, AMG's president and CEO, in a news release. "I am very pleased to welcome Michael Falk (CEO and managing partner of Comvest) and his partners to our affiliate group, and our teams look forward to working together on a variety of initiatives to enhance the firm's future growth."
AMG has equity investments in boutique investment management firms with $726 billion in combined assets under management.