A capacitor is connected to the output of a multiphase power converter, and a current-driven device (e.g., LED or laser diode) is also connected to the power converter output. A solid state switch (FET or IGBT) is connected in series with the current-driven device. Means are provided for sensing current through the current-driven device. An error amplifier compares sensed current through the current-driven device with a current level demand signal and controls the output of the power converter. Means are provided for turning the switch on and off and may be (i) a fast comparator receiving a voltage reference signal at one input and the current level demand signal at another input, and outputting the switch on/off signal to the switch or (ii) an externally-generated logic signal provided directly to the switch.