A reactor for conducting a continuous multi-phase catalytic reaction such as the conversion of syngas to higher hydrocarbon fuels. Gaseous reactants are introduced via a gas-permeable plate into a slurry which includes the product and a finely divided catalyst. The liquid product is separated from the remainder of the slurry by means of a filter unit including a filter member. A pressure differential is established across the filter member by means of a constant level device within the filter unit which maintains a level of filtrate within the filter unit below the level of the slurry. The slurry is maintained in a constant state of agitation by the introduction of the gaseous components as a steam of bubbles. Fluctuations in the pressure differential across the filter member prevent the filter member from clogging and the gas spaces above the filtrate and the slurry are in communication.