FUNDRAISING NEWS | October 22, 2024
Monroe Capital said it has entered into a definitive agreement with Wendel Group that will see the latter commit $1B in seed capital and GP commitments to future Monroe strategies and take a 75% equity stake in Chicago-based Monroe.
The investment will support Monroe’s balance sheet, fund its growth initiatives, and expand its private credit platform in the US, the companies said in an October 22 statement. Monroe will continue to operate independently, retaining its current leadership and governance, and the firm’s management team will retain a 25% stake in the business.
Given its longstanding relationship with Wendel Group, AXA IM Prime is also in the process of working with Wendel to invest up to $50M through its AXA IM Prime Partners I strategy to acquire a minority stake in Monroe. AXA IM Prime is also an investor in past Monroe funds.
Financial terms and conditions of the transaction were not disclosed, though the companies said they expect the deal to close in the first quarter of 2025. Goldman Sachs acted as exclusive financial advisor to Monroe, and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel. UBS acted as financial advisor to Wendel and Kirkland & Ellis LLP as legal counsel.
View the press release here.
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Written By: Dakota
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