monroe

Monroe Capital

Monroe Capital, a private credit leader in the US middle market

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Capital held by Wendel
72
Amount invested by Wendel
$1,130
Year of acquisition
2025

Founded in 2004 by Ted Koenig, Monroe Capital provides private credit solutions to borrowers in the US and Canada, managing more than $20bn(3) of assets across 45+ investment vehicles.

The firm, which is headquartered in Chicago, maintains 11 offices, of which 9 are in the US, 1 in Seoul and 1 in Australia. Monroe Capital has grown to a team of over 270 employees, including 115 investment professionals.

(1)Amount of equity invested by Wendel as of March 31, 2025.
(2) Amount of equity invested by Wendel as on March 31, 2025 for the acquisition of 72% of Monroe Capital. As part of the transaction, AXA IM also completed the acquisition of a minority stake in Monroe Capital.
(3) Committed and managed capital (as of December 31, 2024).
Key figures
icon
$20+ bn
assets under management
price2
800+
investments since creation
monde_MONDE_2
11
offices
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270+
employees

A key player in mid-market private debt in the United States

Monroe Capital provides private credit solutions to borrowers in the U.S. and Canada, managing more than $20(1) billion of assets across 45+ investment vehicles. Monroe Capital’s strategic verticals are Lower Middle Market Direct Lending, Alternative Credit, Software & Technology, Real Estate, Venture Debt, Independent Sponsor and Middle Market CLOs. Each vertical has demonstrated strong investment performance and offers potential for significant organic growth.

Since its creation, Monroe Capital has directly originated over 800 transactions(2), has invested over $47 billion and has earned c.10% gross unlevered IRR(3) for its directly originated transactions. Monroe Capital’s LP base is very broad and diversified, including public pensions, insurance companies, family offices and high net worth investors from across the globe.

(1) Committed and managed capital (as of December 31, 2024).
(2) Figure as of December 31, 2024.
(3) Across fully exited companies.

Key milestones of the investment

Monroe Capital is a terrific company that has consistently delivered strong performance across various market cycles in North America, bolstered by a surge in demand for private credit solutions and with the scale to capitalize on the growing opportunity set we see in private credit. Monroe Capital is strategically positioned to capitalize on this increasing demand, attracting both institutional and retail investors.

laurent-mignon-wendel
Laurent Mignon
Group CEO
2024
2025

Wendel reaches a milestone with the acquisition of Monroe Capital

Wendel’s ambition is to build a sizeable Asset Management platform managing investments in multiple private asset classes, alongside its historical Principal Investment activity. The development of the third-party Asset Management platform will provide Wendel with recurring and growing cashflows as well as exposure to multiple and high performing asset classes. The aim of this evolution of Wendel’s business model? To enable the development, over time, of a value-creating platform with the potential to generate operational synergies. As a result, Wendel’s dual business model is expected to generate an attractive and recurring return to shareholders.

Wendel’s ambition is to build a sizable platform managing several private asset classes. The development of this platform will generate recurring cash flows for Wendel and expose it to the performance of these asset classes, thanks in particular to Wendel’s participation in its asset managers’ fundraising activities.

With IK Partners and Monroe Capital, Wendel’s third party asset management platform reached €40 billion in AUM(4). On October 24, 2025, Wendel announced being entered into exclusive negotiations with a view to acquire a controlling stake in Committed Advisors, a global asset management firm specialized in the secondary market providing solutions to investors seeking liquidity for their private equity assets.

Following the acquisition of Committed Advisors, Wendel Investment Managers, Wendel’s third-party asset management platform, would exceed €200(5) million in 2026 annual FRE and more than €46 billion in AUM in private equity, private debt, and private market solutions.

Wendel Investment Managers platform is to become one of the main European players in terms of Assets Under Management & Fee Related Earnings, and will pursue its growth organically, with enhanced potential to generate operational synergies, and externally in the coming years.

(4) As of end of September 2025.
(5) Consolidated proforma FRE including minority interest, on a full-year basis, EURUSD@1.17.

Wendel’s role in corporate governance

Board of Managers
Laurent Mignon (Chairman)
Cyril Marie
Adam Reinmann
Stéphane About (Observer)

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