Monroe plans US growth following Wendel acquisition

Private credit manager Monroe Capital is planning to expand its footprint in the US and globally following the firm’s partial acquisition by Wendel Group.

The Chicago-based company opened an office in the Abu Dhabi Global Market (ADGM) earlier this year, and has hinted at a Saudi Arabia office in the future. However, Kyle Asher, managing director and co-head, alternative credit solutions at Monroe Capital told Alternative Credit Investor that there will be no Saudi office launch imminently as the firm focuses on growing its US presence first.

Read more: Monroe works with White House to fund US automotive market

“Other offices in the (Middle East) region are on the roadmap,” he said. “We are excited about the region and want to make sure we are close to investors.

“We are a firm in a measured and systemic growth mode.  In the US, we are increasing our office footprint at our headquarters in Chicago and in our New York office. We have been deliberately growing our LP base and our offices outside the US over the years.  That will continue.

Read more: Moody’s: Private credit to hit $3tn by 2028

“The model is for us to have exceptional client service where our investors are.”

In October, European investment firm Wendel Group acquired a 75 per cent equity stake in Monroe, and committed $1bn (£0.77bn) in seed capital and GP commitments for current and future Monroe investment strategies.

Following the deal, Monroe said it will continue to operate independently, but will use the funds to expand the growth of Monroe’s private credit platform. The transaction is expected to close in early 2025.