Monroe Capital and Wendel Group complete partnership
Monroe Capital and Wendel Group have completed their strategic partnership, while AXA IM Prime has invested alongside Wendel to acquire a minority stake in Monroe.
Under the terms of the deal, Wendel has committed $1bn (£0.8bn) for seed capital and GP commitments for current and future Monroe investment strategies and has acquired a 75 per cent stake in Monroe Capital.
Meanwhile, AXA IM Prime, through its GP-stake strategy, has invested alongside Wendel to take a minority stake in Monroe.
Wendel intends to use its significant balance sheet to support Monroe including by funding growth initiatives and expanding Monroe’s private credit platform.
Read more: Monroe plans US growth following Wendel acquisition
Monroe will continue to operate independently, maintaining its current leadership structure, investment process, strategy and operations. Investment advisory agreements between Monroe and its funds, including its business development companies, remain in place.
“We are proud to finalise our partnership with Wendel and AXA IM Prime, a milestone achievement in our two-decade journey,” said Theodore L. Koenig, chairman and chief executive of Monroe.
“Together, we are eager to collaborate and align our efforts to deliver exceptional results for our investors and clients worldwide.”
Read more: Capitalising on disintermediation: AXA IM’s Christophe Fritsch
“We are excited to take the next step in our partnership with Monroe’s talented team and support their next phase of growth and success,” said Laurent Mignon, group chief executive of Wendel.
“We look forward to working together to deliver long-lasting value to our investors while helping to expand Monroe’s asset management platform and enhancing their position in the market.”
Goldman Sachs acted as exclusive financial advisor to Monroe, and Fried, Frank, Harris, Shriver & Jacobson acted as legal counsel to Monroe. UBS acted as exclusive financial advisor to Wendel and Kirkland & Ellis acted as legal counsel to Wendel.
Read more: Monroe Capital launches Australian office with new hire
