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Laxman Pai, Opalesque Asia: Monroe Capital, an asset management firm specializing in private credit markets across various strategies, announced the partnership agreement with Wendel Group, Europe's listed investment firm.
The strategic partnership will support future growth initiatives and expand Monroe's U.S. private credit platform, said a joint media release.
Per the partnership agreement, Wendel has committed $1 billion for seed capital and GP commitments for current and future Monroe investment strategies. Wendel, jointly with a minority investment from AXA IM Prime, has purchased a 75% equity stake in Monroe.
"Wendel will use its significant balance sheet to support Monroe including by funding growth initiatives and expanding Monroe's private credit platform," it said.
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.
The selling shareholders have retained a 25% stake in the business, with no impact on the firm's broader economic alignment with limited partners, including existing fund commitments and carried interest, said the release.
Wendel and AXA IM Prime have a longstanding relationship and have jointly worked since the current transaction's inception.
AXA IM Prime is a shareholder, through its GP-stake fund "AXA IM ...................... To view our full article Click here
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