Monroe Capital has hired former Kohlberg Kravis Roberts and Levine Leichtman Capital Partners executive Lee Stern to lead an expansion of the firm’s junior capital business, according to a statement released Monday evening.
Stern will assume the role of managing director in Monroe’s New York office.
“Lee will lead the Monroe effort in working with our important club and co-lending investment partners as well as assist in expanding the firm's efforts in the junior capital area for both private equity sponsored and non-sponsored transactions,” said Monroe Capital president and chief executive officer Ted Koenig in a statement.
Koenig had not responded to an email requesting additional comment at press time.
Before joining Monroe, Stern was a managing director on Levine Leichtman’s credit strategies investment team, which focuses on distressed debt and leveraged credit. Stern’s resume includes stints at GSO Capital Partners/The Blackstone Group and KKR.
Stern’s time at KKR included the formation of the firm’s debut mezzanine fund. He left KKR for Levine Leichtman in 2012.
In March, Levine Leichtman closed its latest mezzanine debt and equity fund on $1.65 million, above the firm’s $1.5 billion target. A spokesperson had not responded to a request for comment at press time.
Monroe specialises in providing junior and senior debt to mid-market companies in the US and Canada. The Chicago-based firm invests via unitranche facilities, mezzanine debt, second lien or last-out loans and equity co-investments.