Monroe Capital adds SF office

The firm has hired Mark Solovy and Patrick White to lead its tech business. 

Monroe Capital has hired former HIG Whitehorse executive Patrick White as a managing director for the firm’s new San Francisco office. White will join fellow addition Mark Solovy as co-head of the firm’s national technology practice.

White and Solovy will be responsible for leading our national technology lending efforts in private equity and venture capital-sponsored and non-sponsored transactions, according to a statement.

“This continues in our strategy of building out areas where we see growth opportunities for our business,” Monroe’s president and chief executive officer Ted Koenig told Private Debt Investor. “We have already formed national vertical businesses in the Health Care, ESOP, and now Technology areas. We have more to come soon.

White was responsible for direct lending in the Western US at his prior firm, HIG Whitehorse. He previously held positions relating to technology, mid-market finance and investment banking at American Capital, Wells Fargo Foothill and Houlihan Lokey.

Solovy had been a managing director for at Hercules Technology Growth Capital in that firm’s Palo Alto and Chicago offices, according to the statement.

Monroe is in the process of raising its Senior Direct Loan Fund, which will purchase senior debt in lower mid-market companies in the US with revenue between $30 million and $250 million, according to a Bloomberg report that cites presentation materials. The firm had been expected to hold a final close above its $400 million target “in the near future”, a source with knowledge told Private Debt Investor in June.

Monroe was founded in 2004 and has over $1.2 billion in assets under management. In July, the Chicago-based firm announced that it had provided $20.5 million of unitranche credit for an unspecified men’s apparel online retail company.