Monroe Capital nears final close – exclusive

The Chicago lender has already passed its $600m target and expects to close at or above the $750m hard-cap this quarter.  

Chicago-based Monroe Capital is approaching a final close on its second direct-lending fund, PDI understands.

The Monroe Capital Private Credit Fund II expects to close on the $750 million hard-cap before the end of the quarter and might even raise the hard-cap to accommodate LPs that want to invest in the vehicle, said a source familiar with the fundraise. 

Monroe launched its second fund in December 2014, as PDI reported at the time. The fund held a second close on about $352.9 million in October, according to Securities and Exchange Commission filings. 

Monroe’s first private credit fund closed on $500 million in December of 2013. 

The firm established a new retail and consumer asset-based lending group in November, hiring Andy Moser and Marc Price to lead the group out of Boston. The duo joined from Salus Capital, an ABL lender that is shutting down due to losses on its RadioShack investments. 

 In October, the firm also hired Mark Sturrock in Toronto to lead origination across industries in Canada. Sturrock also previously held a senior post at Salus Capital. 

Monroe also has offices in Atlanta, Charlotte, Dallas, Los Angeles, New York and San Francisco. It manages money via closed-ended funds, a business development company and separate accounts. Investment types include unitranche financings, cashflow and enterprise value-based loans, asset-based loans, acquisition facilities, mezzanine debt, second lien or last-out and equity co-investments.