Monroe set to close above $400m

Chicago-based Monroe Capital’s latest senior secured loan fund will likely close above target soon, a market source told Private Debt Investor. 

Monroe Capital is poised to close its senior secured loan fund above its $400 million target in the near future, a source with knowledge of the situation told Private Debt Investor.

The source indicated that that the marketing of the vehicle had gone relatively smoothly, citing the firm’s track record and stability within the investment team. Monroe declined to comment.

Monroe Capital Senior Secured Direct Loan Fund 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 held a final close on $250 million for its Monroe Capital Partners Fund in 2011. That vehicle provides senior and junior debt and equity co-investments to private equity sponsored and unsponsored businesses in need of refinancing, recapitalisation, acquisitions or expansion, according to a press release announcing the close.

Monroe was founded in 2004 and has over $700 million in assets under management. The Chicago-based firm specialises in the manufacturing, infrastructure, distribution, business services, healthcare, education, defense, travel, consumer goods, energy services, print and publishing, media, telecommunication and retail industries, according to its website.

Last week, Monroe announced that it had funded a $35 million unitranche credit facility for Accutest Laboratories, a portfolio company of Bolder Capital. Accutest provides environmental testing for oil and gas sector, public utilities, and industrial engineering firms in the US.