OCERS recommends $50m commitment to Monroe fund

US retirement fund manager OCERS is deciding on which Monroe leverage option to use.

The board of the Orange County Employees Retirement System has recommended the approval of a $50 million commitment to Monroe Capital Private Credit Fund II.

The retirement fund is also deciding on which of the Monroe leverage options OCERS should select, an agenda from an investment committee meeting held on 25 March disclosed.

Ted Koenig, chief executive officer of Monroe Capital, made a presentation to OCERS to secure the commitment.

OCERS and Monroe Capital did not respond to a request for comment. 

Chicago-based Monroe Capital is targeting $600 million for the new direct lending fund, with a hard-cap of $750 million, as previously reported by PDI.

The previous fund was about 70 percent investment by December 2014. The original $500 million fund closed in December 2013.

Monroe Capital Private Credit Fund II will employ the same strategy as its predecessor and focus on directly originated, senior secured debt for mid-market and lower mid-market companies throughout North America.

Monroe Capital handles $2.5 billion in capital across private funds and a public business development company. The firm is headquartered in Chicago, with additional offices in New York, Los Angeles, San Francisco, Atlanta, Boston, Charlotte and Dallas.