Wendel (MF-FP) has completed the acquisition of a controlling stake in Monroe Capital LLC, investing $1.133 billion to acquire 72% of the private credit firm’s shares alongside rights to approximately 20% of the carried interest generated on past and future funds.
AXA IM Prime, through its GP4 Stake strategy, has acquired a minority equity stake alongside Wendel’s majority position. The sellers, including Monroe Capital management and Bonaccord Capital Partners, will continue to own 25% of the company post-closing of the initial transaction.
Founded in 2004 by Ted Koenig, Monroe Capital provides private credit solutions to borrowers in the U.S. and Canada, managing more than $20 billion of assets across 45+ investment vehicles. The firm’s strategic verticals include Lower Middle Market Direct Lending, Alternative Credit, Software & Technology, Real Estate, Venture Debt, Independent Sponsor and Middle Market CLOs.
Through December 31, 2024, Monroe Capital has directly originated over 800 transactions, invested over $47 billion and earned approximately 10% gross unlevered IRR for its directly originated transactions. The Chicago-headquartered firm has grown to a team of over 275 employees, including 115 investment professionals across eleven locations.
“We are proud to finalize our partnership with Wendel and AXA IM Prime, a milestone achievement in our two-decade journey,” said Theodore L. Koenig, Chairman & CEO of Monroe Capital. “Together, we are eager to collaborate and align our efforts to deliver exceptional results for our investors and clients worldwide.”
With this acquisition and its stake in IK Partners, Wendel’s third-party private asset management platform will reach approximately €34 billion in AUM and is expected to generate approximately €160 million of Fee Related Earnings and approximately €185 million of total pre-tax profit in 2025.