Monroe Capital LLC has closed a $500 million leveraged loan fund.

The fund, called Monroe Capital Senior Secured Direct Loan Fund LP, will invest in senior debt transactions that are originated and underwritten by Chicago-based Monroe. The lender was able to close the fund above its $400 million target.

“Our business has grown substantially, and our market share has grown quite a bit,” says Monroe CEO Ted Koenig. “This latest fund is just an extension of our business.”

Monroe Capital Senior Secured will make senior-secured, cash flow, enterprise-value-based senior and stretch-senior, unitranche, second-lien and last-out term loans to private equity-backed and other middle market companies across a wide range of industries.

More than 30 institutional investors committed money to the fund, including pension plans, insurance companies, endowments, foundations and wealth management firms. In addition to limited partner commitments, the fund secured a term warehouse credit facility. 

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