AXA IM Prime, through its GP Stake strategy, completes the acquisition of a minority stake in Monroe Capital LLC alongside Wendel’s controlling stake

The investment will further strengthen an already strong and long-lasting relationship between AXA IM Prime and Monroe Capital LLC, a prominent private credit market player focused on the U.S middle market by leveraging the complementary resources and expertise of AXA IM Prime.

 AXA IM Prime, through its GP¹  Stake strategy, has completed the acquisition of a minority equity stake in Monroe Capital LLC (“Monroe”), a prominent private credit market player focused on the U.S lower middle market. This investment is made in conjunction with Wendel Group (“Wendel”), which has acquired a majority stake in Monroe, and reflects AXA IM Prime’s robust relationship with both managers.

AXA IM Prime, the private markets platform of AXA IM, with c.€40 billion²  of assets under management across all private markets, which is a longstanding investor in Monroe managed funds, will bring extensive expertise and resources alongside Wendel to help accelerate Monroe’s expansion. Some of the capabilities that will be deployed include an in-depth view of the market, private debt industry know-how, capital formation as well as balance sheet access, and international operational capabilities.

As a recognized player in the U.S private credit market, Monroe manages c. $20.3 billion of assets³  for institutional and high net worth investors. Created in 2004, Monroe’s team of 275 professionals focus on providing private credit solutions to borrowers in the U.S and Canada across 45+ investment vehicles. Monroe Capital’s strategic verticals include Lower Middle Market Direct Lending, Alternative Credit, Software and Technology, Real Estate, Venture Debt, Independent Sponsor and Middle Market CLOs.

This new AXA IM Prime GP Stake investment follows its recent acquisitions of minority stakes in Rivage Investment, a leading investment firm specializing in European infrastructure direct lending and French public sector financing, and Latour Capital, an investment firm specializing in European mid-cap private equity.

Theodore L. Koenig, Chairman & CEO of Monroe Capital commented: “We are pleased to announce our collaboration with AXA IM Prime on this transaction. As one of Monroe’s earliest investors, AXA IM has been a valued partner for over 19 years. We are excited about the expertise and resources they bring to our platform, and we look forward to growing our business together.”

Laurent Mignon, Wendel Group CEO commented: “This acquisition marks an important step forward for Wendel's asset management platform, which we are committed to scaling. Wendel is now becoming an asset manager alongside our decades-long activity as a long-term equity investor. Monroe Capital, founded by Ted Koenig in 2004, is a company that seeks to deliver strong performance across various market cycles in North America, bolstered by a surge in demand for private credit solutions and with the scale to capitalize on the growing opportunity set we see in private credit. Monroe Capital is strategically positioned to capitalize on this increasing demand, attracting both institutional and retail investors. It will be also a great privilege for Wendel to partner with such a renowned investor as AXA IM Prime. This first partnership with a leading global player such as AXA IM is for us a strong sign of confidence in the model we are building in private asset management.”

Gilles Dusaintpère, Head of AXA IM Prime GP Stake Investments at AXA IM said: “We are proud and excited to partner with two institutions we know well and to further strengthen our existing relationship with Monroe, a franchise we have been investing with for years and that we are now happy to accompany as a minority shareholder. Our GP Stake strategy aims to partner with best-in-class private markets players, and we look forward to supporting Monroe and its team, alongside Wendel, to help further grow its impressive platform.”

AXA IM Prime’s GP Stake investment team aims at identifying blue-chip private market players that it can invest in, to accompany them in their development and provide them with access to AXA IM Prime’s wider platform including strategic and operational expertise. The partnerships take the form of minority equity investments, with the GPs remaining independent in their day-to-day management as well as in their investment processes.

All investment involves risk, including the loss of capital. The investment provided above is for illustrative purposes only and is intended to reflect the typical analysis that could be deployed by the strategy. This example does not represent all of the investments made or recommended for the client’s accounts. No representation is made that this investment will be successful.

About Monroe Capital

Monroe Capital LLC (“Monroe”) is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, alternative credit solutions, structured credit, real estate and equity. Since 2004, the firm has been successfully providing capital solutions to clients in the U.S. and Canada. Monroe prides itself on being a value-added and user-friendly partner to business owners, management, and both private equity and independent sponsors. Monroe’s platform offers a wide variety of investment products for both institutional and high net worth investors with a focus on generating high quality “alpha” returns irrespective of business or economic cycles. The firm is headquartered in Chicago and has 11 locations throughout the United States, Asia and Australia.

For more information: www.monroecap.com

About AXA IM Prime

Launched in 2022, AXA IM Prime is the Private Markets Enabler and Hedge Funds platform of AXA IM with c. €40 billion of assets under management as at the end of December 2024. AXA IM Prime has been formed by hosting the Private Markets business that AXA Group investment teams have built and the Hedge Fund investment teams from AXA IM. It offers global and diversified private market solutions through primaries, secondaries and co-investments across private equity, infrastructure equity, private debt and hedge funds.

As both a principal investor and a General Partner, AXA IM Prime holds a deep understanding of client needs and offers a differentiated, global perspective of the investment world. It aims to create sustainable value for its clients, integrating ESG practices and encouraging ESG best practices within the industry.

Visit our website:https://www.axa-im.com/prime

About AXA Investment Managers

AXA Investment Managers (AXA IM) is a leading global asset manager offering a diverse range of global investment opportunities in both alternative and traditional asset classes. Through our products we aim to diversify and grow portfolios, while delivering long-term investment performance and value for clients.

AXA IM manages approximately €879 billion in assets, of which €493 billion are categorised ESG-integrated, sustainable or impact. As an established player in responsible investing, we adopt a pragmatic approach with a view to provide long-term value to our clients, our employees and the broader economy.

Part of the AXA Group, a worldwide leader in insurance and asset management, AXA IM employs over 3,000 employees and operates from 24 offices in 19 countries globally.

All figures, as at end of December 2024.

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