Wendel Group has completed its previously announced transaction with Axa IM Prime to jointly acquire a 75% stake in Monroe Capital, a US-based private debt investment manager, according to a report by Citywire.
As part of the agreement, Wendel has committed to supporting Monroe Capital’s future growth through participation in upcoming fundraisings of up to $800m, alongside an additional investment of up to $200m in general partner commitments.
Under the terms of the initial transaction, Wendel invested $1.13bn to acquire a 72% equity stake in Monroe Capital – purchased from Monroe’s management team and minority shareholder Bonaccord Capital Partners – along with rights to approximately 20% of carried interest across both existing and future funds.
Post-transaction, the sellers will retain a 25% stake in the firm.
This deal, first announced in October 2023, strengthens Wendel’s position in asset management, with its platform now overseeing approximately €34bn in private assets. The firm expects to generate around €160m in fee-related earnings and approximately €185m in total pre-tax income by 2025.
Monroe Capital, a leading player in the US middle-market private debt space, manages $20.3bn in assets on behalf of institutional investors and high-net-worth individuals. Founded in 2004, the firm’s 275-strong team provides private credit solutions across the US and Canada through more than 45 investment vehicles.
