Monroe Capital closed its latest middle-market credit fund at its $1.33 billion hard cap, said Theodore "Ted" Koenig, Monroe's president and CEO.
The fund, 2018 Monroe Capital Private Credit Fund III, was oversubscribed and surpassed $800 million fundraising target. The new fund is 66% larger than the prior fund, which closed in 2016.
The fund will focus primarily on senior secured and unitranche loans to private equity sponsored, independent sponsored and non-sponsored middle-market companies in North America.
Of the new fund's 100 limited partners, 50 have not invested with Monroe Capital in the past. Typically, Monroe's funds have about 50 investors, Mr. Koenig said.
Investors include the $15.3 billion Orange County Employees Retirement System, Santa Ana, Calif.; $8.8 billion New Hampshire Retirement System, Concord; and $2.6 billion Chicago Policemen's Annuity & Benefit Fund.
