Wednesday, 28 November 2018

Monroe Capital closes a fund at $1.33 billion!

Which is amazing, really, because they only wanted $800 million. 'Er, which fund, boss?' Uh, this fund, Voice -

Monroe Capital LLC ("Monroe") today announced the final close of its 2018 Monroe Capital Private Credit Fund III ("Fund") at $1.33 billion of limited partner commitments with over 100 investors in eight countries, eclipsing the Fund target of $800 million. When combined with target Fund leverage, the Fund will have more than $2.5 billion of buying power ("Power!!!") or capital available for investment.

You see? 'Yeah. Is this a PR email?' What?! I rarely get exciting PR emails like this, man. No, this is a press release from their website. Here's a bit about them -

Monroe Capital is a private credit asset management firm specializing in direct lending and opportunistic private credit investing. Since 2004, the firm has provided private credit solutions to borrowers in the U.S. and Canada. Monroe's middle market lending platform provides senior and junior debt financing to businesses, special situation borrowers, and private equity sponsors. Investment types include unitranche financings; cash flow, asset based and enterprise value based loans; and equity co-investments. Monroe is committed to being a value-added and user-friendly partner to business owners, senior management, and private equity and independent sponsors.

You see? 'Yeah.' The question is though: What are they going to do with the half a billion dollars they don't need? 'Er, I think they probably need it, boss.' Oh, no. I don't think so, Voice. They wanted $800 million. 'Yeah.' They needed $800 million. And they've got $1.3 billion. 'Yeah.' So I'm thinking now, that, uh, maybe ... 'They should give the spare cash to you.' Well, why not? Share the wealth! That's what I say.

Yippee! I'm so happy! I can buy some new guitars. I can go to Cornwall for a holiday. Actually, I can buy that house in Malibu! If it's still on the market, like. 'How much was it, boss?' $12 million, I think, Voice. Or maybe $16 million. I can't remember. 'Ha!' Yes, ha! You're right, man. It doesn't matter if you're worth half a billion, does it?

Anyway, let's finish with Ted ...

According to Ted Koenig, President and CEO of Monroe, "Private credit is an appealing area for institutional investors due to the ability to generate consistent absolute returns in a low yield environment. Investors have many choices in this space, many of which are recently created firms. We are pleased and proud that the institutional investor and limited partner community has come to appreciate the differentiated returns and consistent risk adjusted returns that Monroe has been able to generate every year over the last 14-year period, regardless of the business cycle or economic climate. This is a testament to our organization and our people."

Uh. That's just according to Ted, you understand, dear reader(s). And no endorsements, obviously, and naturally.


Right. Anything else? Music? My guitar playing is going well. I warm up now by doing a lot of spider shit and just playing a third of each song. A verse, and a chorus, you dig? 'Why a third?' Because it encourages you to play perfectly. I mean, you don't get worn out playing ninety seconds of a song. And you can play the whole thing later.

Okay. Laters!