Executive takeaways
Scale + momentum: Monroe announced a final close (Jan 6, 2026) for Fund V with $2.8B of institutional LP commitments, plus $1.5B of targeted fund-level leverage and $1.8B of SMAs in the same strategy—$6.1B total investable capital.
Clear strategy positioning: Core focus remains senior secured direct lending to U.S. lower middle-market companies (~$35M EBITDA or less), across sponsored and select non-sponsored situations.
Deployment is already material: As of Dec 31, 2025, the fund had committed >$3.2B across 130+ borrowers, implying meaningful early ramp and broad diversification.
Ownership/strategic backing: Wendel and AXA IM Prime completed the acquisition of a controlling stake in Monroe on March 31, 2025, alongside an $800M sponsoring program and up to $200M GP commitment capital.
Track record signals are strong but not a substitute for fund-level attribution: Wendel’s materials cite ~10% gross unlevered IRR (across fully exited companies) for Monroe’s directly originated transactions through Dec 31, 2024, and the Wendel deck cites ~1.5% default rate since inception and ~70% recovery on realized losses (firm-level).
Fund snapshot
