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Bonaccord takes minority stake in Monroe Capital
Bonaccord Capital Partners purchased a passive minority stake in private credit manager Monroe Capital.
Terms of the deal were not disclosed in a news release Wednesday. The investment by Bonaccord, a division of Aberdeen Standard Investments, is non-voting and will have no impact on Monroe Capital s day-to-day operations or management, the news release said.
The stake will provide Chicago-based Monroe Capital with additional resources to pursue strategic initiatives, the release said.
Bonaccord focuses on strategic minority investments in midsize alternative money managers.
Monroe Capital has about $10 billion in assets under management.
A spokeswoman for Monroe Capital could not be immediately reached for further information.
Ziel Feldman (right), Nir Meir and the XI (Illustration by Zach Meyer)
“What’s the latest?” read the text that popped up on Nir Meir’s phone one Thursday afternoon in July. “Running out of time.”
The message to the HFZ Capital Group managing principal was from Adam Gibbons, an executive at CIM Group. The lender was awaiting an overdue payment on $90 million of mezzanine debt it holds on four prewar Manhattan apartment buildings HFZ is converting to condominiums.
“On it,” Meir wrote back. “2 min.”
Four hours later, a reference number popped up on Gibbons’ phone. It seemed the $2.3 million HFZ owed had been wired.