Monroe Capital has added to the momentum of its recent $250 million fund close by hiring partner and managing director Warren Woo.
Woo will head Monroe’s Los Angeles office and will be responsible for covering the West Coast. He was most recently a founding partner and managing director at Moelis & Company, prior to which he worked at UBS as global head of financial sponsors, hedge funds and leveraged finance. Woo will help invest Monroe’s third fund, which will provide capital to mid-market companies in North America, specifically businesses generating more than $3 million in earnings before interest, taxes, depreciation and amortisation.
“With our new fund, we can provide the entire debt capital solution, including senior and junior/mezzanine debt and equity co-investments,” Woo said in a statement.
Monroe’s third fund will target investments across a range of manufacturing, distribution and service industries, as well as women and minority-owned businesses and companies located in underserved communities. The fundraising took about a year and the firm did not use a placement agent, Monroe president and chief executive officer Ted Koenig told PEI in an earlier interview.
“Throughout the crisis, the mid-market has been the most stable, from a return standpoint and a default standpoint,” Koenig said at the time of the fund’s close, comparing the space to the large-cap and small-cap segments of the market.
Monroe Capital has more than $700 million under management. The firm’s second fund was an open-ended vehicle and its first fund collected $400 million in 2006.