Monroe Capital announced this week the opening of a new office in Sydney and the appointment of Galen Fu, formerly director in the capital markets team at Hines Investment Management, as director of business and development for the new location.
The Chicago-headquarter asset manager, specialising in private credit markets with US$20 billion in funds under management, has ongoing expansion plans for Australia, which it aims to realise with the assistance of Fu who will be responsible for capital raising.
“We have several long-standing limited partners in Australia and we look forward to our continued strategic growth and expansion in Australia,” said Zia Uddin, president of Monroe Capital.
“In recent years, Australian investors have shown increased interest and appreciation for the Monroe platform and the private credit asset class.
“We have a tremendous opportunity to expand our footprint in this significant market.”
Prior to his role at Hines Investment Management, Fu held roles at MaxCap Investment Management, a subsidiary of Apollo Global Management, and at Westpac and ANZ Bank.
“We are very excited to add Galen to the Monroe Capital team,” said Alex Kim, head of Asia of Monroe Capital.
“Galen is a great addition to deepen our efforts and demonstrate Monroe Capital’s commitment to the Australian investor base and market. His experience and relationships will enhance our engagement with business partners and investors within the region.”
Monroe Capital operates offices across the US, Canada, Asia and now Australia, providing capital solutions across various strategies, including direct lending, technology finance, venture debt, opportunistic, structured credit, real estate and equity.
In a recent global outlook, Moody’s said the global private credit market is poised for rapid growth in 2025, with assets under management expected to reach US$3 trillion by 2028, fuelled by lower interest rates, declining default risk and solid economic performance.
Locally, private credit funds are said to be managing around $200 billion in capital.
