Key Takeaways
- • Monroe Capital, PM Alpha and EBW Capital launched an Exchange Traded Note (ETN) program giving qualified international investors access to Monroe's lower middle-market direct lending strategy, which is invested primarily in senior secured loans to U.S. lower middle-market companies.
- • The ETN is a single ISIN-based security that settles on standard brokerage and custody platforms, carries a daily price, and is offered with a minimum investment of $50,000 and $15,000 thereafter, available now through PM Alpha.
- • PM Alpha provided the structuring framework and platform technology; EBW Capital will lead distribution across Latin America and the U.S. offshore market through wealth management institutions, private banks and offshore platforms.
- • The notes are issued by PM Alpha Designated Activity Company, denominated in USD, listed on the Vienna Stock Exchange, and offered in Accumulating (ACC) and Distributing (DIS) classes across institutional (I) and advisory (A) share classes.
- • The ETN is not offered or sold in the United States or to U.S. persons, and investors bear the credit risk of the issuer and the risk of loss of principal.
Summary
Monroe Capital LLC, a Chicago-headquartered private credit asset manager, announced the launch of an Exchange Traded Note program that gives qualified international investors access to its lower middle-market direct lending strategy. The program was developed with PM Alpha, a technology-enabled private markets platform, which provided the structuring framework and platform technology, and EBW Capital, which will lead distribution across Latin America and the U.S. offshore market.
The structure is designed to make a traditionally illiquid private credit allocation behave like a listed holding. Investors gain exposure through a single ISIN-based security that settles on the brokerage and custody platforms wealth managers already use. According to the announcement, the note carries a daily price and a standard security identifier, so subscriptions, transfers and portfolio reporting follow the same process as any listed holding, removing the subscription documents, capital calls and bespoke reporting that typically accompany private credit allocations.
Monroe President Zia Uddin said demand for private credit from international wealth channels has outpaced the infrastructure available to serve it, and that the firm can now deliver the same strategy its institutional investors have accessed for two decades. Tom Douie, Chief Executive Officer of PM Alpha, said the ETN structure combines institutional exposure with the convenience of a listed security and is already accessed by more than 200 wealth and asset managers globally. Frank Pauls, Senior Partner at EBW Capital, cited continuing demand across the wealth channel in Latin America and the U.S. offshore market for differentiated alternative solutions.
The ETN carries a minimum investment of $50,000 with $15,000 thereafter and is available now through PM Alpha. The issuer is PM Alpha Designated Activity Company, the currency is USD, and the listing venue is the Vienna Stock Exchange. Four ISINs were disclosed, covering MCIP ETN I ACC, I DIS, A ACC and A DIS classes. The offering is restricted to eligible investors in permitted jurisdictions and is not offered or sold in the United States or to U.S. persons. The release notes that an investment involves risk of loss of principal and is subject to the credit risk of the issuer.
Monroe, founded in 2004, describes itself as a premier private credit manager with strategies spanning direct lending, technology finance, venture debt, alternative credit, structured credit, real estate and equity, and 14 locations across the United States, Asia, Australia, Europe and the Middle East. The firm cites several 2025 industry awards, including recognition as a Private Debt Investor CLO Manager of the Year, Americas, and a Global M&A Network Lower Mid-Markets Lender of the Year, U.S.A.
The structure is designed to make a traditionally illiquid private credit allocation behave like a listed holding. Investors gain exposure through a single ISIN-based security that settles on the brokerage and custody platforms wealth managers already use. According to the announcement, the note carries a daily price and a standard security identifier, so subscriptions, transfers and portfolio reporting follow the same process as any listed holding, removing the subscription documents, capital calls and bespoke reporting that typically accompany private credit allocations.
Monroe President Zia Uddin said demand for private credit from international wealth channels has outpaced the infrastructure available to serve it, and that the firm can now deliver the same strategy its institutional investors have accessed for two decades. Tom Douie, Chief Executive Officer of PM Alpha, said the ETN structure combines institutional exposure with the convenience of a listed security and is already accessed by more than 200 wealth and asset managers globally. Frank Pauls, Senior Partner at EBW Capital, cited continuing demand across the wealth channel in Latin America and the U.S. offshore market for differentiated alternative solutions.
The ETN carries a minimum investment of $50,000 with $15,000 thereafter and is available now through PM Alpha. The issuer is PM Alpha Designated Activity Company, the currency is USD, and the listing venue is the Vienna Stock Exchange. Four ISINs were disclosed, covering MCIP ETN I ACC, I DIS, A ACC and A DIS classes. The offering is restricted to eligible investors in permitted jurisdictions and is not offered or sold in the United States or to U.S. persons. The release notes that an investment involves risk of loss of principal and is subject to the credit risk of the issuer.
Monroe, founded in 2004, describes itself as a premier private credit manager with strategies spanning direct lending, technology finance, venture debt, alternative credit, structured credit, real estate and equity, and 14 locations across the United States, Asia, Australia, Europe and the Middle East. The firm cites several 2025 industry awards, including recognition as a Private Debt Investor CLO Manager of the Year, Americas, and a Global M&A Network Lower Mid-Markets Lender of the Year, U.S.A.
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