Monroe Capital Launches Direct Lending Note
The new exchange traded note offers international investors access to senior secured loans for middle-market companies.
Updated on Oct. 15, 2026 in Investing
Live Poll
Would you consider including private credit strategies in your investment portfolio?
Monroe Capital has launched a new exchange traded note providing exposure to a direct lending strategy focused on senior secured loans. The instrument is listed on the Vienna Stock Exchange and is available to international investors.
Why it matters
The note structure is designed to integrate seamlessly into existing brokerage and custody channels used by private banks and family offices. This format provides institutional-style access to the private credit market while remaining outside of the US regulatory environment.
The note requires a $50,000 minimum initial investment, with subsequent investments set at a minimum of $15,000. It provides exposure to senior secured loans issued to companies in the lower middle-market.
The players
Monroe Capital
A Chicago-based asset management firm specializing in private credit and direct lending strategies.
PM Alpha Designated Activity Company
The issuer providing the structural framework and platform technology for the exchange traded note.
Vienna Stock Exchange
A central European exchange platform where the new financial instrument is listed.
The details
Issued by PM Alpha Designated Activity Company, the note is denominated in US dollars and utilizes a standard ISIN for reporting and transfers. The product is explicitly excluded from the US market and is not available to US persons.
Timeline
October 15, 2026: The exchange traded note became available for investment.
Market Dynamics
The use of an exchange traded note follows a broader industry effort to simplify the delivery of alternative assets through traditional financial rails. This evolution allows asset managers to expand their reach across global wealth management channels without needing custom infrastructure.
International investors can now include this direct lending strategy in their portfolios using standard brokerage accounts. Because the product is not offered to US persons, it is specifically intended for non-US wealth managers and their clients.
The takeaway
The availability of this note demonstrates how private credit is increasingly becoming accessible via established international exchanges. Investors looking to diversify should consult with a financial advisor to understand the specific liquidity and custody requirements of the note.
Further reading
For more information on market access, read our latest guide on Investing.
Live Poll
Would you consider including private credit strategies in your investment portfolio?
