Monroe Capital Chairman and CEO Ted Koenig Discusses Valuation Challenges in Illiquid Private Assets During CAIS Summit
Koenig emphasizes the importance of fundamental credit analysis and reliable financial information amid growing
Press Release Disclaimer: This is a press release distributed through the XPR Media network. It has not been independently verified by our newsroom.
Monroe Capital LLC announced today that its Chairman and Chief Executive Officer, Theodore L. “Ted” Koenig, was featured in Bloomberg after speaking during a mainstage panel discussion at the CAIS Alternative Investment Summit in Beverly Hills, where he addressed the challenges of accurately valuing illiquid private credit investments on a daily basis.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261020485518/en/
Monroe Capital Chairman and CEO Ted Koenig Discusses Valuation Challenges in Illiquid Private Assets During CAIS
In the October 14 Bloomberg article, “Daily Private Credit Marks Called ‘Illusion’ After Apollo Move,” Koenig questioned whether daily valuations can accurately reflect the underlying financial condition and credit fundamentals of privately originated loans.
“Daily marks in illiquid private assets is an illusion of precision, not accuracy,” Koenig said.
His comments come amid increasing industry attention to private credit valuation methodologies, transparency and the availability of financial information necessary to assess underlying investment performance.
Koenig emphasized that meaningful credit valuations require comprehensive borrower-level analysis, financial statements and other fundamental inputs that are not typically available on a daily basis.
“To have actual marks, you need financial statements, you need other inputs that you don’t receive on a daily basis,” Koenig added. “There’s just no way to do this.”
The discussion follows recent industry developments aimed at introducing more frequent valuations across private credit portfolios, raising broader questions about the distinction between pricing frequency and valuation accuracy.
As one of the longest-standing private credit platforms focused on the U.S. lower middle market, Monroe Capital has consistently emphasized disciplined underwriting, fundamental credit analysis and transparency throughout market cycles. Koenig’s remarks reflect the firm’s longstanding belief that accurate valuations are rooted in comprehensive borrower analysis and reliable financial information.
Koenig’s perspective underscores a fundamental consideration for private credit investors: greater frequency of reporting does not necessarily translate into greater accuracy or transparency. Reliable valuations depend on the quality of underlying information, disciplined underwriting and a comprehensive understanding of borrower fundamentals.
The Bloomberg article also featured commentary from Drew McKnight, Co-Chief Executive Officer of Fortress Investment Group, who raised similar questions about the limitations of daily pricing without detailed analysis of individual borrowers.
As private credit continues to evolve, Koenig’s remarks highlight the importance of maintaining rigorous investment and valuation disciplines alongside innovations in portfolio reporting and investor transparency.
About Ted Koenig
Theodore L. Koenig is the Chairman and Chief Executive Officer of Monroe Capital LLC, a Chicago-based premier asset management firm specializing in private credit markets, which he founded in 2004. Under his leadership, Monroe Capital has developed into a diversified asset management firm focused on private credit and other investment strategies serving institutional and sophisticated investors.
Prior to founding Monroe, Mr. Koenig was President and CEO of Hilco Capital LP, and earlier spent 13 years as a partner and co-chair of the Corporate Law, Mergers & Acquisitions and Business Finance groups at the Chicago law firm Holleb & Coff. He has been widely recognized for his contributions to the private credit and secured finance industries, including the Association for Corporate Growth’s Lifetime Achievement Award (2023), the SFNet Hall of Fame Lifetime Achievement Award (2021), and recognition by Private Debt Investor as one of the “30 Top Changemakers” in private credit. In 2021, Mr. Koenig co-founded HOPE Chicago, a first-of-its-kind two-generation scholarship program that has provided college scholarship opportunities to more than 4,000 Chicago students and their parents. He is a graduate of the Kelley School of Business at Indiana University (B.S., accounting, high honors) and Chicago-Kent College of Law (J.D., honors).
About Monroe Capital
Monroe is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, alternative credit solutions, structured credit, real estate and equity. Since 2004, the firm has been successfully providing capital solutions to clients in the U.S. and Canada. Monroe prides itself on being a value-added and user-friendly partner to business owners, management, and both private equity and independent sponsors. Monroe’s platform offers a wide variety of investment products for both institutional and high net worth investors with a focus on generating high quality “alpha” returns irrespective of business or economic cycles. The firm is headquartered in Chicago and has 14 locations throughout the United States, Asia, Australia, Europe, and Middle East.
Monroe has been recognized by both its peers and investors with various awards including GrowthCap Advisory’s 2025 Top Private Credit Firm List; Inc.’s 2025 Founder-Friendly Investors List; DealCatalyst as the 2025 Most Innovative Private Credit CLO Manager and Boutique Private Credit CLO Manager of the Year; Private Debt Investor as the 2025 CLO Manager of the Year, Americas; Global M&A Network as the 2025 Lower Mid-Markets Lender of the Year, U.S.A; Korean Economic Daily as the 2025 Best Asset Manager of the Year, Private Debt Mid-Cap; Creditflux as the 2021 Best U.S. Direct Lending Fund; and Pension Bridge as the 2020 Private Credit Strategy of the Year. For more information and important disclaimers, please visit www.monroecap.com.
Media Coverage
Bloomberg: Daily Private Credit Marks Called ‘Illusion’ After Apollo Move
Authors: Olivia Fishlow and Dani Burger
Published: October 14, 2026
Original Article: https://www.bloomberg.com/news/articles/2026-10-15/daily-private-credit-valuations-blasted-as-illusion-after-apollo-move
View source version on businesswire.com: https://www.businesswire.com/news/home/20261020485518/en/
Media gallery
