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Monroe Street Partners
Monroe Street Partners was founded in 2022 by Alex Foshager and Ken Mill, both alumni of Goldman Sachs’ Industrials and Business Services investment banking...
Monroe Street Partners
Monroe Street Partners was founded in 2022 by Alex Foshager and Ken Mill, both alumni of Goldman Sachs’ Industrials and Business Services investment banking practice. The firm focuses exclusively on the lower middle-market in North America, targeting family- and founder-owned businesses that sit at the center of fragmented service and industrial supply chains — commercial and industrial services, residential services, professional services, and niche industrial manufacturing. The firm pursues control positions through founder liquidity events, management buyouts, recapitalizations, and growth equity, typically in companies generating $1–10 million in EBITDA with contractually recurring revenue and modest capital expenditure needs. Its portfolio shows a deliberate pace: Vigilnet, a government services provider, was acquired in February 2023; BRANDITO, a professional services firm, followed in August 2023; and American Roadway Logistics, an infrastructure services business, was acquired in June 2024 and exited in January 2026. The firm runs a buy-and-build model, citing organic growth acceleration and strategic add-on acquisitions as primary value-creation levers. MSP is led by its three managing partners — Foshager, Mill, and John Mensing, who joined the firm in 2024 after a decade investing in lower middle-market industrials at Purcell Companies and Arbor Investments. The firm operates from a single office in Chicago and has not disclosed aggregate capital raised or deployed. An executive advisory group of senior operators and financial professionals supports deal evaluation and portfolio company strategy. The firm’s architecture reflects a pure-play, operationally intensive buyout model without a formalized co-investor club or parallel venture vehicle. Founders Foshager and Mill each sit on the boards of all three portfolio companies reported, pairing Goldman financing training with direct oversight — a concentrated governance model that distinguishes the firm from peers that layer external operating partners or sector-specific SPVs.
General information
Firm type
Private Equity
Year founded
2022
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Chicago
Corporate office
Chicago, IL, United States
Principals
Alex Foshager
Founder, Managing Partner
Ken Mill
Founder, Managing Partner
John Mensing
Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Monroe Street Partners?
Alex Foshager, Ken Mill, and John Mensing share managing partner responsibilities and lead transaction execution and diligence. Foshager and Mill co-founded the firm in 2022 after careers in Goldman Sachs’ Industrials and Business Services group. Mensing joined in 2024, bringing over a decade of lower middle-market buyout experience from Purcell Companies and Arbor Investments.
How does Monroe Street Partners source and structure its deals?
MSP targets control transactions in North American business services and niche industrial companies generating $1–10 million in EBITDA. The firm pursues founder liquidity events, management buyouts, recapitalizations, and growth equity. Its sourcing leans on the networks of the founding partners and an executive advisory group of senior operators and financiers, rather than a proprietary data or auction-avoidance system.
Has Monroe Street Partners disclosed any fund size or capital deployed?
No. As of mid-2026, the firm has not publicly reported an AUM, total deployment, or closed fund vehicle. Its pace of three platform investments and one exit within roughly two years of founding suggests a concentrated, deal-by-deal capital model rather than a blind-pool fund.
What investment stages and check sizes does MSP typically target?
The firm targets established businesses with $1–10 million in EBITDA, 5+ years of operating history, and stable recurring revenue. It does not pursue early-stage or distressed situations. Transaction structures focus on control equity, allowing MSP to drive operational improvements and bolt-on acquisition strategies post-close.
How is Monroe Street Partners related to Goldman Sachs?
There is no ongoing corporate relationship. Co-founders Alex Foshager and Ken Mill previously worked in Goldman Sachs’ Industrials and Business Services investment banking team in Chicago and New York, but left in 2022 to launch MSP as an independent firm. Goldman Sachs is not an LP, GP, or strategic partner.
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