The Biden Administration is backing a $1-billion fund created by asset management firm Monroe Capital LLC to facilitate access to lower-cost capital for small- and medium-sized auto manufacturers planning to invest in transitioning to electric vehicle (EV) manufacturing. The White House has selected Monroe Capital to develop a first-of-its-kind investment strategy focused on supporting businesses operating in the U.S. automotive supply chain, the asset management firm said on Monday. Monroe intends to launch the “Drive Forward Fund LP”…
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