The White House selected Monroe Capital
LLC (“Monroe”) to develop a first-of-its-kind investment strategy focused on supporting
businesses operating in the U.S. automotive supply chain. Along with the anticipated advisory
support of MEMA, The Vehicle Suppliers Association (“MEMA”) and the Alliance for
Automotive Innovation, Monroe intends to launch this new strategy (the “Drive Forward Fund
LP” or the “Fund”) to help address this key White House initiative. The Drive Forward Fund LP
will seek to raise up to $1 billion and focus on investing in companies that play a pivotal role in
fueling growth and innovation within the $1 trillion U.S. automotive industry.
Monroe will develop this White House inspired strategy to support small and medium-sized
companies operating within the automotive value chain that are essential to the growth and
modernization of the U.S. automotive industry. The Drive Forward Fund LP will target suppliers
and manufacturers, as well as other adjacent businesses that provide complementary products
and services to the industry. The mission of the Drive Forward Fund LP is to provide financial
support to the businesses that supply mission critical parts such as powertrain, body, drivetrain,
chassis, interiors, and electrical components, as well as complementary Software-as-a-Service
(“SaaS”) and other auto technology and business service providers that cater to the industry. The
Fund will also evaluate growth opportunities to invest in innovative companies in battery
component and subcomponent manufacturing and materials recycling. This entire ecosystem of
businesses is critical to ensuring the U.S. position at the forefront of the global automotive
market. In addition, Monroe believes the Drive Forward Fund LP will benefit the American
automotive industry, which should have a positive impact on workers as well as state and local
economies with jobs in the areas where these target companies are located.
Building on the announcement Vice President Harris issued in Detroit in May supporting growth
and jobs in the automotive industry, Monroe will seek to provide capital solutions to help
manufacturers, suppliers, and service providers modernize the key automotive supply chains;
including the clean vehicle supply chain, as well as support jobs in the automotive industry –
more than 9.7 million across the country. As part of its strategy, the Fund also intends to provide
companies access to funding for technology investments, including but not limited to
investments in the transition from internal combustion production to electric vehicles (“EVs”), as
well as the software offerings that will drive the industry’s shift from a purely transaction sales
model to a complete vehicle lifecycle. Major technological enhancements transforming the
industry include Software-Defined Vehicles (“SDV”), autonomous driving systems, smart
factories, and many other connected technologies. The Fund’s investments will intend to not
only allow these businesses to capitalize on the industry’s compelling growth tailwinds, but also
to navigate supply chain challenges and the rapidly evolving operating landscape.

Monroe intends to pair private investor capital with leverage, including low-cost government-
guaranteed leverage that Monroe hopes to obtain through applying for a U.S. Small Business
Administration (“SBA”) Small Business Investment Company (“SBIC”) license for the Fund.
“We believe this new Drive Forward Fund will be critical to catalyzing growth and innovation
within America’s automotive supply chain,” said Monroe’s Chairman and CEO, Ted Koenig.
“The Fund will have an opportunity to provide essential financial support to small and medium-
sized businesses and will help provide a consistent and reliable supply chain to the Original
Equipment Manufacturers (“OEMs”), Tier 1 auto manufacturers, and other auto industry
stakeholders. In addition, the Fund will strive to provide support to auto industry suppliers as
they become more competitive and remain local community anchors as they grow their
businesses to support key initiatives within the overall automotive industry. Monroe Capital is
honored to play a leading role in this new strategy.”
Alex Parmacek, Portfolio Manager for the Fund at Monroe, added “Looking ahead, we believe
the automotive industry is poised for transformative changes driven by advancements in electric
vehicles (“EVs”), hydrogen fuel cell technology, and autonomous driving systems, among
others. We believe a shift towards clean energy and sustainable vehicles can play a role in efforts
to reduce carbon emissions and create a more durable supply base for the OEMs and Tier I
suppliers. This Drive Forward Fund expects to play a pivotal role in supporting these
technological innovations, to help ensure that the U.S. remains at the forefront of automotive
technology and manufacturing.”
Bill Long, President and CEO of MEMA, stated, “MEMA is pleased to have a seat at the table in
our ongoing collaboration with the White House to address industry challenges associated with
the transition to advanced technology vehicles and to enhance manufacturing competitiveness in
the US. In this role, MEMA will continue to provide insights to ensure the supplier community is
best served going forward.”
John Bozzella, President and CEO, Alliance for Automotive Innovation said, “A successful
transformation to automotive electrification in the United States requires a cutting-edge
automotive supply chain that keeps the country competitive and underpins our economic and
national security. Automakers are investing billions in this transition and building electrified
vehicles in all makes and models, but you’ve got to remember the automotive supply chain is
made up of hundreds of companies – many small and medium-sized businesses – that have been
churning out components and parts for generations, support communities across the country, and
keep the wheels turning on the $1 trillion American auto business. Auto suppliers are essential to
this transformation, and that’s what is promising about the Drive Forward Fund. It’s an option
for smaller auto businesses to access private money to modernize and support the production of
the vehicles of today – and tomorrow. We’re glad to be part of the advisory council for this new
fund and provide the automaker perspective.”
The Drive Forward Fund plans to be advised by a council of experts from across the automotive
industry to help ensure capital is directed to small and medium-sized auto suppliers,
manufacturers, and service providers with ties to significant domestic manufacturing content.

Monroe anticipates the advisory council will include representatives from MEMA and Alliance
for Automotive Innovation, with support from the OEMs, consultants and business organizations
who recognize the importance of providing adequate liquidity and stability for the auto supply
chain and critical suppliers. With the expected commitment of strategic and financial investors,
along with support and counsel from key industry leaders, the Fund intends to invest in
businesses that align with White House’s pledge to ensure that the future of the automotive
industry is made in America by American manufacturers and American autoworkers in the
communities that have historically powered the industry.
For limited partner investors, the Fund will seek to generate attractive returns on investment
while targeting exposure to manufacturers and other business service providers, coupled with
compelling growth opportunities in the EV and clean energy markets and auto technology. The
Fund will be managed by Monroe, an asset management firm that was previously recognized by
the SBA as the SBIC Fund of the Year. As of July 1, 2024, Monroe, together with its affiliates,
has approximately $20 billion in assets under management in a diversified private credit platform
of 35+ investment vehicles, with more than 450 active portfolio investments, comprised of direct
lending and alternative credit funds, business software, real estate, venture debt, publicly traded
and private BDCs, separately managed accounts, and collateralized loan obligations. The firm
has more than 250 employees and is headquartered in Chicago and maintains 10 offices
throughout the United States and Asia.
The Fund intends to begin fundraising after progressing through the SBA licensing process.
SBIC licensed funds nationwide manage more than $43 billion in SBA-government guaranteed
and private capital, providing equity investment and long-term loans to small businesses in a
wide range of industries.

The Saudi Fund for Development (SFD) celebrated its 50th anniversary in Riyadh today, under
the theme “50 Years of Global Impact.”The event brought together key development partners to
reflect on the SFD’s significant contributions to sustainable development worldwide. Over the
past five decades, the SFD has allocated over $20 billion, financing more than 800 development
projects and programs in vital sectors, including social infrastructure (education, healthcare,
water and sewage, and housing and urban development), communication and transportation
(roads, railways, airports and seaports), energy, agriculture, mining and industry, and others.
Since its inception in 1974, the SFD has been the international development arm of the Kingdom
of Saudi Arabia and has provided critical support to over 100 developing nations around the
world. With a strong focus on supporting countries to achieve the Sustainable Development
Goals (SDGs), the SFD has played a pivotal role in driving sustainable development in Least
Developed Countries (LDCs) and Small Island Developing States (SIDS).
During the event, SFD Chairman H.E. Ahmed Al-Khateeb emphasized the importance of
collaboration in driving global development. He highlighted that SFD’s success is deeply rooted
in its partnerships, with 27 development projects and programs in 23 developing countries in
2023 co-financed with other funders. He also underscored the need to forge new partnerships and
strengthen existing ones to create a world where every individual has the opportunity to reach
their full potential.
Reflecting on this significant milestone, the SFD CEO , Mr. Sultan bin Abdulrahman Al-
Marshad, stated: “As we celebrate five decades of impactful work, we are committed, now more
than ever, to supporting developing countries on their journey to economic self-reliance and
resilience. Our goal is to ensure that all children can go to school, that education is not a
privilege but something every child should have access to, and that families have access to
healthcare and basic vital services. Equally, we focus on critical infrastructure development, like
building roads and enhancing airports and sea ports, so that countries can thrive and engage in
economic activities and trade. This work is not just about financing; it’s about tangibly
improving lives, creating opportunities, empowering communities, and building a more
prosperous future.”
On the sidelines of the 50 th Anniversary Gala, the SFD and the Asian Development Bank (ADB)
signed a new $25 million agreement to co-finance a renewable energy development project in the
Solomon Islands. This marks the first project for SFD in the Solomon Islands. The primary aim

of the project is to develop renewable energy infrastructure, reduce dependency on fossil fuels,
and promote sustainable development in the region.
This agreement builds on SFD’50 years of transformative impact through development projects
that have spanned Africa, Asia and the Pacific, Latin America and the Caribbean, and Eastern
Europe.
This includes key projects such as the Metolong Dam in Lesotho, which received $25 million in
funding and now provides potable water to 280,000 people, enhancing water security and public
hygiene and health in the region. This is just one of the 433 projects across Africa, with a total
funding of $11.5 billion, which focuses on critical areas such as infrastructure and water security.
In Asia, the SFD has funded 271 projects with a total funding of $7.8 billion. One notable
example is the SFD’s contribution to the Mohmand Dam Hydropower Project in Pakistan, which
has an overall project cost of $240 million. The projects contributes to the country’s energy
security and flood resilience by generating 800 megawatts of renewable energy and storing 1.6
million cubic meters of water.
In Latin America and the Caribbean, the SFD has financed 21 projects, totaling $951 million
USD. This includes rehabilitating the Water and Sewage System in Havana, Cuba, where the
SFD has allocated $35 million to enhance public infrastructure. Another significant initiative is
the rebuilding of St. Jude Hospital in Saint Lucia, supported by $75 million funding, which will
contribute to providing high-quality health services to citizens in a modern and sophisticated
facility and providing sufficient medical supplies and equipment to support the effective
operation of the hospital.
In Eastern Europe, the SFD has contributed to 14 projects with a total investment of $303
million. A key initiative is the construction of the Tirana-Elbasan-Chokos-Chalf-Ploce Road,
where the SFD provided $73.8 million to rebuild essential roads and bridges, thereby boosting
regional economic activities.
During the celebration, esteemed speakers shared insights on the SFD’s pivotal role in global
development, and in championing critical partnerships and collective action and response.
Keynote speakers included:

 HRH Prince Turki bin Faisal Al Saud, Founder and Trustee of the King Faisal
Foundation
 H.E. Ahmed bin Aqeel Al-Khateeb, Chairman of the Board of Directors of the SFD
 H.E. Akinwumi Adesina, President of the African Development Bank Group
 H.E. Muhammad Al Jasser, Chairman of the Islamic Development Bank

These global development leaders emphasized the SFD’s commitment to fostering sustainable
growth in countries and communities with the most pressing developmental needs. The gala was attended by more than 500 people, including ministers, heads of regional and international organizations, ambassadors, representatives of the United and other distinguished
guests. As the SFD looks to the future, it reaffirms its mission and pledge to drive international
development efforts, on behalf of the Kingdom of Saudi Arabia, and to contribute to global
stability, social progress, and economic prosperity for future generations.