Monarch Private Capital Closes New Historic Preservation Fund

January 20, 2021
Company Announcements Historic Rehabilitation

Fosters Sustainable Development of Communities by Restoring Historically Significant Buildings

Monarch Private Capital, a leading tax credit equity and ESG investment firm, is pleased to announce the closing of Monarch Federal Historic Preservation Fund II (Fund II). The $30 million federal historic tax credit fund provides investment in historic rehabilitation projects that will generate five-year federal historic tax credits in 2021 and 2022. In addition to preserving historically significant properties, the investments in these properties promote sustainability, the revitalization of neighborhoods and encourage economic growth within their local communities.

Cotton Mill Building in Madison, Indiana, a sample project in the fund

Investors in Fund II are financial institutions interested in community development and economic returns while also managing their effective tax rate. Fund II targets properties that generate and qualify for five-year federal historic tax credits. The footprint of the fund is largely Midwestern and Southeastern regions of the United States with a diversified mix of assets. ONB Community Equity LLC, a wholly-owned subsidiary of Old National Bank (ONB), is a lead investor in Fund II. Fund II will call on ONB’s tax credit group’s relationships and experience within the marketplace to secure a number of the historic tax credit projects that comprise the fund’s investments. Both Monarch and ONB recognize the value of historic tax credit equity to preserve historic buildings. 

“Monarch created Fund II with the view of repurposing older properties into vibrant and renewed contributors to local economies,” said Rick Chukas, Managing Director of Federal Historic Tax Credits at Monarch Private Capital. “We commend the collaboration of our investor and developer partners and appreciate the shared commitment to preserve the historic fabric of our nation.”

For more information on Monarch’s programs and services, please contact Rick Chukas by emailing

About Monarch Private Capital

Monarch Private Capital manages ESG funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S.

About Old National Bank

Old National Bancorp (NASDAQ:ONB), the holding company of Old National Bank, is the largest bank holding company headquartered in Indiana. With $23 billion in assets, it ranks among the top 100 banking companies in the U.S. and has been recognized as a World’s Most Ethical Company by the Ethisphere Institute for nine consecutive years. Since 1834, Old National has focused on community banking by building long-term, highly valued partnerships. Today, Old National’s footprint includes Indiana, Kentucky, Michigan, Minnesota, and Wisconsin. In addition to providing extensive services in retail and commercial banking, Old National offers comprehensive wealth management, investment and capital markets services. For information and financial data, please visit Investor Relations at

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