A coolant-cooled electronic module is provided which includes a multi-component assembly and a module lid with openings aligned over respective electronic components. Thermally conductive elements are disposed within the openings, each including opposite coolant-cooled and conduction surfaces, with the conduction surface being thermally coupled to the respective electronic component. A manifold assembly disposed over the module lid includes inner and outer manifold elements, with the inner element configured to facilitate flow of coolant onto the coolant-cooled surfaces. The outer manifold element is disposed over the inner manifold element and coupled to the module lid, with the inner and outer manifold elements defining a coolant supply manifold, and the outer manifold element and module lid defining a coolant return manifold. The coolant supply openings are in fluid communication with the coolant supply manifold, and the coolant exhaust channels are in fluid communication with the coolant return manifold.