H.I.G. Beats Target on New Fund

H.I.G. Capital has held a final and above target close of H.I.G. Middle Market LBO Fund III LP with $3.1 billion of capital commitments.

H.I.G.’s earlier mid-market fund, H.I.G. Middle Market LBO Fund II LP, closed at its hard cap of $1.75 billion in February 2014. As with its earlier mid-market funds, H.I.G. will continue making private equity investments in middle-market companies, primarily in North America.

“The new fund received overwhelming support from H.I.G.’s long-standing limited partners,” said Jordan Peer, a managing director and global head of H.I.G.’s capital formation group. “Commitments were received from a prestigious and diverse institutional investor base, including foundations, endowments, public and corporate pensions, consultants, sovereign wealth funds, and family offices across the US, Europe, Asia, and the Middle East.”

“The team is excited to build upon H.I.G.’s successful middle-market strategy with this latest fund,” said Rick Rosen, an executive managing director of H.I.G. and head of its middle-market fund. “We will continue to target control investments in complex situations and/or undermanaged middle-market companies. H.I.G.’s scale and operational expertise continue to create a meaningful competitive advantage for us.”

H.I.G. specializes in providing debt and equity capital to small and medium-sized companies and invests in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses. With the closing of this new fund, H.I.G. now has more than $30 billion of capital under management.

“We are pleased with the level of support received from our investors, reflecting the strong performance of the H.I.G. middle market team and its differentiated investment approach,” said Sami Mnaymneh and Tony Tamer, founders and co-CEOs of H.I.G., in a released statement.

H.I.G. is headquartered in Miami with additional offices across the US, Europe, and South America.

© 2019 Private Equity Professional | November 19, 2019

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