H.I.G. closes $3bn global distressed debt fund

Fund

H.I.G. Capital has held a first and final close of a new distressed debt fund, H.I.G. Bayside Capital II (Bayside II), on $3bn. No placement agent was used and Greenberg Traurig acted as legal counsel.

Investors

The vehicle has attracted a large number of returning investors from previous H.I.G. Capital funds.

Investments

Bayside II will follow its predecessor funds and target stressed and distressed mid-market and lower mid-market assets. It will have the ability to acquire existing debt on the secondary market, provide debt financing to companies that may not have access to such funding from traditional sources, and make equity investments into companies facing operational and/or structural challenges. The fund will typically invest in companies with an enterprise value of up to $400m (EUR250m). The vehicle will combine debt and/or equity financing, as well as acquiring existing debt and equity securities. It will also supplement the capabilities of the EUR600m H.I.G. Europe fund, which closed in September last year, by allowing the GP to invest in larger European distressed situations.

People

Managing partners Sami Mnaymneh and Anthony Tamer are responsible for managing the fund together with H.I.G.'s 150 investment professionals in the US and the UK.

Name: H.I.G. Bayside Capital II

Closed on: $3bn

Focus: Distressed debt, mid- and small-market buyouts

Contact: Paul Canning

Address: H.I.G. European Capital Partners, 25 St George Street, W1S 1FS, London, UK

Tel: +44 20 318 5700

Advisers

Greenberg Traurig (Legal).

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