HIG closes $3bn global distressed debt fund

Fund

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

Investors

The vehicle has attracted a large number of returning investors from previous HIG 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 infusion into companies facing operational and/or structural challenges. The fund will typically invest in companies with an enterprise value of up to $400m (EUR250m). HIG Capital describes the pipeline as strong due to the tightening in the debt markets and liquidity crunch among possible target companies. The fund will combine debt and/or equity financing, as well as acquiring existing debt and equity securities, enforcing the fund's flexible approach. It will also supplement the capabilities dedicated to the EUR600m HIG 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 HIG's 150 investment professionals in the US and the UK.

Name: HIG 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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