Bayside loses another investment professional

Another investment professional has left H.I.G. Bayside while the firm is out trying to raise $1 billion for H.I.G. Bayside Loan Opportunity Fund IV, according to three people with knowledge of the situation.

Ryan Lissauer, who has worked at Bayside since 2004, according to his LinkedIn profile, left the firm recently, the people said. It’s not clear when Lissauer left. His LinkedIn profile lists him as an “investment professional.”

[contextly_sidebar id=”7l49MDuiU1ARwC7XnX8RsxQ5Djp7ssHz”]Lissauer was listed as the contact on a few of Bayside’s deals, including the exit of Environmental Filtration Technologies in 2012, and the 2011 acquisition of Alexander Gallo Holdings, the parent company of court reporting company Esquire Deposition Solutions and Sanction Solutions. H.I.G. Bayside bought the company out of bankruptcy.

Bayside is led by John Bolduc, who did not return a request for comment. Lissauer declined to comment.

Lissauer’s is the third departure from Bayside this year. Seven managing directors have left in the past three years:

  • David Robbins, a managing director, left earlier this year.
  • Sean Ozbolt left in May after nine years. Ozbolt joined Aurora Capital Group affiliate Aurora Resurgence in July.
  • Tiffany Kosch, who worked as a managing director at Bayside and left in 2012 and this year founded CenterGate Capital.
  • Lewis Schoenwetter, a former managing director at Bayside, is listed on H.I.G.’s website as a managing director with affiliate H.I.G. Whitehorse.
  • Tim Eichenlaub, who was a managing director at Bayside for about a year and left in 2011 to become chief credit officer at AloStar Bank of Commerce, according to his LinkedIn profile.
  • Appu Mundassery, a former managing director at Bayside who once led the group’s European activities, is no longer with the group. It’s not clear where Mundassery works.

Of the seven managing directors listed on Bayside’s website in 2011, just two remain: Jackson Craig and Bolduc, who is executive managing director. Besides Craig and Bolduc, Bayside’s current roster of MDs includes Ahmed Hamdani, Lionel Laurant, Duncan Priston, Adam Schimel, Sensu Serpen and Paul Triggiani.

Bayside has been raising Fund IV since earlier this year. Fund IV will invest in the senior debt of distressed, smaller companies in the U.S. expected to undergo restructuring, according to an investment memo from the Maine Public Employees’ Retirement System.

Bayside Loan Opportunity Fund III, which closed on more than $1 billion, produced a 1x multiple as of Dec. 31, 2013, according to data provider Bison. Fund II, which raised $1.1 billion in 2010, generated a 1.14x and a 0.14 percent IRR as of June 30, Bison reported.

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