H.I.G. Bayside Capital, the distressed debt and special situation affiliate of H.I.G. Capital, has closed H.I.G. Bayside Loan Opportunity Fund IV with $1.1 billion in capital commitments. H.I.G. Bayside Loan IV exceeded its $1 billion target and will invest in small-cap special situation credit opportunities in the United States.
July 06, 2016 06:00 AM Eastern Daylight Time
MIAMI–(BUSINESS WIRE)–H.I.G. Bayside Capital, the distressed debt and special situation affiliate of H.I.G. Capital (“H.I.G.”), a leading global private equity investment firm with over $20 billion of equity capital under management, announced the closing of H.I.G. Bayside Loan Opportunity Fund IV (the “Fund”). The Fund closed with aggregate capital commitments of $1.1 billion,* exceeding its $1.0 billion target. The Fund will continue H.I.G.’s successful investment strategy of focusing on investments in small-cap special situation credit opportunities in the United States.
Sami Mnaymneh and Tony Tamer, Co-CEOs of H.I.G., commented: “We are grateful for the support from our investors for this offering. The strong response to the fund reflects their confidence in the capability of our team and our differentiated strategy, as we continue to build upon H.I.G.’s long-standing special situation track record.”
John Bolduc, Executive Managing Director and head of H.I.G. Bayside Capital, commented: “The next several years will present a compelling opportunity to invest in U.S. special situation credit opportunities, driven by an inefficient secondary market for small-cap stressed/distressed loans and improving conditions for special situation investing. Given H.I.G.’s special situation expertise and deal flow network, the Fund is ideally positioned to capitalize on these opportunities.”
The Fund will have a broad investment mandate to invest in non-control loan obligations of stressed and distressed companies in the United States, including the ability to provide liquidity to troubled companies and to acquire the debt obligations of such companies. The Fund will follow the same investment strategy utilized by H.I.G. over the last twelve years in investing in special situation credit opportunities in the U.S. and Europe through four predecessor pools of capital.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over $20 billion of equity capital under management.** Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
3. H.I.G.’s real assets funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Including the Fund and its separately managed accounts.
** Based on total capital commitments managed by H.I.G. Capital and affiliates.