H.I.G. Capital private equity MD Tuch to leave firm: Updated

Neil Tuch, a managing director on the private equity team at H.I.G. Capital, is leaving the firm after more than 10 years, H.I.G. Executive Managing Director Doug Berman and Tuch confirmed.

Tuch is based in H.I.G.’s San Francisco office, according to an archived version of the firm’s website. He is in the process of leaving the firm, Berman said. Tuch worked with the private equity group that has been investing H.I.G.’s $1 billion fifth private equity fund that closed in 2013, Berman said.

Update: Tuch said he decided to leave H.I.G. after 12 years (and 16 years in private equity) to “pursue the chance to build a single company from within. I have a number of conversations underway, though expect to enjoy the summer with my family before committing to anything.” Tuch said he’ll continue serving on H.I.G. portfolio company boards after his departure.

Prior to H.I.G., Tuch worked at Summit Partners and as a senior engagement manager at McKinsey & Co, according to H.I.G.’s archived website. Earlier in his career, Tuch worked at Goldman Sachs.

H.I.G. expects to have a certain amount of turnover every year, Berman said. “We have 300-plus investment professionals across the firm. Even if we were to have 96 percent annual retention (which no organization can really achieve), we would still have one person departing every month,” Berman said.

“In an organization of our size and with our growth trajectory, modest turnover is actually very healthy for the business, and very natural,” Berman said. “In the majority of these cases at H.I.G., we are making the decision to make a change.”

H.I.G. has grown the San Francisco office from 13 employees three years ago to almost 30 today, Berman said. The office is home to investment professionals from H.I.G.’s private equity LBO and middle-market teams, as well as professionals from the firm’s credit group Whitehorse.

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