H.I.G. Bayside Capital, an affiliate of private equity firm H.I.G. Capital, has closed H.I.G. Bayside Loan Opportunity Fund II, a special situation loan fund focused on distressed transactions.
The fund closed on 30 July 2010 and has total aggregate commitments of USD1.1bn, exceeding its USD1bn target.
The fund will have a broad investment mandate to invest in non-control loan obligations of stressed and distressed companies in the US and Europe, including the ability to provide liquidity to troubled companies and to acquire the debt obligations of such companies.
The fund complements Bayside Capital’s existing distressed investment vehicle, H.I.G. Bayside Debt & LBO Fund II, a USD3bn fund closed in 2008, which continues to be active and is focused primarily on control investments.