HIG Bayside Capital, the distressed debt and special situation affiliate of HIG Capital (HIG), has held the final closing of HIG Bayside Loan Opportunity Fund V with aggregate capital commitments of USD1.5 billion, exceeding its target.
The Fund will continue HIG’s investment strategy of focusing on investments in small-cap, special situation credit opportunities in Europe. With offices in London, Hamburg, Madrid, Milan and Paris, HIG Capital believes it has the largest platform in Europe focusing on investing in the lower end of the capital markets.
Sami Mnaymneh and Tony Tamer, Co-CEOs of HIG, says: “We are delighted with the strong response by our limited partners, which reflects their confidence in the capability of our team and our differentiated strategy.”
John Bolduc, Executive Managing Director and head of HIG Bayside Capital, says: “Economic conditions in Europe remain challenging, especially for smaller businesses. Our pan-European credit team is well positioned to address this need and capitalise on the compelling investment opportunities available in the European credit markets. We have already committed 38 per cent of the Fund in European special situation opportunities.”
Jordan Peer, Head of HIG Capital Formation, adds: “The Fund received strong global support in North America, Europe and Asia from institutional investors including consultants, endowment, foundations, sovereign wealth funds, financial institutions and public and corporate pensions. We are grateful for these long-standing partners for their commitment to multiple HIG Bayside strategies, globally.”