- Series of departures in the past few years
- Firm is raising fourth distressed debt fund
- LP: Some team turnover is to be expected
John Bolduc, who leads H.I.G. Capital’s credit platform, which includes Bayside Capital and H.I.G. Whitehorse, did not respond to a request for comment.
It is not clear when Robbins started at H.I.G. Bayside. Prior to Bayside, he worked at credit firm GSC Group from its inception in 1999, according to his online biography. It also is not clear if Robbins is taking another job somewhere else.
Robbins is one of a group of managing directors who have left the firm in the last few years, sister website peHUB reported. Other executives include Sean Ozbolt, who left Bayside in May after nine years; Tiffany Kosch, who left in 2012; and Lewis Schoenwetter, a former managing director at Bayside who moved to H.I.G. Whitehorse.
The status of Appu Mundassery is uncertain. Mundassery once led Bayside’s European activities, but is no longer listed on H.I.G.’s website, though his LinkedIn profile shows he continues to work at Bayside. Tim Eichenlaub worked as a managing director at Bayside for about a year in 2010 and 2011 before he left, according to his LinkedIn profile.
The current managing director group includes Jackson Craig, Ahmed Hamdani, Lionel Laurant, Duncan Priston, Adam Schimel, Sensu Serpen and Paul Triggiani.
The group is in the market raising its H.I.G. Bayside Loan Opportunity Fund IV, targeting $1 billion, peHUB reported recently. The fund will invest in the senior debt of distressed smaller companies in the United States that are expected to undergo restructuring, according to an investment memo from the Maine Public Employees’ Retirement System.
Bayside raised more than $1 billion for its third loan opportunity fund, which focuses on Europe and closed last year, and $1.1 billion for its second loan opportunity fund in 2010. Fund II was generating a 1.05x multiple as of Dec. 31, 2013, according to performance information from the Texas County & District Retirement System. Fund III was producing a 0.99x multiple as of the same date, according to the pension system.
Maine made reference to the managing director departures in the investment memo as an area of concern, but said some team turnover is to be expected.
“H.I.G. has 59 managing directors in the firm, with approximately nine in the Bayside platform. H.I.G. is an organization driven primarily by the senior managing directors. While turnover at the more junior managing director level is not desired, it is not as impactful at H.I.G. as it might be at other organizations,” according to the Maine investment memo.
Chris Witkowsky is editor of peHUB.