H.I.G. Capital closes mid-market LBO fund at $1.75 bln hard cap

Firm: H.I.G. Capital LLC

Fund: H.I.G. Middle Market LBO Fund II

Target: $1.6 billion

Amount Raised: $1.75 billion

The Miami firm had set a $1.6 billion target for the pool, H.I.G. Middle Market LBO Fund II, according to an SEC filing in December. Executives of H.I.G. Capital did not respond by deadline to calls from Buyouts seeking comment.

The mid-market fund had been expected to meet strong investor demand. One executive at a private equity investment firm told Buyouts in December that it might be “one and done,” meaning wrapped up with a single close.

Known Investors in H.I.G. Capital funds have included the Fire and Police Pension Association of Colorado, the Iowa Public Employees’ Retirement System, the Maine Public Employees Retirement System, the Massachusetts Pension Reserves Investment Management Board, the Public Employees Retirement Association of New Mexico, the Pennsylvania State Employees’ Retirement System, the New Jersey Division of Investment and the University of Texas Investment Management Company, according to the Thomson One private equity database.

H.I.G. Capital was founded in 1993 by Sami Mnaymneh, formerly a managing director at The Blackstone Group and Tony Tamer, previously a partner at Bain & Company. The firm originally focused on mid-market buyouts, but it has diversified over time into a range of alternative investments.

With more than $15 billion of equity capital under management, H.I.G. Capital is currently investing out of dedicated funds focused on mid-market buyouts, growth equity, Europe, distressed debt and biotech.