H.I.G. Growth Nabs $500M For Fund II

Firm: H.I.G. Growth Partners

Fund: H.I.G. Growth Buyouts & Equity Fund II LP

Amount Raised: $500 Million

Placement Agent: None

Multi-strategy private equity firm H.I.G. Capital LLC announced that it has closed its second growth equity fund at its $500 million cap.

The new fund, H.I.G. Growth Buyouts & Equity Fund II LP, will be managed by the Miami firm’s Boston-based H.I.G. Growth Partners arm and will focus on growth oriented small-capitalization businesses in North America and Europe, according to a press release.

The fund will invest in industries including business services, health care, tech-enabled businesses, interactive media and industrial technology, the release said.

H.I.G. Growth Partners typically invests $5 million to $30 million a given company. It targets profitable businesses with $10 million to $100 million in revenues, according to the firm’s Web site. H.I.G. Growth Partners did not pay fees to a placement agent to raise the new fund, according to a regulatory filing. In an earlier filing, in April, the firm disclosed its $450 million first close on the fund.

Portfolio companies have been active making add-on acquisitions this year. One, Batanga Inc., a digital media company serving the U.S. Hispanic and Latin American markets, announced in June that it had acquired two Latin American online media companies, Adfunky and I-Network.

Another portfolio company, National Asset Recovery Services Inc., announced in April that it had acquired Integrity Financial Partners, another provider of third-party debt collection services.

H.I.G. Capital, which overall has $8.5 billion of capital under management, has raised funds with a variety of approaches since its founding in 1993, including buyouts, growth equity, Europe-focused, bio-sciences, venture capital, turnaround and distressed debt, according to the Thomson One database.