HIG targets distressed debt

US buyout firm HIG Capital and its debt affiliate Bayside Capital have appointed a new managing director who will lead the European distressed debt activities of Bayside.

Based in London, Appu Mundassery was a partner and senior portfolio manager at Highland Capital where he was head of the London office before he joined HIG.

Bayside currently manages in excess of US$3.5bn of capital focused on distressed opportunities including primary lending, secondary debt trading, new money equity fundings, and rescue financings in bankruptcies and insolvencies.