Miami Shop Eyes $450 Million for Growth Buyouts

H.I.G. Capital LLC is raising a new fund that appears to be pursuing a hybrid growth equity and buyouts strategy.

The Miami-based firm is seeking $450 million for the fund, called H.I.G. Growth Buyouts & Equity Fund II LP, according to a recent regulatory filing.

H.I.G. Capital, with more than $8.5 billion under management, is among the most prolific, if quieter, private equity firms in the business. The firm manages several funds that target investments across the private equity spectrum, including buyouts, growth equity, turnarounds, distressed debt, life sciences, real estate, and venture capital. It has more than 200 investment professionals located in several U.S. offices as well as outposts in London, Hamburg and Paris.

H.I.G. Capital was the second-most active private equity firms in the first quarter of the year, according to data from Thomson Reuters, publisher of Buyouts. The firm executed at least six deals, four of which were carve-outs, including its $180 million acquisition of Cytec Industries Inc.’s building block chemicals business.

Executives at H.I.G. Capital did not return immediately a call to request a comment, although the firm rarely comments in the media.

The minimum investment for the Growth Buyouts & Equity Fund is $5 million, according to the filing. It does not appear that the firm has hired a placement agent for the fund.

Past investors in H.I.G. Capital funds have included the Fire and Police Pension Association of Colorado, the Iowa Public Employees’ Retirement System, and the New Mexico Public Employees Retirement Association, according to Thomson One, a data resource run by Thomson Reuters.