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Laxman Pai, Opalesque Asia: H.I.G. Capital, alternative assets investment firm with over $31bn of equity capital under management, said that its distressed debt and special situation affiliate H.I.G. Bayside Capital closed its latest special situations credit fund, H.I.G. Bayside Loan Opportunity Fund V.
The fund closed on $1.5bn in commitments, exceeding its target. Fund V will focus on investments in small-cap, special situation credit opportunities in Europe.
The Fund will continue H.I.G.'s successful investment strategy of focusing on investments in small-cap, special situation credit opportunities in Europe. With offices in London, Hamburg, Madrid, Milan and Paris, H.I.G. Capital believes it has the largest platform in Europe focusing on investing in the lower end of the capital markets.
Sami Mnaymneh and Tony Tamer, Co-CEOs of H.I.G., said: "We are delighted with the strong response by our limited partners, which reflects their confidence in the capability of our team and our differentiated strategy."
John Bolduc, Executive Managing Director and head of H.I.G. Bayside Capital, stated: "Economic conditions in Europe remain challenging, especially for smaller businesses. Our pan-European credit team is well positioned to address this need and capitalize on the compelling investment opportunities available in the European credit markets. We have already committed 38% of the Fund in European special situation opportunities."
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