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Laxman Pai, Opalesque Asia:

The global alternative asset management firm HIG Capital has held a final close for HIG Europe Capital Partners III, its European lower-mid-market fund, on €1.1bn ($1.3 billion).

The vehicle started fundraising at the beginning of July with a €1bn target. The fund is larger than its predecessor, which closed on €825m in July 2013, exceeding its €760m target.

"The Fund will continue the successful strategy of its two predecessor funds, by making private equity investments in lower middle-market companies, primarily in Western Europe," said a press release from the alternative assets investment firm with $42 billion of equity capital under management.

Sami Mnaymneh and Tony Tamer, H.I.G. Co-Founders and Co-CEOs, said: "We are delighted with the continued support from our limited partner base, which reflects their confidence in the capability of our European team and our differentiated investment approach."

Investors in the fund included the $83.8 billion Virginia Retirement System, Richmond, which committed €45 million.

Wolfgang Biedermann, Head of H.I.G. Europe Buyouts, said: "The team is excited to build upon H.I.G.'s successful European lower middle market strategy. The current economic environment in Europe leaves us well-positioned to target control investments in complex situations and/or undermanaged lower middle-market companies."

Jordan Peer, Managing Director and Global Head of H.I.G. Capital Formation, said: "The......................

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