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Laxman Pai, Opalesque Asia: Global alternative investment firm H.I.G. Capital raised $6 billion for its latest middle-market leveraged buyout fund, a figure that includes $450 million of co-investment capital, exceeding its original target.
The H.I.G. Middle Market LBO Fund IV will build on the team's deep-rooted track record by primarily making control equity investments in complex situations in U.S. middle market companies with asymmetric risk/reward profiles and a differentiated value proposition, said a press release from the Florida based investment firm with $58 billion of equity capital under management.
The firm initially targeted $5 billion for the vehicle, which was offered to new investors for the first time since the strategy was conceived for a 2008 fund. The previous fund in the series, H.I.G. Middle Market LBO Fund III, closed with $3.1 billion in commitments in 2019.
Fund IV was supported by H.I.G.'s long-standing investor base, and also welcomed new investors across the globe, in the U.S., Europe, Asia, the Middle East, and Latin America. The Fund's Limited Partners are a diverse and prestigious group of institutional investors including foundations, endowments, public and corporate pensions, consultants, sovereign wealth funds, and family offices.
Investors in the fund included the New York State Common Retirement Fund, Albany; Texas County & District Retirement System, Austin; and Ohio State Highway Patrol Retirement System, Columbus.
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