Bayside rounds up $1bn for European debt

The HIG Capital credit affiliate's third European fund will tap into both primary and secondary markets in targeting SME debt.

HIG Capital’s debt arm, Bayside Capital, has held a final close for its latest Europe-focused fund on more than $1 billion, the firm confirmed in a statement.

Fundraising is understood to have begun earlier this year, although the firm declined to comment on the exact launch date.

“HIG Bayside Loan Opportunity Fund III (Europe)” will invest in the debt of small to medium-sized companies in Europe. It has a flexible mandate that allows it to invest in both existing loans via the secondary market and also newly-originated primary loans.

Bayside’s previous vehicle, HIG Bayside Loan Opportunity Fund II, raised $1.1 billion in 2010. Investors in that vehicle included Swedish pension fund AP Fonden 2, the Irish National Pensions Reserve Fund (NPRF), Maine Public Employees Retirement System, New Zealanda Superannuation Fund, Texas County and District Retirement System, and the Fire and Police Pension Association of Colorado. It was unclear at press time as to whether those LPs had re-upped for the new fund.

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