Fund III will make investments in middle market companies primarily in North America, following the strategy set by the firm’s prior mid-market LBO funds, the last of which closed in February 2014. H.I.G. Middle Market LBO Fund II closed at $1.75 billion after targeting $1.5 billion.
LPs committed to the fund include consultants, family offices, endowments, foundations, public and corporate pensions, and sovereign wealth funds from Asia, Europe, the Middle East and the US.
The Virginia Retirement System committed $90 million, the Maine Public Employees Retirement System committed $45 million, Cathay Life Insurance committed $25 million, Taiwan Life Insurance committed $25 million, the Oklahoma State Regents For Higher Education committed $7 million and Private Equity Holding AG committed $5 million, according to PEI data.