HIG Capital has closed its HIG Middle Market LBO Fund II on its $1.75 billion hard-cap, according to a statement.
Fund II launched last year with a $1.6 billion target, according to documents filed with the US Securities and Exchange Commission. The Maine Public Employees’ Retirement System committed $60 million to the fund, according to documents from the pension’s November 2013 board meeting. The Massachusetts Pension Reserves Investment Management Board also invested in Fund II, according to Private Equity International’s Research and Analytics division.
“We value the strong relationships we maintain with our existing investors, which enabled us to raise the fund quickly and resulted in the fund being significantly over-subscribed,” HIG co-founders Sami Mnaymneh and Anthony Tamer said in the statement.
HIG did not return a request for comment.
HIG Middle Market is an extension of HIG’s private equity business, which focuses on lower mid-market leveraged buyouts and growth equity investments in the business services, education, healthcare and specialty manufacturing sectors, primarily in the US.
HIG closed its fifth flagship fund in early 2013 on its $1 billion hard-cap. The firm also manages funds that invest in real estate, credit, lending and life sciences, according to its website.
HIG has more than $15 billion of capital under management. The was founded in 1993 by Mnaymneh and Tamer, who formerly worked at The Blackstone Group and Bain & Company, respectively. HIG opened its fifth European affiliate office in Milan earlier this month to focus on Italian investments, PEI reported.