HIG hits $1bn hard-cap for Fund V

The firm raised $250m more than its 2006 vintage predecessor fund and will continue HIG’s strategy of investing in lower mid-market businesses in the US.

Miami-based mid-market firm HIG Capital has closed its fifth flagship private equity fund on its $1 billion hard-cap.
 
HIG filed documents with the US Securities and Exchange Commission in January listing the fund’s target as $750 million and did not announce a first closing of the fund. 

HIG was unavailable for comment at press time. 

Fund V will continue HIG’s strategy of investing in lower mid-market businesses, primarily in the US. Investors in the fund include the Kentucky Teachers’ Retirement System and the Maine Public Employees Retirement System. Fund V follows the firm’s 2006 vintage Fund IV that closed on $750 million. 

In addition it its US-focused private equity funds, HIG also manages the $500 million HIG Growth Buyouts & Equity Fund II, a 2011 vintage that invests in both Western Europe and North America, and the  €600 million Europe-focused HIG Europe Capital Partners, a 2007 vintage.

Last October, the European arm of HIG acquired roughly a 50 percent stake in Vértice 360 Servicios Audiovisuales, a Spanish provider in audiovisual services, for €16 million. The deal marked the first investment made from the firm’s Madrid office, which opened in 2012. 

HIG has more than $11 billion of equity capital under management and invests in management-led buyouts and recapitalisations of manufacturing or service businesses.