H.I.G has $66bn AUM across private equity, private credit, real assets, and has a specialized life sciences arm
December 5, 2024 (Preqin News) – Miami-headquartered private credit firm H.I.G. Bayside Capital has announced the final close of its latest European-focused special situations credit fund at $1bn.
H.I.G. Bayside Loan Opportunity Fund VII, the firm’s seventh in the series since 2006, raised $400mn less than its predecessor, which closed above target at $1.4bn in 2021. The firm’s European strategy invests primarily in senior secured stressed and special situations credit, targeting equity-like returns.
Globally, private credit fundraising has been relatively robust in 2024. Going into December, 156 funds had closed with aggregate capital raised of $187.3bn, 84% of the $221.0bn raised in 2023 – a run rate that points to 2024 ending with an increase in capital raised.
But the global picture masks stark regional differences. North America-focused funds have raised $137.0bn so far this year, 98% of the total raised for the region in 2023. Activity has been much more subdued for Europe-focused funds, where 60% of 2023’s total has been raised in 2024 YTD, and APAC, where 66% of the total has been raised so far this year.
Private debt fundraising by region, 2019–2024 YTD
Source: Preqin Pro. Data as of December 2024
H.I.G. Capital was co-founded in 1993 by Sami Mnaymneh, Executive Chairman, and current CEO Tony Tamer. The firm invests across private equity, private credit, real assets, and has a specialized life sciences arm. It currently has $66bn AUM and has invested in over 400 companies since inception.
The firm’s distressed debt and special situations funds are managed by H.I.G. Bayside Capital, which invests in business services, manufacturing, healthcare, retail, food/agriculture, and specialty finance.
H.I.G.’s direct lending arm, WhiteHorse Capital, has been the more active private credit operation this year completing six deals, according to Preqin data. Deals include Maine-based amusement facilities provider Ferris Music Service, financial data provider Altares, and US-based Mainely ATMs.
The firm announced last month that it had provided a £31mn ($39.5mn) facility to refinance the debt of Oliver James, an international recruitment and talent solutions provider.
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