H.I.G. Bayside Capital, the distressed debt and special situation affiliate of H.I.G. Capital, closed H.I.G. Bayside Loan Opportunity Fund VI. The fund closed with aggregate capital commitments of $1.4 billion, exceeding its target.

“The fund will continue H.I.G.’s successful investment strategy of focusing on investments in U.S. small and midcap special situation credit opportunities,” Sami Mnaymneh and Tony Tamer, co-CEOs of H.I.G. Capital, said in a joint statement. “We are thrilled with the strong response by our limited partners, which reflects their confidence in the capabilities of our team and our differentiated approach.”

“Economic conditions remain challenging, especially for smaller businesses,” John Bolduc, executive managing director and head of H.I.G. Credit, said. “Our credit team is well positioned to address this need and capitalize on the compelling investment opportunities available. The fund began investing in 2020 against the backdrop of the COVID-19 pandemic and is already approximately 25% invested.”

“The fund received strong global support in North America, Europe and Asia from a prestigious and diverse institutional investor base, including consultants, endowments, foundations, sovereign wealth funds, financial institutions, and public and corporate pensions,” Jordan Peer, global head of H.I.G. Capital Formation, said.

H.I.G. Capital is a global private equity and alternative assets investment firm with more than $43 billion of equity capital under management.