H.I.G. Bayside Capital announced Wednesday the close of H.I.G. Bayside Loan Opportunity Fund IV at $1.1 billion, surpassing its $1 billion target.
The fund will seek out small-cap special situation credit opportunities in the U.S., said H.I.G. Bayside Capital, the distressed debt and special situation arm of H.I.G. Capital, in a news release.
Portfolio investments have been made, a spokesman said. She declined to provide additional information.
Investors in H.I.G. Bayside Loan Opportunity Fund IV include the $26 billion Pennsylvania State Employees' Retirement System, Harrisburg; $24 billion Texas Municipal Retirement System, Austin; and $12.3 billion Maine Public Employees Retirement System, Augusta.
H.I.G. Bayside Loan Opportunity Fund III, a European-focused fund, closed in 2013 above its $1 billion fundraising target, according to a 2013 H.I.G. news release.