H.I.G. Capital closed its latest European lower middle-market fund, H.I.G. Europe Capital Partners III at €1.1 billion ($1.3 billion), above its target of €1 billion, a spokesman said.
The private equity fund invests in opportunities in lower middle-market companies in Western Europe.
Investors in the fund included the $83.8 billion Virginia Retirement System, Richmond, which committed €45 million.
Predecessor funds H.I.G. Europe Capital Partners II and H.I.G. Europe Capital Partners I closed in 2014 at €825 million and in 2007 at €600 million, respectively.