Miami-based private equity and credit group H.I.G. Capital has hired Giuseppe Mirante from BNP Paribas as managing director in its Bayside Capital arm to focus on distressed debt investments in Europe.
Mirante, who has some 15 years of distressed debt experience, joins the $19 billion credit and private equity manager from French bank BNP Paribas, where he was head of distressed and loan research. Prior to that role, he was a managing director at Cyrus Capital and a senior analyst at Trafalgar Asset Managers. He also co-founded and ran advisory company Tigon Capital.
Mirante will join the Bayside team in London, concentrating on distressed debt opportunities. “He is a very experienced, international distressed debt investor who significantly augments the expertise and capabilities of our team. I am confident he will play an instrumental role in growing H.I.G.’s distressed debt activities,” said executive managing director John Bolduc.
The appointment follows the recent departure of managing director Lionel Laurant to US asset manager PIMCO, which is looking to boost its distressed investment capacity in Europe.
The firm has been an active investor in Europe as banks have disposed of non-performing loan portfolios – primarily in the real estate sector – to meet tough new capital requirements. The group was the first to secure a deal with Spain’s bad bank Sareb in 2013 for a €100 million residential portfolio. It has also sealed four non-performing debt and equity deals in Italy, among a string of investment across the continent.
H.I.G.’s Bayside Capital division manages some $7 billion of assets globally and typically invests between $10 million and $100 million in deals. The group invests in both distressed deals for restructuring, as well as fixed income trades in both public and private non-investment grade securities on secondary loan markets.