HIG WhiteHorse closes two funds on $1.1 billion

The affiliate has already invested in 12 transactions from the strategy.

WhiteHorse has raised a total of $1.1 billion for a two senior debt vehicles, the asset manager said on Wednesday.

The credit platform of the Miami-based H.I.G. Capital closed H.I.G. WhiteHorse Direct Lending Fund and H.I.G. WhiteHorse Loan Fund,  which provide senior secured financing to companies with and without private equity sponsors, according to a statement.

Sami Mnaymneh and Tony Tamer, co-chief executive officers at H.I.G. Capital, said in the statement that its credit-focused affiliate has already invested in 12 transactions from the from the two funds, though additional details on the investments were not disclosed.

The firm was not immediately available to comment further.

The senior-focused funds will provide value-add debt financing to small and mid-cap companies, the statement read. The firm has originators operating in nine cities in the US – including gateway markets of New York, Chicago, Los Angeles and Miami.

Both funds launched in June 2016 with  each initially offering $400 million , filings with the US Securities and Exchange Commission showed.

Investors to both funds include foundations, endowments, sovereign wealth funds, family offices, and public pensions, the statement read. The Ohio Highway Patrol Retirement System approved a $40 million mandate to the direct lending fund in December, according to a pension plan document. The Alaska Permanent Fund Corporation also committed $50 million to the vehicle. 

H.I.G. WhiteHorse is also currently investing a $150 million senior debt mandate with the Texas Municipal Retirement System, according to Private Debt Investor data.

On top of senior debt, H.I.G. WhiteHorse also has unitranche, junior debt, collateralised loan obligation strategies and a public business development company WhiteHorse Finance. H.I.G. Whitehorse’s credit facilities typically range from €10 to €80 million for companies with revenues of €30 million or more.

H.I.G. Capital has over $21 billion of equity capital under management in both the US and Europe.