The new fund will target mid-market in North America.

H.I.G. Capital, the Miami buyout shop, has raised more than $3 billion for its new LBO fund. In less than four months, the firm completed a raise for its H.I.G. Middle Market LBO Fund III. It reached its target in fewer than four months, a sign that investors are continuing the migration to alternatives.

“The team is excited to build upon H.I.G.’s successful middle-market strategy with this latest fund,” said Rick Rosen, Head of H.I.G. Middle Market. “We will continue to target control investments in complex situations and/or undermanaged middle-market companies. H.I.G.’s scale and operational expertise continue to create a meaningful competitive advantage for us.”

The New H.I.G. Capital Fund

According to a statement, the new fund will center around mid-market companies and focus on North America. The private equity shop received significant interest from its existing and new partners.

“Commitments were received from a prestigious and diverse institutional investor base, including foundations, endowments, public and corporate pensions, consultants, sovereign wealth funds, and family offices across the U.S., Europe, Asia, and the Middle East,” said Jordan Peer, Head of H.I.G. Capital Formation. 

Investors include the $14.9 billion Augusta-based Maine Public Employees’ Retirement System. In addition, the firm received commitments from the Virginia Retirement System, Richmond; and the Texas County & District Retirement System, Austin.

“We are pleased with the level of support received from our investors, reflecting the performance of the H.I.G. Middle Market team and its differentiated investment approach,” said Sami Mnaymneh and Tony Tamer, Founders and Co-CEOs of H.I.G.

Related: Illinois Teachers’ Retirement System Bets Big on Alternatives