HIG raises $300m venture fund

HIG Ventures, an affiliate of Miami-based private equity firm HIG Capital, announced today a first closing of $250 million (€191 million) on its second venture capital fund, HIG Venture Partners II, which will focus on early stage investments in the Southeast. The firm expects an additional $50 million to close in the next few weeks, bringing the total fund commitments to $300 million.

The first fund, HIG Venture Partners, closed in 1999 on $250 million and focused on the information technology and life sciences industries. HIG Venture Partners II, which wrapped up fundraising in less than three months, will follow its predecessor’s investment focus.

According to HIG co-founders and managing partners Tony Tamer and Sami Mnaymneh, HIG Ventures, with offices in Miami and Atlanta, is one of the most active venture capital investors in the Southeastern US. Since HIG was founded in 1993, the firm has completed more than 50 early stage investments.

HIG Capital has more than $2 billion of equity under management and is currently investing its third fund, HIG Capital Partners III, which closed on $450 million in 2002. In June 2004, HIG affiliate Bayside Opportunity Fund, a special situations fund, held a final closing with total commitments of $500 million.