H.I.G. Capital, LLC announced the successful closing of H.I.G. BioVentures II, L.P. (the “Fund”). The Fund held its final closing on March 28, 2012, and was over-subscribed with total aggregate commitments of $268 million, exceeding its $250 million target. The funds were raised entirely from limited partners specific to H.I.G. BioVentures II, including a diverse group of top-tier global investors, including public and private pension funds, foundations, funds of funds, and large private family wealth managers.
The Fund will make venture capital investments in innovative, product development focused healthcare companies located throughout North America. The Fund will invest in a broad range of sectors and development stages, with a focus on pharmaceuticals, medical devices, and diagnostics.
H.I.G. believes the healthcare sector remains highly attractive as a non-discretionary expenditure resistant to economic downturns. Revenues for pharmaceutical, medical device, and diagnostics companies will continue to increase, as they drive more efficient healthcare delivery to an aging population with a growing landscape of significant unmet medical needs.
“We are very pleased with this fund, which we believe is the appropriate size to execute our strategy,” said Aaron Davidson, Managing Director of H.I.G. BioVentures. “We are seeing more and higher quality deal flow in the healthcare sector today than at any time in our history. The most effective way to meet the demands of today’s evolving and challenging healthcare market is through innovative products that provide significant patient benefit on a cost-effective basis.”
H.I.G. BioVentures II will follow the same proven strategy as its predecessor fund, investing in product development and commercial companies with capital efficient business models. “We are seeking companies with well-defined products and viable business models, including clinical/regulatory, reimbursement, and go-to-market strategies,” said Bruce Robertson, Managing Director of H.I.G. BioVentures.
H.I.G. BioVentures is led by Managing Directors Aaron Davidson, Bruce Robertson, and Michael Wasserman. H.I.G. BioVentures is the dedicated life-science investment affiliate of H.I.G Capital, a leading global private equity investment firm with more than $8.5 billion of equity capital under management. H.I.G. BioVentures invests in a broad range of life sciences opportunities across sectors and stages, principally in companies developing therapeutic drugs, medical devices, and diagnostics for significant unmet medical needs. With approximately $400 million in committed capital, H.I.G. BioVentures invests approximately $3 million to $40 million per company over the life of an investment.