H.I.G. Capital Launches Secondaries Platform While Expanding Global Investment Footprint

Miami-headquartered investment firm H.I.G. Capital has entered the GP-led secondaries market through a new platform launch, while simultaneously expanding its international presence across Europe and other global markets. The moves position the $70 billion alternative investment manager to capitalize on growing demand for liquidity solutions and cross-border deal flow.

The firm recruited four senior executives from Morgan Stanley’s private equity secondaries unit to lead its new GP Solutions Platform. Dan Wieder joins as Managing Director alongside Managing Director Yash Gupta and Principals Austin Gerber and Joe Holleran, bringing nearly five decades of combined experience in secondaries investing.

“We are thrilled to welcome Dan and this seasoned team to H.I.G.,” said Rick Rosen, Co-President of H.I.G. Capital. “Their collective expertise, proven investment acumen, and entrepreneurial mindset are highly complementary to our platform.”

Secondaries Market Entry Targets Middle Market Gap

The new secondaries fund will focus on GP-led transactions, providing investors access to seasoned assets with shorter durations compared to traditional primary funds. H.I.G. aims to differentiate its approach by targeting middle market opportunities across geographies and sectors, leveraging the firm’s extensive origination network and underwriting capabilities.

GP-led transactions have gained prominence as sponsors seek flexible solutions for monetizing portfolio assets amid constrained traditional exit markets. According to Jefferies data, GP-led exits rose 19% in the first half of 2025, reflecting heightened demand for alternative liquidity paths as M&A and IPO markets remain subdued.

The secondaries platform represents H.I.G.’s latest expansion beyond traditional private equity. The firm already operates multiple investment strategies including growth equity, real estate, direct lending, infrastructure, and debt investments across global markets.

“We believe our secondaries effort will be an exciting and scalable business over the coming years, which aligns seamlessly with our middle market, value-add investment strategy,” Rosen added.

European Infrastructure and Real Estate Investments

H.I.G.’s European operations have accelerated deal activity across infrastructure and real estate sectors. The firm’s infrastructure arm acquired a controlling interest in Fluo Group, a Finnish waste management and recycling platform operating across the circular economy value chain.

“The waste management industry across Finland and the broader Nordic region is undergoing transformation driven by the move to a circular economy,” said Andrew Liau, Head of Europe Infrastructure at H.I.G. “We see potential to grow the business in new waste streams and to consolidate the market both locally and internationally.”

Real estate investments have focused on specialized property types with growth potential. H.I.G. Realty acquired Radio House and St. Andrew’s House, an 85,000-square-foot innovation campus in Cambridge, UK, targeting technology and life sciences companies. The BREEAM ‘Excellent’ rated property represents investment in high-growth sectors within Europe’s premier tech hub.

The firm also completed strategic partnerships in London’s life sciences sector. H.I.G. signed an agreement with Queen Mary BioEnterprises Innovation Centre to develop 40,000 square feet of incubator space in Whitechapel, supporting the creation of a world-class life sciences cluster.

H.I.G. Capital’s Global Transaction Activity

Cross-border deal flow has increased across H.I.G.’s investment platforms. The firm acquired German machine tool manufacturer HELLER Group through its European operations, partnering with the founding family to facilitate transformation initiatives. HELLER employs over 2,600 people across five production facilities in Europe, Asia, North America, and South America.

“We are pleased to have found an ideal partner in H.I.G. to jointly secure a prosperous future for our Company,” said Nicole Pfleiderer and Marc Heller, fourth-generation family members. “H.I.G.’s distinguished track record, expertise in the engineering sector, and expansive global network will provide advantages to the Company.”

North American acquisitions have targeted specialized service providers with regional market positions. H.I.G. completed the acquisition of 4Refuel, a mobile on-site refueling services provider based near Toronto, for up to CAD 400 million from Finning International. Founded in 1995, 4Refuel serves over 3,000 customers across Canada with a growing presence in Texas.

The firm also acquired ITH Group, a UK provider of aseptic pharmaceutical compounding services, in partnership with founders Adam Bloom and Karen Hamling. ITH prepares injectable medications for patients with specialized medical needs, holding market-leading positions in chemotherapy and nutrition services.

Fund Raising and Capital Deployment

H.I.G. WhiteHorse closed its Middle Market Lending Fund IV with $5.9 billion in assets, marking continued growth in the firm’s direct lending capabilities. The fund targets senior secured loans to companies with EBITDA between $30 million and $100 million, serving both sponsor and non-sponsor borrowers.

“Fund IV attracted a diverse group of limited partners seeking differentiated deal flow coupled with rigorous credit underwriting,” said Jordan Peer Griffin, Executive Managing Director and Global Head of Capital Formation.

The lending platform has deployed approximately $18 billion across 285 middle market companies since inception. H.I.G. WhiteHorse focuses on senior secured floating rate loans with conservative loan-to-value ratios and bespoke terms tailored to borrower needs.

Investment Strategy and Market Positioning

H.I.G.’s investment approach emphasizes operational value creation through management team partnerships and hands-on involvement in portfolio company development. The firm operates from 19 offices globally, enabling direct relationships with management teams and local market knowledge across diverse geographies.

“H.I.G.’s mission is to work closely with our portfolio companies to generate superior investment returns,” said Sami Mnaymneh, Founder, Executive Chairman, and CEO. “Our hands-on expertise and values-driven culture give us a powerful competitive advantage.”

Recent exits demonstrate the firm’s ability to generate returns across market cycles and sectors. H.I.G. completed the sale of EYSA Group, a Spanish smart mobility solutions provider, to Tikehau Investment Management after more than doubling the company’s EBITDA during ownership. The infrastructure investment showcased H.I.G.’s ability to transform regional operators into global platforms.

The firm also sold its majority stake in The GLD Shop, a Miami-based jewelry and lifestyle brand, to MarcyPen Capital Partners while retaining a minority interest. GLD grew revenue by more than 130% over four years under H.I.G.’s ownership, demonstrating the firm’s capability in consumer brand development.

Market observers note H.I.G.’s consistent focus on middle market investments across economic cycles. The firm’s diversified platform enables capital deployment across various asset classes and geographies while maintaining sector expertise in key industries including healthcare, technology, business services, and manufacturing.

Since founding in 1993, H.I.G. has invested in more than 400 companies worldwide. Current portfolio companies generate combined sales exceeding $53 billion across industries and geographies, reflecting the firm’s global investment capabilities and operational expertise in middle market value creation.