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    H.I.G. WhiteHorse Raises $5.9 Billion for Middle Market Lending Fund IV

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    By The FINANCIAL

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    H.I.G. WhiteHorse Raises $5.9 Billion for Middle Market Lending Fund IV

    H.I.G. Capital’s credit affiliate, H.I.G. WhiteHorse, has completed the final close of H.I.G. WhiteHorse Middle Market Lending Fund IV with $5.9 billion in investor commitments. The August 2025 close represents the largest direct lending vehicle in the firm’s history.

    The fund will provide financing solutions to U.S. middle-market companies, including both sponsor-backed and non-sponsor borrowers. Investor demand exceeded the original fundraising target, reflecting ongoing appetite for private credit strategies that emphasize downside protection and recurring yield.

    Credit Platform Expansion

    H.I.G. has steadily expanded its WhiteHorse platform over the past decade, positioning itself as one of the largest and most active credit investors in the middle market. With the close of Fund IV, WhiteHorse will continue to focus on senior secured loans and customized capital structures designed to meet the needs of mid-sized borrowers.

    In announcing the fund close, Executive Chairman and Co-CEO Sami Mnaymneh and Executive Chairman and Co-CEO Tony Tamer said H.I.G. remains disciplined in maintaining its middle-market focus. They noted that WhiteHorse is “an established leader” in this segment and expressed confidence that the firm’s approach, targeting both sponsor and non-sponsor borrowers, “will continue to set us apart in this space.”

    Broader Fundraising Momentum

    The WhiteHorse IV close follows other recent milestones for H.I.G. Capital. In October 2024, the firm raised $2 billion for H.I.G. Capital Partners VII, its U.S. lower middle-market equity fund, which was significantly oversubscribed. In July 2024, H.I.G. also closed H.I.G. Europe Realty Partners III with $1.3 billion, targeting real estate opportunities in markets such as the U.K. and Germany.

    Together, these fundraises highlight the firm’s ability to raise capital across multiple strategies despite a competitive fundraising environment. As of 2025, H.I.G. manages approximately $70 billion in assets and has invested in or managed more than 400 companies since its founding in 1993. Its current portfolio of over 100 companies generates more than $53 billion in combined revenue.

    Strategic Developments

    H.I.G. has continued to diversify its platform beyond fundraising. In August 2025, the firm launched a GP Solutions initiative to pursue GP-led continuation and secondaries transactions, with a dedicated fundraise expected in early 2026. The platform is designed to provide additional liquidity options for investors and extend ownership of high-performing portfolio companies.

    The firm has also remained active in transactions, including the July 2025 sale of a majority stake in jewelry brand The GLD Shop, which more than doubled revenue during H.I.G.’s investment period, and the acquisition of Canadian fuel services business 4Refuel in a deal valued at up to CAD 400 million.

    Global Platform

    Headquartered in Miami, H.I.G. Capital operates from offices across North America, Europe, and Latin America. The firm employs more than 600 investment professionals and continues to pursue a multi-strategy approach while retaining its emphasis on middle-market opportunities.

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