HIG Bayside Loan Opportunity Fund II closed with $1.1 billion, exceeding by $100 million the goal it had set for itself in a May filing with the Securities and Exchange Commission.

The fund closed on July 30, according to a statement from HIG. HIG formed Bayside in 2005 to pursue distressed investments via secondary debt, debtor-in-possession loans, and bridge loans.

According to a statement from HIG, the new fund will invest in non-control loan obligations of stressed and distressed companies in the US and Europe. It is designed to complement Bayside Debt & LBO Fund II, a $3 billion vehicle that closed in 2008 that continues to make control buys.

John Bolduc will oversee the new vehicle. Among the fund’s limited partners is the New Mexico Public Employees Retirement Association, which contributed a $20 million commitment.

Prior HIG fund subscribers include Allianz AG, Credit Suisse First Boston, Deutsche Bank, GE Capital, Goldman Sachs, Liberty Mutual, the Massachusetts Institute of Technology, Morgan Stanley, PNC Equity Management, Rho Capital Partners and Yale University.

It has been a busy year for HIG, which has made numerous deals from its other funds.

It backed commercial finance company First Capital in a $139 million investment with co-investors Morgan Stanley Alternative Investment Partners and JPMorgan Asset Management; bought Excel Homes’ assets and replaced its CEO; acquired Expert Corp. through its Stant Corp. platform and sold Harvard Drug Group to Court Square Capital Partners.

Calls seeking comment were not acknowledged by press time.