HIG hit the market with its follow-up distressed loan fund, seeking $1 billion, according to a filing with the Securities and Exchange Commission. The new vehicle, HIG Bayside Loan Opportunity Fund II, has already received a $20 million commitment from the New Mexico Public Employees Retirement Association, according to sister publication Investment Management Weekly.

A call to HIG was not immediately returned by press time.

The new fund would complement the firm’s primary distressed debt vehicle, HIG Bayside Debt and LBO Fund II, which collected $3 billion in commitments two years ago. HIG also oversees traditional private equity vehicles, a venture capital fund and operates real estate and public securities affiliates, Cronus Capital and Brightpoint Capital, respectively.

HIG’s Bayside team is headed by John Bolduc and includes managing directors Jackson Craig, Tiffany Kosch, Appu Mundassery, Sean Ozbolt, and Lewis Schoenwetter. John Caple, formerly a principal with Bayside, recently left to join Comvest Group, according to a reports.

HIG formed Bayside in 2005 to allow the firm to pursue true distressed opportunities, with investments in secondary debt and both DIP and bridge loans.