H.I.G. WhiteHorse SMA (Yosemite) Reports $1.15 Billion Sold to One Investor, a Sale Dated July 2025

H.I.G. WhiteHorse SMA (Yosemite), L.P. filed an amended Form D on October 23, 2026 reporting $1,150,000,000 of interests sold to one investor, against an offering of the same amount. Its only earlier notice, filed July 3, 2025, reported nothing sold, a first sale yet to occur and an indefinite offering amount. The amendment dates the first sale to July 7, 2025, four days after that notice. The amendment reports cumulative sales, with the first sale dated July 2025; it does not establish when cash was contributed. A Form D's date of first sale is the date the first investor became irrevocably committed to invest, not necessarily the date money arrived.

What the filing shows

The issuer is a Delaware limited partnership at 1450 Brickell Avenue in Miami, H.I.G. Capital's address. It describes itself as a pooled investment fund, chooses 'private equity fund' among Form D's fund types, relies on Rule 506(b) and claims the Section 3(c)(7) exclusion, which limits its investors to qualified purchasers. The minimum investment is $0, no commissions or finders' fees are reported, and the notice reports no non-accredited investors. The related persons are Sami Mnaymneh and Anthony Tamer, each Co-President and Director of the general partner of the issuer's general partner, and Richard Siegel, Vice President and General Counsel of that entity, who signed both notices.

Rule 503 requires an annual amendment by the anniversary of the most recent notice only while an offering continues. Whether this amendment was overdue cannot be determined from the filings: it came about three and a half months after the July 3, 2026 anniversary, and neither notice says whether the offering was still open on that date.

Background

The name ties the vehicle to H.I.G. WhiteHorse, the direct lending affiliate of H.I.G. Capital, and 'SMA' commonly stands for a separately managed account built for one institution. EDGAR lists Yosemite as a co-applicant on an application for SEC exemptive relief filed August 25, 2025 and amended February 23, 2026, in which WhiteHorse Finance, Inc., H.I.G.'s publicly traded business development company, its adviser H.I.G. WhiteHorse Advisers, LLC and affiliates ask for an order under Sections 17(d) and 57(i) of the Investment Company Act and Rule 17d-1 permitting the BDC to invest alongside affiliated funds. The amended application lists Yosemite among 21 existing affiliated funds that would be investment companies but for Section 3(c)(7), and says those funds are advised by H.I.G. Capital, LLC or H.I.G. IMA Advisors, LLC; it does not say which advises Yosemite.

On August 12, 2025, five weeks after Yosemite's first sale, H.I.G. announced the final close of H.I.G. WhiteHorse Middle Market Lending Fund IV with '$5.9 billion of assets,' a figure its footnote says 'Reflects total investable assets, including equity commitments in related vehicles and expected leverage.' The release does not name the related vehicles, and the Form D does not say whether Yosemite is one of them.

The pattern in AltStreet's data

AltStreet had no profile for this CIK. The amendment was flagged as a large raise because the amount sold moved from $0 to $1.15 billion, but the move spans fifteen months between notices and reports cumulative sales with a first sale dated July 2025. It is not evidence of new money in October 2026.

Why it matters

The amendment is the first public figure for this account: $1.15 billion from one investor in an H.I.G. direct lending vehicle. It also shows how Form D timing works for private funds. A notice filed before the first sale can show nothing sold, and the amount first appears when the issuer next amends, which for a continuing offering can be a year or more later. Readers of Form D data should date such amounts by the date of first sale and the notices on either side, not by the amendment's filing date.

What the filing does not show

The notice does not identify the investor, the strategy, the adviser of record or the fees, and does not say whether the $1.15 billion is committed capital or money drawn. It does not say whether the account invests alongside Fund IV or WhiteHorse Finance; the co-investment link rests on EDGAR's listing of Yosemite as a co-applicant, and whether the SEC has granted that relief is not covered here. Nothing in the notice concerns WhiteHorse Finance's own results.