According to research from CB Insights, mobile, Internet and seed investments all rose in Q2 2012–$8.1 billion into 812 deals. This represents a 37 percent increase in funding and 3% increase in deals versus the prior quarter. On a year on year basis, funding and deals were up 5 percent and 4 percent respectively, says CB Insights.
This week’s job of the week may well help you get in on a slice of the venture action if you have the right credentials.
Veteran US growth equity firm Summit Partners may be the next firm in the chain to benefit from this influx of deal flow as seed and start-up investments mature and start courting fund managers for their next stage of development. Earlier this year the firm also announced that it had closed two funds with combined commitments of $3.22 billion for investment in rapidly growing companies across North America, Europe and Asia.
Summit Partners Growth Equity Fund VIII is a $2.7 billion fund which will target equity commitments of more than $45 million. Summit Partners Venture Capital Fund III is a $520 million fund formed to invest in private emerging growth companies. It will target equity investments of up to $45 million.
On its careers webpage Summit Partners is inviting candidates at both associate and vice president level to put themselves forward for jobs at the firm.
At associate level, the firm is looking for associates to identify attractive industry sectors and specific companies for investment. Associates attend tradeshows, review industry journals, develop a proprietary database of private companies, and speak with more than 1,000 entrepreneurs each year to source two to three portfolio companies for the firm. Additionally, associates engage in transactions by conducting due diligence, performing quantitative analysis, and working closely with their specific transaction team (generally two to four professionals). Secondary responsibilities include helping to manage portfolio company relationships.
If this, or a more senior position as vice president, appeals to you scroll down to find out more about how you can position yourself to apply.
***Job of the Week***
Job Title: Vice President
Firm: Summit Partners
Terms (as cited via Summit website): Compensation is highly competitive and includes base pay, bonus, and the ability to invest in Summit Partners’s portfolio companies. Successful vice presidents also earn carried interest in the Summit funds after an initial period with the firm.
Location: Please note office preference and rationale for Boston, Palo Alto, or London
Firm Description (as cited via Summit website):
Summit Partners was founded in 1984 and has raised more than $14 billion in growth capital, investing in more than 340 growing businesses across North America, Europe and Asia. These companies have completed more than 125 public offerings and in excess of 130 strategic sales or mergers.
Job Description (as cited via Summit website):
Vice presidents identify attractive industry sectors and specific companies for investment. In addition, they individually source investments for the firm, call and/or visit more than 200 companies each year; work with entrepreneurs and advisors to negotiate and close transactions; complete market, company, and financial due diligence; and assist portfolio companies in their strategic and financial growth plans.
Qualifications/Experience (as cited via Summit website):
Vice presidents who join Summit Partners must possess a strong record of academic achievement at the undergraduate level from a leading university with a GPA of 3.5 or higher. Candidates typically have two to four years of work experience (including pre- and post-business school years) in consulting, banking, private equity, or sales/operations at the highest performance level, and have graduated in the top 25% of their class from a top business school. The successful candidate also will have a proven track record of leadership skills and a strong desire to create investment opportunities with entrepreneurs.
Please send résumé, college grades (GPA or unofficial transcript), standardized test scores, and one-page cover letter describing your interest in Summit Partners and your qualifications for the position to Regina Naboshek Careers@summitpartners.com
For more private equity job opportunities head over to the peHUB career center, co-hosted with eFinancialCareers.com.
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