Summit collects $4 bln for two funds


Preqin, private equity
A man poses with dollars, after buying them at a money exchange in Caracas, February 24, 2015. Reuters/Carlos Garcia Rawlins

Summit Partners has closed two funds at a combined total of $4 billion.

The firm raised $3.3 billion for its ninth growth equity fund and also closed its fourth venture fund at $730 million.

Summit Partners Growth Equity Fund IX will focus on making equity investments of more than $50 million while Summit Partners Venture Capital Fund IV will make investments of up to $50 million.

In January 2012, Summit’s previous growth equity fund closed at $2.7 billion while its third venture fund snagged $520 million. According to the California State Teachers’ Retirement System, Summit Partners Growth Equity VIII-A generated an IRR of 14.61 percent, as of March 31, 2016. Summit Venture Capital III-A generated an IRR of 10.38 percent, also from data provided by CalSTRS, ending in the same time period.

Since its founding in 1984, Summit has managed combined assets of over $20 billion.

Photo: A man poses with dollars, after buying them at a money exchange in Caracas, February 24, 2015. Reuters/Carlos Garcia Rawlins

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