Summit Partners, the Boston-based growth equity firm, has raised a pair of funds with combined commitments totaling $3.22 billion. Summit Partners Growth Equity Fund VIII will be a $2.7 billion fund and Summit Partners Venture Capital Fund III is a $520 million fund formed to invest in private emerging growth companies.
Summit Partners Closes Two Equity Funds with Combined $3.22 Billion of Commitments
Summit will actively invest more than $9 billion in growth companies across North America, Europe and Asia
January 05, 2012
BOSTON, MA – Summit Partners, a growth equity firm that invests in exceptional companies, today announced the final closing of two equity funds with combined commitments of $3.22 billion. This brings Summit Partners’ total amount available for investment in rapidly growing companies across North America, Europe and Asia to more than $9 billion.
Summit Partners Growth Equity Fund VIII is a $2.7 billion fund formed to invest primarily in profitable, growing companies. It 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. Summit Partners’ funds can invest in conjunction with the firm’s subordinated debt fund to meet each company’s unique financing needs.
Since its inception in 1984, Summit Partners has raised a total of 16 equity funds and subordinated debt funds with combined assets of more than $14 billion.
Investors participating in the new equity funds include advisors, corporate and public pension funds, entrepreneurs with whom Summit has partnered, family offices, financial institutions, foundations and universities, and funds of funds. Joe Trustey, a Managing Director at Summit Partners, said, “All of us at Summit greatly appreciate our limited partners’ investments in our funds. We believe the support we have received from both current and new investors validates our growth equity strategy – seeking out and investing in exceptional growth companies with outstanding management teams.”
Summit’s team of more than 80 investment professionals in Boston, Palo Alto, and London will use the funds to acquire minority and majority positions in successful, growing companies across many industries, including technology, healthcare, financial technology and services, consumer and industrial. Summit has invested in more than 340 companies across a range of geographies and industries. These companies have completed more than 125 public offerings and in excess of 130 strategic sales or mergers.
About Summit Partners
Summit Partners (www.summitpartners.com) is a growth equity firm that invests in rapidly growing companies. Founded in 1984, Summit has raised more than $14 billion in capital and has offices in Boston, London and Palo Alto. Summit seeks outstanding management teams that have built their companies to profitability and market leadership, and it provides equity and debt capital for growth, recapitalizations and management buyouts. Notable companies financed by Summit Partners include E-TEK Dynamics, Fermentas International, FleetCor Technologies, Heald College, Hittite Microwave Corporation, Jamba!, Keystone RV Company, Lincare, McAfee, MDVIP, optionsXpress, Pediatrix Medical Group, Physicians Formula, Tiny Prints, vente-privee.com and Web Reservations International.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners Limited, a firm authorized and regulated by the Financial Services Authority. Summit Partners Limited is a limited company registered in England and Wales with company number 4141197, and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.