Summit Partners closed two funds on a total of $2.2 billion. The firm closed Summit Partners Europe Growth Equity Fund III on 1.1 billion euros, while Summit Partners Venture Capital Fund V closed on $1 billion. Europe Growth Equity Fund III makes equity investments between 20 million euros and 70 million euros. Summit Partners also hired Melanie Whelan as a managing director focused on high-growth consumer and technology-enabled services. Whelan previously worked as CEO of SoulCycle.
Summit Partners, a global alternative investment firm, today announced the first and final closings of two funds with combined capital commitments of $2.2 billion. Summit Partners Europe Growth Equity Fund III closed at its hard cap with €1.1 billion in total commitments and will target equity investments between €20 and €70 million in Europe-based companies. Summit Partners Venture Capital Fund V also closed at its hard cap with $1.0 billion in commitments and will target equity investments of $10 to $60 million in growth stage companies based primarily in North America. Both funds were significantly oversubscribed.
“For more than 35 years, Summit Partners has served as the partner of choice for category-leading growth companies. With our latest Europe and Venture Capital funds, we will continue to leverage our deep sector knowledge, our extensive global network, and our platform of value enhancement resources to support the needs of our portfolio companies and their leadership teams,” said Peter Chung, Managing Director and Chief Executive Officer of the firm. “In the midst of tremendous disruption around the world in recent months, we are deeply grateful for the ongoing trust of our limited partners and their steadfast support of the Summit Partners growth equity strategy.”
With more than 100 investment professionals across offices in Boston, Menlo Park and London, Summit Partners makes both minority and majority investments primarily in profitable, growing companies across select industry sectors, including technology, healthcare, financial technology and services, consumer products and business services. Summit Partners offers capital, experience and dedicated resources to help the firm’s portfolio companies accelerate growth and build businesses of enduring value. Since the firm’s inception in 1984, Summit Partners has raised more than $31 billion.
In addition, Summit Partners today announced that Melanie Whelan has joined the firm as a Managing Director focused on investment opportunities in high-growth consumer and technology-enabled services. Prior to Summit Partners, Ms. Whelan served as CEO of SoulCycle. Under her leadership, the company grew from eight New York City-based studios to nearly 100 studios in 18 markets across three countries and launched a vertically integrated, direct-to-consumer e-commerce platform and an audience-expanding media engine. Most recently, Ms. Whelan served as a member of Summit Partners’ Executive-in-Residence program. She holds a BA in engineering and economics from Brown University and is a member of the Aspen Institute’s 2018 class of Henry Crown Fellows.
“During her time as an Executive-in-Residence, Melanie has demonstrated a unique combination of distinguished brand- and company-building experience, deep subject matter knowledge and strong leadership capability. As a senior member of the investment team, she will further enhance our ability to support what we view to be category-leading companies and entrepreneurs across the consumer, business services and technology-enabled services landscape.,” said Mr. Chung.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $21 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors and has invested in more than 500 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 200 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, please see www.summitpartners.com or follow on LinkedIn.
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 LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11-12 Hanover Square, London, W1S 1JJ, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.