Summit Targets $300 Mln for Credit Fund

We finally have some news on the credit fund being marketed by Summit Partners.

The Boston-based growth equity firm is looking to raise $300 million for the pool, sources say. A final close is expected in May, one person says. Fundraising is going “very well,” the source says.

The credit fund will be deployed to buy middle market bank loans and high-yield bonds that are under stress or mispriced, a different source says.

Eaton Partners is the placement agent for the fund, I’m told.

In September, peHUB reported that Summit was out marketing separate funds earmarked for growth equity and venture capital, as well as a credit pool. Unfortunately, I didn’t know the size of the credit pool. In January, Summit announced that its growth equity fund closed at $2.7 billion while the VC fund collected $520 million.

Summit began marketing the credit fund in March of 2011.

Officials for Summit couldn’t be reached for comment.