Summit Partners, a global alternative investment firm, has held the first and final closing of its latest flagship US growth equity fund.
Launched in June 2021, Summit Partners Growth Equity Fund XI was significantly oversubscribed and closed at its hard cap with total commitments of USD8.35 billion.
“With the closing of our latest fund, we will continue to pursue our growth equity strategy, serving as the partner of choice for category-leading growth companies and exceptional entrepreneurs within our sectors of focus. We are deeply grateful for the longstanding support of our limited partners and for their trust and confidence in our team and our strategy,” says Peter Chung, Managing Director and Chief Executive Officer of Summit Partners.
Summit’s global team of more than 100 investment professionals works collaboratively across offices in the US and Europe to partner with growth companies in key industry sectors, including technology, healthcare, financial technology and services, consumer and e-commerce, and business services. As active board members and through dedicated value enhancement teams, Summit offers strategic support to portfolio company leaders focused on areas we believe are critical to accelerating and supporting long-term, profitable growth, including revenue optimisation, digital marketing, human capital strategy, capital markets expertise and technology and data science.
Summit Partners Growth Equity Fund XI will target minority and majority investments of USD75 to USD500 million primarily in profitable, category-leading growth companies, pursuing the growth equity strategy the firm pioneered in 1984. This flagship fund follows the close of two 2020 vintage growth equity funds with more than USD2.2 billion in capital: Summit Partners Europe Growth Equity Fund III, which targets equity investments between EUR20 and EUR80 million in Europe-based companies, and Summit Partners Venture Capital Fund V, which targets equity investments of USD10 to USD60 million in growth stage companies based primarily in North America.
Since the firm’s inception in 1984, Summit has raised more than USD43 billion in capital across its growth equity, fixed income and public equity strategies.
