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Summit Partners closes two equity funds with combined USD3.22bn of commitments

Growth equity firm Summit Partners has announced the final closing of two equity funds with combined commitments of USD3.22 billion. This brings Summit Partners’ total amount available for investment in rapidly growing companies across North America, Europe and Asia to more than USD9 billion.

Summit Partners Growth Equity Fund VIII is a USD2.7 billion fund formed to invest primarily in profitable, growing companies. It will target equity commitments of more than USD45 million. Summit Partners Venture Capital Fund III is a USD520 million fund formed to invest in private emerging growth companies. It will target equity investments of up to USD45 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 USD14 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 (pictured), a Managing Director at Summit Partners, says: "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.

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