Summit Partners closes first European fund

01 June 2008

Tweet
Facebook
LinkedIn
Google plus
Send to

Fund

Summit Partners has closed its first dedicated European fund, Summit Partners Europe Private Equity Fund, on its hard cap of EUR1bn. The fund, which was launched at the end of 2007, was oversubscribed. It closed at the same time as its $825m sister fund Summit Partners Subordinated Debt Fund IV (see below).

Investors

Investors from Europe accounted for 20-30% of commitments, from Asia 5-10% and from North America 60-70%. The fund counted BP Investment Management, HarbourVest Partners, Irish National Pensions Reserve Fund and LGT Capital Partners among its investors. Around 80% of the fund was committed by historical investors. Summit chose to limit historical LPs' investments in the fund in order to include new European players.

Investments

Summit will focus on buyouts in business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet and information services, media and entertainment, semiconductors and electronics and software.

The firm will seek to invest in companies with an enterprise value of between EUR50m-1bn. The fund will make majority or minority investments of between EUR20-250m per transaction (including co-investment with other Summit funds). At the time of going to press the fund has yet to make its first investment.

People

The fund will be managed out of both Summit Partners' US and London offices. The London team is headed by Scott Collins. Bruce Ettelson and John O'Neil of Kirkland & Ellis provided legal advice.

Name: Summit Partners Europe Private Equity Fund

Closed on: EUR1bn

Contact

Scott Collins

Address

Summit Partners Limited

Berkeley Square House

8th Floor

Berkeley Square

London W1J 6DB

Tel: +44 20 7659 7500

Fax: +44 20 7659 7550