Summit exceeds target for mezzanine fund

Fund

Summit Partners has closed Summit Partners Subordinated Debt Fund IV on $825m ahead of its target of $750m. The fund will be used to provide mezzanine on deals struck by Summit's new EUR1bn European buyout fund as well as their current global fund Summit Partners Private Equity Fund VII alongside its venture fund Summit Partners Venture Capital Fund II (see above).

Investors

Investors in the fund included California State Teachers' Retirement System, Minnesota State Board of Investment, Performance Equity Management and Virginia Retirement System.

Investments

The fund will co-invest with the firm's equity funds to provide a single source of mezzanine and equity financing that will allow for investments of up to EUR350m.

People

The fund will be managed by Summit's partners in both the 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 Subordinated Debt Fund IV

Closed on: $825m

Contact

Scott Collins

Address

Summit Partners Limited

Berkeley Square House

8th Floor

Berkeley Square

London W1J 6DB

UK

Tel: +44 20 7659 7500

Fax: +44 20 7659 7550

Advisers

Kirkland & Ellis (Legal).

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