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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