Summit ties up two as buyout and debt funds close

Summit Partners has closed two funds; its first dedicated European buyout fund, Summit Partners Europe Private Equity Fund (SPEPEF), on its hard cap of EUR1bn and Summit Partners Subordinated Debt Fund IV (SPSDF IV) on $825m which will provide mezzanine for deals globally.

SPEPEF counted BP Investment Management, HarbourVest Partners, Irish National Pensions Reserve Fund and LGT Capital Partners among its investors. Around 80% of fund was committed by historical investors. Investors in SPSDF IV included California State Teachers' Retirement System, Minnesota State Board of Investment, Performance Equity Management and Virginia Retirement System.

SPEPEF will target European companies with an enterprise value of between EUR50m-1bn. The fund will make majority or minority investments of between EUR20-250m per deal. SPSDF IV will co-invest with the firm's equity funds and provide a single source of mezzanine and equity financing which will allow for investments of up to EUR350m.

Summit's London team is headed by Scott Collins. Kirkland & Ellis' Bruce Ettelson and John O'Neil provided structuring advice on both funds. (Pages 5 & 6).

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