Summit Europe Growth Equity III closes on €1.1bn

Registered in January 2020, the fund held a first close on €1bn in March 2020.

The fund is structured as a Luxembourg LP, while Summit Partners itself is based in the US.

The fund's predecessor, Summit Partners Europe Growth Equity Fund II, held a final close on €700m. The fund was 49% deployed in September 2019.

Investors
LPs in the fund include Los Angeles County Employees Retirement Association, with a commitment of $50m; Maine Public Employees Retirement System, with a commitment of €30m; and Texas County and District Retirement System, with a commitment of €75m.

Previous investors in Summit Europe Growth Equity funds include HarbourVest Global Private Equity, LGT Capital Partners and Warburg Invest.

Investments
The fund will target equity investments between €20-70m in Europe-based companies.

Summit Partners makes both minority and majority investments primarily in profitable, growing companies across select industry sectors, including technology, healthcare, financial technology and services, consumer products and business services.

Since the fund's first close, Summit has invested in software company Appway and biotechnology company Viroclinics Biosciences.

Fund II portfolio companies include internet company Immersive Labs, electrical components and equipment manufacturer ProGlobe and software company Syncron.

People
Summit Partners – Peter Chung (managing director, CEO).

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