Summit raises $4bn across growth and VC funds

The lion's share of commitments were made to Summit Partners Growth Equity Fund IX (SPGEF IX), which raised $3.3bn, while Summit Partners Venture Capital Fund IV (SPVCF IV) has a capital base of $730m.

Summit's two funds raised $430m in excess of their respective targets. The growth equity vehicle's initial target was $3bn, while SPVCF IV looked to raise $600m.

The closings come after two years on the road, with both funds being announced in May 2015, according to unquote" data.

Both vehicles will pursue the same strategy as their predecessors, investing in growth companies across the world.

The GP will invest a minimum of 4% of the aggregate commitments to both SPVCF IV and SPGEF IX.

Investors
When the funds were launched, the Pennsylvania Public School Employees' Retirement System had committed at least $100m to SPGEF IX and $50m to SPVCF IV, with the growth equity vehicle receiving additional commitment from ARMB, according to unquote" data.

Investments
Both funds will follow the strategical lineage of Summit's previous funds, taking minority and majority stakes in Asia Pacific, European and North American companies operating in the technology, healthcare, financial technology and services, consumer, and industrial segments.

SPVCF IV will commit equity tickets of up to $50m, while SPGEF IX will make investments in excess of $50m.

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

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• Topics
• Venture
• Buyouts
• Summit Partners