Summit Partners' eighth fund closes on $2.7bn

According to the Boston-based equity firm, the fund will primarily invest equity commitments of more than $45 million in profitable, growing companies.

The company has also announced the closing of Summit Partners Venture Capital Fund III on $520m. These recently announced commitments bring Summit Partners' balance for investment in growing companies across North America, Europe and Asia to more than $9bn.

Investors
The new equity fund sees reinvestment from investors in Summit's previous funds alongside new investors including advisors, corporate and public pension funds, entrepreneurs, family offices, financial institutions, foundations, universities and funds-of-funds.

Investments
The $2.7bn Summit Partners Growth Equity Fund VIII will make investments of over $45m in exchange for majority and minority stakes in growing target companies across industries including technology, healthcare, financial technology and services, consumer and industrial.

People
Joey Trustey is a managing director at Summit Partners.

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