The vehicles were backed by advisors, corporate and public pension funds, entrepreneurs with whom Summit has partnered, family offices, financial institutions, foundations and universities, and funds of funds.
Summit Partners Growth Equity Fund VIII, a $2.7bn fund, was formed to invest primarily in profitable, growing companies. It will target equity commitments of more than $45m. Summit Partners Venture Capital Fund III, a $520m fund, was formed to invest in private emerging growth companies. It will target equity investments of up to $45m.
The two vehicles will focus on acquiring minority and majority positions in companies across many industries, including technology, healthcare, financial technology and services, consumer and industrial. They can invest in conjunction with the firm’s subordinated debt fund.
Summit’s team include more than 80 investment professionals based in Boston, Palo Alto, and London.