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Laxman Pai, Opalesque Asia: The global alternative investment firm Summit Partners has raised two new megafunds. Summit Partners Europe Growth Equity Fund III, a growth fund, closed at its hard cap with €1.1 billion ($1.2 billion) in total commitments.
Besides, Summit also closed its latest venture capital fund, Summit Partners Venture Capital Fund V, its hard cap with $1 billion in commitments.
The new funds to focus on European and venture-capital deals, taking advantage of surging demand for vehicles that invest in fast-growing young companies, said a press release from the growth-equity pioneer.
Investors in Summit's current European growth fund include Texas County & District Retirement System, Austin; Maine Public Employees Retirement System, Augusta; and Sacramento County (Calif.) Employees' Retirement System. Maine PERS and Sacramento County also committed to the current venture capital fund.
Peter Chung, Managing Director and Chief Executive Officer said: "Amid tremendous disruption around the world in recent months, we are deeply grateful for the ongoing trust of our limited partners and their steadfast support of the Summit Partners growth equity strategy."
The previous European growth fund, Summit Partners Europe Growth Equity Fund II, closed on €700 million in 2017, and the previous venture capital fund, Summit Partners Venture Capital Fund IV, closed on $730 million also in 2017.
Founded in 1984 and based in Boston, Summit was among...................... To view our full article Click here
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