Summit Partners Raises $9.5B for 12th Growth Equity Fund
Summit Partners closed its 12th flagship U.S. growth equity fund, Summit Partners Growth Equity Fund XII, with $9.5 billion in capital after only beginning fundraising in late April. The general partner will be the single largest investor in the fund, in line with the firm’s prior funds.
Summit XII will target majority and minority investments of $75 million to $500 million largely in “profitable, category-leading” growth companies.
“This strategy, which we believe is both timeless and time-tested, is grounded in our foundational belief that profitable growth is the most reliable source of superior risk-adjusted returns through market and economic cycle,” said Peter Chung, managing director and CEO of Summit Partners.
Summit is now managing more than $46 billion in assets across its funds. The firm invests across growth sectors of the economy and, since the firm’s founding in 1984, has invested in more than 550 companies in technology, healthcare and other growth industries. Over 175 public equity offerings have been executed by the companies, and more than 250 have been acquired through strategic mergers and sales.