Summit partners eyes European expansion

Global private equity firm Summit Partners closed two private equity funds for a collective value of US$3.3bn, taking funds raised since inception to nearly US$9bn. The funds will invest in growing, privately held later-stage companies in North America and Europe in a broad range of industries.

The US$3bn Summit Partners Private Equity Fund VII will invest US$25m to US$450m per company, while the US$300m Summit Partners Venture Capital Fund II will invest US$5m to US$25m.

Since its inception, Summit has raised 12 private funds, including seven private equity funds, two venture capital funds and three subordinated debt vehicles. By combining these equity and subordinated debt funds, Summit can invest in excess of US$500m per company.

Marty Mannion, a managing partner in Summit’s Boston office, co-ordinated the fundraising with Summit managing partner Joe Trustey. “We appreciate the commitment from both existing and new investors across North America, Europe, and Asia. With their continued support, we were able to complete our fundraising activities in a short period of time,” Mannion said.

“We see continued opportunity to partner with successful entrepreneurs and managers across Europe,” said Scott Collins, a general partner who manages Summit’s London office. “With the completion of our fundraising efforts, we intend to further expand our European investment activities.”

Investors in Summit’s new funds include public and private pension funds, university endowments, financial institutions, corporations, and previously financed Summit Partners’ entrepreneurs. More than 85% of the capital raised in these funds was provided by investors in previous Summit funds. European companies financed by Summit Partners include B&W Loudspeakers and Jamba!