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Summit Partners sights on $3 bln for Fund IX

Firm: Summit Partners

Fund: Summit Partners Growth Equity Fund IX LP

Amount raised: At least $100 mln

Target: $3 bln

Summit Partners Growth Equity Fund IX has secured at least $100 million so far, a June commitment from longtime LP Pennsylvania Public School Employees’ Retirement System (PSERS). It is unclear how many other commitments the fund has received. A call to Summit Partners was not returned.

The Boston-based firm was rocked recently after learning that COO and Managing Director Joseph Trustey died in a plane crash July 29. 

Among other changes at the firm, executives Marty Mannion and Harrison Miller plan to move into senior advisory roles in 2016, Buyouts previously reported. Also Bruce Evans is moving out of day-to-day investment responsibility, Buyouts reported.

Summit Partners has moved to a single CEO structure, with Peter Chung working in that role, Buyouts reported. Chung, who has been with the firm since 1994, is listed among the executives in a Form D filing for Summit Partners Growth Equity Fund IX, along with Evans, Mannion, Scott Collins and Thomas Roberts.

That is the same line-up the firm had for Fund VIII in 2011, minus Trustey. The firm appears to have a deep bench with a team of 90 investment pros, including 24 managing directors with an average tenure of more than 14 years at the firm.

After raising $2.7 billion for Summit Partners Growth Equity Fund VIII in 2011, the firm hit its $1 billion hard cap for Summit Partners Credit Fund II in 2014. Along with flagship Fund IX, Summit is targeting $600 million for Summit Partners Venture Capital Fund IV, according to a filing. It is also raising a second venture fund, Summit Partners Entrepreneur Fund I, with an undisclosed target, according to data provider Bison.

Summit’s family of growth equity funds has generated a gross multiple of invested capital of 2.7x, including 3.6x for realized deals and 1.5x for unrealized deals, according to data from PSERS.

On the deal front, Summit Partners exited its stake in Eden Prarie, Minnesota-based HelpSystems LLC for an undisclosed sum, in an August deal with H.I.G. Middle Market.

In July, Summit Partners said it sold 360T Group, a global foreign exchange trading platform, for 725 million euros ($816 million) to Deutsche Borse AG.

Also in July, Summit invested $22.5 million in Series B funding in U.K.-based Darktrace, a cyber defense company.

In June, Summit Partners led a $22 million Series C equity financing in California-based Advanced Cell Diagnostics Inc. Also in June, Summit Partners paid an undisclosed sum to Lightyear Capital for Paradigm Outcomes, a provider of complex medical management services.