Firm: Summit Partners
Fund: Summit Partners Growth Equity Fund VIII
Target: $3 billion
Amount Raised: $2.5 billion
Boston-based Summit began fundraising for the fund in March with a $3 billion target. The firm decided to reduce the size of the pool long ago, one person said. Summit has enough dry powder from a current fund that it felt it had enough capital, the source said. An LP said that Summit’s past performance has been strong.
However, one buyout executive said Summit was seeing insufficient demand for the fund at $3 billion. Summit’s last growth equity fund also raised $3 billion in 2005. The fund,
The Boston firm has two other funds in the market right now, sources said A venture capital fund is raising $500 million and is oversubscribed, sources said. Summit’s prior venture fund raised $300 million in 2005. The pool,
Summit also has a credit fund in the market, but it was not clear how much that fund has raised or what stage the firm had reached in fundraising.
Summit is investing $6 billion globally, according to the firm’s Web site. In the past month, the very active firm has done several deals. Summit made growth equity investments in Zenith RMM, CareCentrix, PeerApp and Access Information Management.
Executives at Summit declined comment.
(Luisa Beltran is a senior writer for peHub.)