Summit closes $2.2bn for Europe growth equity and VC fund

Summit Partners announced the first and final closing of two of its funds with combined global commitments of $2.2 billion. Summit Partners Europe Growth Equity Fund III closed at its hard cap with €1.1 billion (US$1.2 billion) and will target equity stakes between €20 million and €70 million in European companies. Summit Partners Venture Capital Fund V also closed at its hard cap with $1 billion in commitments and will target equity investments of $10 million to $60 million in growth stage companies primarily based in North America. The addition of the new funds brings the total capital raised at the firm to $7 billion since the start of 2019. The firm is currently managing more than $21 billion in growth equity, fixed-income and public equity opportunities. Since the firm’s founding in 1984, officials said they have raised more than $31 billion. “For more than 35 years, Summit Partners has served as the partner of choice for category-leading growth companies. With our latest Europe and Venture Capital funds, we will continue to leverage our deep sector knowledge, our extensive global network and our platform of value enhancement resources to support the needs of our portfolio companies and their leadership teams,” said Peter Chung, managing director and chief executive officer of the firm. The firm also announced the addition of SoulCycle CEO Melanie Whelan as managing director focused on investment opportunities in high-growth consumer and technology-enabled services. The company grew from eight New York City studios to nearly 100 studios in 18 markets across three countries. Whelan also served as a member of Summit Partners’ Executive-in-Residence program. “During her time as an Executive-in-Residence, Melanie has demonstrated a unique combination of distinguished brand- and company-building experience, deep subject matter knowledge and strong leadership capability,” said Chung. “As a senior member of the investment team, she will further enhance our ability to support what we view to be category-leading companies and entrepreneurs across the consumer, business services and technology-enabled services landscape.”

Summit closes $2.2bn for Europe growth equity and VC fund

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