Summit Partners closed its latest flagship U.S. growth equity fund at its hard cap of $8.35 billion, officials confirmed earlier this month.
Launched in June, Summit Partners Group Equity Fund XI will target minority and majority investments of $75 million to $500 million primarily in profitable, category-leading growth companies, pursuing the same growth equity strategy the firm began in 1984.
“With the closing of our latest fund, we will continue to pursue our growth equity strategy, serving as the partner of choice for category-leading growth companies and exceptional entrepreneurs within our sectors of focus,” said Peter Chung, managing director and chief executive officer of Summit Partners, which has $42 billion in AUM.
The latest fund follows the close of two 2020 vintage growth equity funds with more than $2.2 billion in capital — Summit Partners Europe Growth Equity Fund III and Summit Partners Venture Capital Fund V.
Summit’s 100-strong investment team seeks to work with growth companies in key industry sectors that include technology, healthcare, financial technology and services, consumer and e-commerce, and business services.