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MONEY MANAGEMENT

Summit Partners closes 2 funds at $4 billion total

Summit Partners closed the $3.3 billion Summit Partners Growth Equity Fund IX and $730 million Summit Partners Venture Capital Fund IV, the alternative money manager announced in a news release Tuesday.

Both funds exceeded their targets, which were $3 billion and $600 million, respectively. Growth Equity Fund IX targets equity investments of more than $50 million, while Venture Capital Fund IV targets those of less than $50 million.

Investors in Growth Equity Fund IX include the $28 billion Alaska Retirement Management Board, Juneau, $18.6 billion Los Angeles Fire & Police Pension System, $9 billion Delaware Public Employees’ Retirement System, Dover, and $2.2 billion Utah School & Institutional Trust Funds Office, Salt Lake City.

Investors in Venture Capital Fund IV include the Los Angeles Fire & Police fund and the $12.4 billion Maine Public Employees Retirement System, Augusta.