Summit Partners has closed two private equity funds, spokeswoman Susan Barr confirmed in an email.
Summit Partners Europe Growth Equity Fund III, a Europe-focused growth fund, closed at its hard cap with €1.1 billion ($1.2 billion) in total commitments. In addition, Summit also closed its latest venture capital fund, Summit Partners Venture Capital Fund V, its hard cap with $1 billion in commitments.
The previous European growth fund, Summit Partners Europe Growth Equity Fund II, closed on €700 million in 2017, and the previous venture capital fund, Summit Partners Venture Capital Fund IV, closed on $730 million also in 2017.
Investors in Summit's current European growth fund include the $29.1 billion Texas County & District Retirement System, Austin; $15 billion Maine Public Employees Retirement System, Augusta; and $9.3 billion Sacramento County (Calif.) Employees' Retirement System. Maine PERS and Sacramento County also committed to the current venture capital fund.
Additional investors in Summit Partners Venture Capital Fund V include the $76.2 billion Ohio State Teachers Retirement System, Columbus; and the $20.5 billion Louisiana Teachers' Retirement System, Baton Rouge.
Summit Partners also announced the appointment of Melanie Whelan as a managing director. The position is new.
Ms. Whelan will focus on investment opportunities in high-growth consumer and technology-enabled services. She was previously a member of Summit Partners' executive-in-residence program.
