Summit Partners raised $3.22 billion for two funds as the private equity and venture capital firm expands investments in North America, Europe and Asia.
The firm raised $2.7 billion for Summit Partners Growth Equity Fund VIII, a growth equity fund focused on profitable companies, and plans to invest more than $45 million in each, Summit said in a statement. The firm also raised $520 million for Summit Partners Venture Capital Fund III, which will target emerging growth companies, with investments of no higher than $45 million.
Limited partners include:
- The $149.7 billion Florida State Board of Investment, Tallahassee, committed $125 million to Summit Partners Growth Equity Fund VIII.
- The $47.4 billion Pennsylvania Public School Employees' Retirement System, Harrisburg, committed up to $100 million in Summit Partners Growth Equity Fund VIII and $25 million to Summit Partners Venture Capital Fund III.
- The $39.2 billion Los Angeles County Employees Retirement Association, Pasadena, committed up to $75 million to Summit Partners Growth Equity Fund VIII.
- The $14.2 billion Los Angeles Fire & Police Pension System, committed $16 million to Summit Partners Growth Equity Fund VIII.
For more limited partners, see P&IQ.
Online Editor Matthew Wurtzel contributed to this story.