Summit Partners closed its latest U.S. growth fund, Summit Partners Growth Equity Fund X, at its $4.9 billion hard cap, spokeswoman Meg Devine said in an email.
The fund's commitments include a $400 million commitment from the general partner. The fund will make minority and majority investments of $75 million to $300 million per investment. The new fund is 48% larger than $3.3 billion Summit Partners Growth Equity Fund IX. The prior fund aimed to make investments of more than $50 million.
Investors in the current fund include the Minnesota State Board of Investment, St. Paul, which manages $94 billion in state funds, including $67 billion for public pension funds; $54.8 billion Pennsylvania Public School Employees' Retirement System, Harrisburg; $29.2 billion Texas County & District Retirement System, Austin; $20.1 billion Louisiana Teachers' Retirement System, Baton Rouge; $14.4 billion Maine Public Employees Retirement System, Portland; and $778 million Merced County (Calif.) Employees' Retirement Association.