Summit Partners closed its second middle-market credit fund with $1 billion in total capital, surpassing its $750 million fundraising target and reaching its hard cap, spokeswoman Susan Barr said in an e-mail.
Summit Partners Credit Fund II will make credit investments in profitable, growing companies in industries including technology, health care and life sciences, and financial technology.
Investors in the fund include the $50.4 billion Pennsylvania Public School Employees' Retirement System, Harrisburg; $23 billion Texas County & District Retirement System, Austin; and $12.4 billion Maine Public Employees Retirement System, Augusta.
