Summit Partners closed its latest flagship domestic growth equity fund, Summit Partners Growth Equity Fund XI, at its $8.35 billion hard cap, spokeswoman Susan Barr said in an email.
Summit's 11th U.S. growth equity fund is also 70% larger than its predecessor, the $4.9 billion Summit Partners Growth Equity Fund X, which closed in 2019.
Summit invests in companies that firm executives consider key sectors, including technology, health care, financial technology and services, consumer and e-commerce, and business services.
Summit Partners Growth Equity Fund XI will target minority and majority investments of $75 million to $500 million each.
Investors in the new fund include the $95.3 billion Ohio State Teachers' Retirement System, Columbus; $72 billion Los Angeles County Employees Retirement Association, Pasadena, Calif.; $41 billion Alaska Retirement Management Board, Juneau; and $11.5 billion Alameda County Employees' Retirement Association, Oakland.
