Summit nears target on year's largest PE growth fund
August 29, 2016
Summit Partners' Growth Equity Fund IX has raised $2.35 billion toward a $3.18 billion target, according to an SEC filing. That full amount would surpass the $2.7 billion Summit raised for its Fund VIII in 2012 and would make the vehicle among the largest growth funds raised in the US since the 2008 financial crisis.
US growth fund count has jumped around a bit of late, from a high of 46 in 2013, down to 31 in 2014 and back up slightly to 35 in 2015. So far this year, investors have closed 18 funds comprising $6.6 billion (not including Summit's latest), definitely behind the rate of more-recent years but still tracking to easily outpace activity every year from 2009 to 2012.