Summit Partners has closed its ninth flagship growth fund on $3.3 billion and its latest flagship venture fund on $730 million. The growth fund will be used to make investments exceeding $50 million, while the venture vehicle will target deals of up to $50 million. In operation for more than three decades, Summit is a consistent investor in the technology, healthcare and life sciences sectors, among other target industries.
Interestingly enough, the close of both vehicles comes almost exactly five years and three months after their predecessors: On January 5, 2012, Summit announced the close of its eighth growth fund on $2.7 billion and its Summit Partners Venture Capital Fund III on $520 million. The growth vehicle had an IRR of 18% as of the end of 4Q 2016, per the PitchBook Platform, while Summit’s previous VC fund checked in at 19.8%.
PitchBook subscribers can learn more about Summit’s past funds, recent investments, management team and more right here.