Key Takeaways
- • Summit Partners closed two funds with combined capital commitments of $2.2 billion, both at their hard caps and both significantly oversubscribed, according to the firm's Business Wire announcement.
- • Summit Partners Europe Growth Equity Fund III closed with €1.1 billion in commitments and will target equity investments of €20 million to €70 million in Europe-based companies.
- • Summit Partners Venture Capital Fund V closed with $1.0 billion in commitments and will target $10 million to $60 million growth-stage investments primarily in North America.
- • The closings bring Summit's total capital raised to more than $7 billion since the start of 2019, with the firm managing more than $21 billion in total capital.
- • Melanie Whelan, former SoulCycle CEO, joined Summit Partners as a Managing Director focused on high-growth consumer and technology-enabled services.
Summary
Summit Partners, a global alternative investment firm, announced the first and final closings of two growth-oriented funds with combined capital commitments of $2.2 billion. Summit Partners Europe Growth Equity Fund III closed at its hard cap with €1.1 billion in total commitments and will target minority and majority equity investments between €20 million and €70 million in Europe-based companies. Summit Partners Venture Capital Fund V also closed at its hard cap with $1.0 billion in commitments and will target equity investments of $10 million to $60 million in growth-stage companies based primarily in North America. The firm stated that both funds were significantly oversubscribed.
Peter Chung, Managing Director and Chief Executive Officer, said the firm would leverage its sector knowledge, global network and value enhancement resources to support portfolio companies. He credited the ongoing trust of limited partners amid what he described as tremendous global disruption in recent months. The firm, which operates offices in Boston, Menlo Park and London with more than 100 investment professionals, focuses on profitable, growing companies in technology, healthcare, financial technology and services, consumer products and business services. Summit has raised more than $31 billion since its founding in 1984.
In a separate announcement, Summit Partners said Melanie Whelan has joined the firm as a Managing Director focused on investment opportunities in high-growth consumer and technology-enabled services. Whelan previously served as CEO of SoulCycle, where the company grew from eight New York City studios to nearly 100 studios in 18 markets across three countries, and launched a vertically integrated, direct-to-consumer e-commerce platform. Most recently she was part of Summit's Executive-in-Residence program. Chung said she would strengthen the firm's support for category-leading companies across the consumer, business services and technology-enabled services landscape.
Peter Chung, Managing Director and Chief Executive Officer, said the firm would leverage its sector knowledge, global network and value enhancement resources to support portfolio companies. He credited the ongoing trust of limited partners amid what he described as tremendous global disruption in recent months. The firm, which operates offices in Boston, Menlo Park and London with more than 100 investment professionals, focuses on profitable, growing companies in technology, healthcare, financial technology and services, consumer products and business services. Summit has raised more than $31 billion since its founding in 1984.
In a separate announcement, Summit Partners said Melanie Whelan has joined the firm as a Managing Director focused on investment opportunities in high-growth consumer and technology-enabled services. Whelan previously served as CEO of SoulCycle, where the company grew from eight New York City studios to nearly 100 studios in 18 markets across three countries, and launched a vertically integrated, direct-to-consumer e-commerce platform. Most recently she was part of Summit's Executive-in-Residence program. Chung said she would strengthen the firm's support for category-leading companies across the consumer, business services and technology-enabled services landscape.
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