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Summit Partners promotes eight

Robin Devereux will continue in her role as Summit’s chief financial officer and chief compliance officer after being promoted to managing director in the firm’s Boston office.

Summit Partners has promoted three employees to managing director positions in its Boston and London offices, the firm announced in a statement.

Robin Devereux was promoted to managing director in the Boston office, where she will continue to work as the firm’s chief financial officer and chief compliance officer, according to Summit. Prior to joining the firm in 2000, Devereux worked at National Development, Property Capital Trust, RM Bradley & Company and Deloitte & Touche.

Hans Sikkens and Christian Strain were both promoted from principal to managing director in the London office, having joined the firm in 2004 and 2005 respectively. Sikkens, a Dutch national who previously worked for Scotia Capital and the IBM Corporation, is active in the firm’s investment activities in North America, Asia and Europe. Prior to Summit, Strain was a member of Apax Partners’ technology team.

The firm also promoted five of its vice presidents to principals, including Vincent Lambert, Dave Averett, Michael Medici, Michael Anderson and Peter Rottier.

Summit was an active buyer in 2011, particularly in the technology sector. The firm’s transactions included investments in Hiperos, M/A-COM Technology Solutions, Clearwater Analytics, Bigpoint, Access Information Management, PeerApp and LogiXML.

The firm has also been active on the fundraising trail, marketing its eighth growth equity fund, targeting $3 billion, with a third venture capital fund targeting $500 million. Summit appeared to be racing through the dual fundraise after launching the funds in March, collecting around $1.8 billion for the growth fund as of July. However, it is unclear if the firm was able to close the funds by year’s end.

Fund VIII’s predecessor closed on $3 billion in 2005 and was generating an 6.61 percent internal rate of return as of 31 March, according to performance information from the California State Teachers’ Retirement System.

Summit declined to comment on fundraising.

Summit was founded in 1984 and maintains offices in Boston, London and Palo Alto. The firm has raised more than $11 billion in growth capital and has invested in more than 330 businesses across North America, Europe and Asia, according to its website.