Summit's Growth Equity Fund VIII Comes In at $2.5 Bln
Summit Partners is expected to close its latest growth equity fund at $2.5 billion in a week, several sources say. Boston-based Summit began fundraising for the fund in March with a $3 billion target. The firm decided to reduce the size of the pool long ago, one person says. Summit has enough dry powder from a current PE fund that it felt it had enough capital, the source says. An LP says that Summit's past performance has been strong. However, one PE exec says Summit was seeing insufficient demand for the fund at $3 billion. Summit's last growth equity fund also raised $3 billion in 2005. The fund, Summit Partners Private Equity VII-A LP, has generated an IRR since inception of 1.3%, according to Sept. 30, 2010 data from CalSTRS.
30 September 2011•2 mins read
