Summit Closes Two Private Equity Funds

Apr 28 2008 | 9:45am ET

Private equity firm Summit Partners has closed two new funds: a European private equity fund with €1 billion (US$1.6 billion) and its fourth subordinated debt fund with US$825 million.

The investors in the new funds include public and private pension funds, university endowments, financial institutions, corporations, and entrepreneurs previously financed by Summit.

The dedicated European p.e. fund is Summit’s first such offering. The new subordinated debt fund will co-invest with Summit's equity funds, providing a source of mezzanine and equity financing to meet each company's financing needs. The firm will target equity commitments of $5 million to more than $500 million per transaction, with the ability to invest more than $800 million in combined equity and subordinated debt.

“The subordinated debt fund allows us to provide companies with a single source of financing for equity and debt financing needs,” said Tom Roberts, a managing director at Summit. "This gives entrepreneurs access to two-thirds of the capital structure, excluding senior debt, in a single relationship.”

Since its inception in 1984, Summit has raised a total of 10 equity funds and four subordinated debt funds with combined assets of more than US$11 billion.

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