Summit Partners, a global private equity firm, has closed a pair of funds which have a combined capital pool of $2.2bn.
The first fund is Summit Partners Europe Growth Equity Fund III, which has closed on €1.1bn and will make investments between €20m and €70m in European companies.
Its second vehicle to close is Summit Partners Venture Capital Fund V, which closed on its $1bn hardcap and will complete deals ranging from $10m to $60m in growth-stage companies in North America.
Summit Partners claims that both vehicles were “significantly oversubscribed.”
The private equity firm makes both minority and majority investments across technology, healthcare, financial technology and services, consumer products and business services sectors.
In addition to the fund closes, the firm has named Melanie Whelan as a new managing director, where she will be focused on investment opportunities in high-growth consumer and technology-enabled services.
Prior to this position, Whelan served as the CEO of fitness company SoulCycle.
Summit Partners CEO managing director Peter Chung said, “With our latest Europe and Venture Capital funds, we will continue to leverage our deep sector knowledge, our extensive global network, and our platform of value enhancement resources to support the needs of our portfolio companies and their leadership teams,”.
“In the midst of tremendous disruption around the world in recent months, we are deeply grateful for the ongoing trust of our limited partners and their steadfast support of the Summit Partners growth equity strategy.”
Summit Partners closed its second European fund back in 2017 on its €700m hard cap and its debut vehicle on €1bn in 2008.
Last year, the firm secured $4.9bn for its flagship US growth equity fund, which is was able to raise in less than a year.
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