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HEDGE FUNDS
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PRINT THIS PAGE US Summit Partners closes $3bn PE fund and $300m VC fund27/06/2005. Source: AltAssets. 
 Boston-based Summit Partners has closed two new funds, a $3bn private equity fund and a $300m venture capital fund. The funds will invest in late stage businesses across a range of sectors, predominantly in North America but with an increasing emphasis on Europe.
Summit Partners Private Equity Fund VII will make investments ranging in size from $25m to $450m per company, while Venture Fund II will invest from $5m to $25m per company.
The firm will take minority and majority positions in companies in a variety of emerging growth industries, including technology, healthcare, business and financial services, and consumer and industrial products.
Existing investors accounted for more than 85 per cent of the capital raised for the new funds.
Summit was formed in 1984 and has financed 270 companies. The firm has 60 investment professionals in Boston, Palo Alto and London.
Scott Collins, the general partner responsible for the London office, said, 'We see continued opportunity to partner with successful entrepreneurs and managers across Europe. With the completion of our fundraising efforts, we intend to further expand our European investment activities.'
The ranks of US private equity groups in Europe continue to swell, attracted by the historically strong performance of the region's private equity investments and the enduring belief in its potential for the foreseeable future.
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