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AltAssets is the private equity news and research service from Almeida Capital
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PRINT THIS PAGE Boston private equity firm Summit Partners closes two funds28/04/2008. Source: AltAssets. 
Summit Partners has raised two new funds: Summit Partners Europe Private Equity Fund closed on its hard cap of €1bn and Summit Partners Subordinated Debt Fund IV closed on $825m, exceeding the initial target of $700-800m. Summit Partners Europe Private Equity Fund is the firm's first private equity fund dedicated to investments in Europe.
Summit Partners Subordinated Debt Fund IV will co-invest with the firm's equity funds, providing a single source of mezzanine and equity financing to meet each company's unique financing needs.
Nearly 80 per cent of the capital raised was provided by existing investors, according to the firm. Representative investors in the Europe fund include BP Investment Management, HarbourVest Partners, Irish National Pensions Reserve Fund and LGT Capital Partners. Representative investors in the subordinated debt fund include California State Teachers' Retirement System, Minnesota State Board of Investment, Performance Equity Management and Virginia Retirement System.
Summit will target equity commitments of between $5m and more than $500m per transaction, with the ability to invest more than $800m in combined equity and subordinated debt.
Martin Mannion, a managing director at Summit, said, 'The support we have received from both existing and new investors across North America, Europe and Asia has allowed us to raise these funds in just a few months. This validates our growth equity investing strategy in exceptional companies.'
'The subordinated debt fund allows us to provide companies with a single source of financing for equity and debt financing needs,' added 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.'
Summit closed its previous subordinated debt fund in 2005, on $465m.
Summit opened its London office in 2001. The firm made two investments in Europe last year: fashion retail website Vente-Privee.com and energy technology company Welltec International. Summit plans to expand its current team of 15 London-based investment professionals.
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