Summit Partners Targets $7bn for Latest Growth Strategy

Summit Partners has hit the fundraising circuit with its 11th flagship growth strategy barely a year after it collected more than $2.2bn across vehicles focused on European growth equity investments and venture capital deals.

The veteran growth-equity investor is targeting around $7bn for its Summit Partners Growth Equity XI strategy, which is focused on backing North American companies, according to people familiar with the fundraising. The target was confirmed in a public pension document seen by WSJ Pro Private Equity. If the firm reaches its fundraising goal, the new pool would be roughly 43% larger than its predecessor, which wrapped up with $4.9bn in March 2019, including a $400m commitment from the firm. The firm so far hasn’t indicated that an upper limit has been set for the new growth investment vehicle, one of the people said.