Summit Partners’ $2.2 Billion Growth Equity Fund

Kirkland & Ellis represented Summit Partners in the transaction.

Summit Partners, a global alternative investment firm, executed its first and only closings of its latest Europe-focused growth equity fund, Summit Partners Europe Growth Equity Fund III (“Summit Europe III”), and its latest late-stage venture capital fund, Summit Partners Venture Capital Fund V (Summit VC V).

Both funds represent Summit’s largest ever European growth equity and venture capital funds, respectively, were significantly oversubscribed, closed at their respective hard caps and completed their respective fundraises (from launch to first and final closing) within two fiscal quarters. Aggregate commitments for Summit Europe III reached €1.1 billion (approximately $1.2 billion) and aggregate commitments for Summit VC V reached $1 billion.

These two funds will enable Summit to continue to pursue its core strategy of targeting growth equity and late stage venture capital investments in the technology, healthcare and life sciences sectors. With the closings of Summit Europe III and Summit VC Fund V, Summit Partners has raised more than $7 billion since the start of 2019.

The Kirkland team representing Summit Partners was led by investment funds partners John Budetti (Picture) and Andrew Day and associates Sheldon Laing, Molly Kirwan and Nicole Pennycooke, and tax partners Mike Carew and Ian Ferreira.

Involved fees earner: John Budetti – Kirkland & Ellis; Mike Carew – Kirkland & Ellis; Andrew Day – Kirkland & Ellis; Ian Ferreira – Kirkland & Ellis; Sheldon Hunt Laing – Kirkland & Ellis; Molly Kirwan – Kirkland & Ellis; Nicole Pennycooke – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Summit Partners;

Author: Ambrogio Visconti