Summit Partners Growth Equity Fund X’s $4.9 Billion Fundraising

Kirkland & Ellis represented Summit Partners, a global alternative investment firm, in the first and final closing of its latest flagship U.S. growth equity fund, Summit Partners Growth Equity Fund X.

Summit Partners, a global alternative investment firm, today announced the first and final closing of its latest flagship U.S. growth equity fund, Summit Partners Growth Equity Fund X. The oversubscribed fund, which was launched in the fourth quarter of 2018, closed at its hard cap with total commitments of $4.9 billion. The general partner has committed $400 million of this total and will be the single largest investor in the fund.

Summit Partners Growth Equity Fund X will target minority and majority investments of $75 to $300 million in category-leading growth companies, pursuing the growth equity strategy the firm pioneered in 1984. Summit seeks to partner with exceptional entrepreneurs and management teams and deliver post-investment support to accelerate growth and enhance value.

Summit’s global team of more than 100 investment professionals works collaboratively and cohesively across offices in the U.S. and Europe to partner with growth companies in key industry sectors including technology, healthcare, financial technology and services, consumer products and industrial technology. The Summit team provides active board-level support, as well as specialized in-house resources dedicated to serving the needs of growth companies. Summit’s Peak Performance Group, Capital Markets Team and Talent & Recruiting Team offer on-demand services to Summit’s portfolio companies to support and accelerate their growth initiatives.

With Growth Equity Fund X, Summit is currently managing more than $19 billion in capital across its growth equity, fixed income and public equity strategies. Since its inception in 1984, Summit Partners has raised more than $27 billion.

The Kirkland team was led by investment funds partners John Budetti (Picture) and Andrew Day, and included investment funds partner Lina Zhou and associates Allison Flor and Sheldon Laing; tax partner Don Rocap and associate Miles Johnson; and employee benefits partner Liz Dyer and associate Erica Rozow.

Involved fees earner: John Budetti – Kirkland & Ellis; Andrew Day – Kirkland & Ellis; Elizabeth Dyer – Kirkland & Ellis; Allison Flor – Kirkland & Ellis; Sheldon Hunt Laing – Kirkland & Ellis; Miles Johnson – Kirkland & Ellis; Donald Rocap – Kirkland & Ellis; Erica Rozow – Kirkland & Ellis; Lina Zhou – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Summit Partners;

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Author: Ambrogio Visconti