US Summit Partners closes $3bn PE fund and $300m VC fund

"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 $400m 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. "

[AltAssets]