Summit Partners

Summit Partners
Private Ownership
Industry Private Equity
Founded 1984
Founder E. Roe Stamps, Stephen Woodsum, Gregory Avis
Headquarters Boston, Massachusetts, United States
Key people
 Peter Y. Chung, Managing Director and CEO
Products Growth capital, Venture capital, Recapitalizations, Mezzanine capital, Leveraged buyouts
Total assets more than $16 billion
Number of employees
 150+
Website www.summitpartners.com

Summit Partners is a growth equity investment firm that invests in exceptional companies. The firm provides growth equity, venture capital and credit investments for growth, recapitalizations and management buyouts.

Founded in 1984, Summit is based in Boston, Massachusetts and has offices in Menlo Park, California; and London, England. The firm employs more than 85 investment professionals and more than 150 employees overall.

Since inception, Summit Partners has raised more than $16 billion in capital through 18 equity and fixed income funds. In 2012, the firm raised a $2.7 billion growth equity fund, a $550 million venture capital fund and a $520 million credit fund. In 2014, the firm raised a $1.05 billion credit fund. The firm has been ranked among the 50 largest private equity firms globally.

Investments

Summit Partners has invested in more than 400 companies globally. Summit's portfolio includes a broad range of companies headquartered in North America and Europe. The firm focuses on investments in the technology, healthcare and life sciences, and growth products and services sectors.

Some of Summit's most notable investments include:

History

Summit Partners was founded in 1984 by Stephen Woodsum and E. Roe Stamps, who had worked together at TA Associates and before that at First Chicago Investment Corporation (the predecessor of Madison Dearborn Partners). Woodsum and Stamps were joined shortly thereafter by Greg Avis, who would open the firm's California office in 1993. In 2001, Summit Partners completed its management succession led by Bruce Evans, Walter Kortschak, Marty Mannion, Tom Roberts, and Joeseph Trustey.

On July 29, 2015, Trustey (then Managing Director and Chief Operating Officer for the firm) was killed in a Milwaukee plane crash along with his daughter Anna.[20]

Funds

Since its founding in 1984, Summit Partners has raised 18 equity and fixed income funds:

Fund Inception
Date		 AUM ($m)
Summit Ventures 1984 $160
Summit Ventures II 1988 $230
Summit Ventures III 1992 $280
Summit Subordinated Debt Fund 1994 $140
Summit Ventures IV 1995 $610
Summit Subordinated Debt Fund II 1997 $335
Summit Ventures V 1998 $1.12 bill
Summit Accelerator Fund 1999 $170
Summit Ventures VI 2001 $2.08 bill
Summit Subordinated Debt Fund III[21] 2004 $465
Summit Partners Private Equity Fund VII[22] 2005 $3.10 bill
Summit Partners Venture Capital Fund II 2005 $310
Summit Partners Europe Private Equity Fund[23] 2008 €1.05 bill
Summit Partners Subordinated Debt Fund IV ($840 million)[23] 2008 $840
Summit Partners Growth Equity Fund VIII 2012 $2.7 bill
Summit Partners Venture Capital Fund III 2012 $550
Summit Partners Credit Fund 2012 $520
Summit Partners Credit Fund II 2014 $1.05 bill

References

  1. ↑ source:Answers.com
  2. ↑ Source:Summit Partners Pumps $100 Million Into Antivirus Software Maker AVAST Software. TechCrunch, August 23, 2010
  3. ↑ Source:Summit Partners Invests $15 Million in Hittite Microwave Corp. AllBusiness, December 5, 2000
  4. ↑ Source:E-TEK Profile.
  5. ↑ Source:McAfee Case Study.
  6. ↑ Source:Summit Partners in $273m Technology Exit. Dow Jones Financial News Online, June 9, 2004
  7. ↑ Source:Lincare Case Study.
  8. ↑ Source:SMDVIP Receives Investment from Summit Partners. AllBusiness, January 5, 2005
  9. ↑ Source:Pediatrix Case Study.
  10. ↑ Source:Physicians Formula Attracts Equity Investment From Summit Partners. Focal Point News, November 2003
  11. ↑ Source:FleetCor Closes New $100 Million Series E Equity Financing. Reuters Online, April 8, 2009
  12. ↑ Source:Summit Partners Portfolio.
  13. ↑ Source:optionsXpress Receives Investment of Approximately $90 Million from Summit Partners. optionsXpress News Release, January 20, 2004
  14. ↑ Source:Summit Partners acquires majority stake in e-payment services firm Ogone. TechCrunch, May 17, 2010
  15. ↑ Source:Snap Fitness Announces Minority Equity Investment by Summit Partners. Market Wire, June, 2008
  16. ↑ Source:Tiny Prints Announces Strategic Investment From Summit Partners and Technology Crossover Ventures. Marketwire, April 23, 2008
  17. ↑ Source:Vente-Privee luxury goods website sees cut-price sales soar in downturn. Telegraph UK, July 26, 2009
  18. ↑ Source:Web Reservations International Receives Investment from Summit Partners. AllBusiness, April 14, 2004
  19. ↑ Westwing Raises $50 Million in Financing Round Led by Summit Partners.
  20. ↑ http://fortune.com/2015/07/30/private-equity-executive-joe-trustey-killed-in-plane-crash/
  21. ↑ US Summit Partners closes $465m debt fund. AltAssets March 18, 2004
  22. ↑ US Summit Partners closes $3bn PE fund and $300m VC fund. AltAssets, June 2005
  23. 1 2 Boston private equity firm Summit Partners closes two funds. AltAssets, April 28, 2008
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