Summit Partners, the 51st biggest firm in private equity per the PEI 300, is seeking $9 billion for its 12th flagship growth fund.
Summit Partners Growth Equity Fund XII, which launched in May, will target a 30 percent internal rate of return, according to Private Equity International data. The firm appears to be planning for a quick campaign, with a final close anticipated in October this year, affiliate title Buyouts previously reported.
Fund XII has so far received a $250 million commitment from Minnesota State Board of Investment; $120 million from Delaware Public Employees’ Retirement System; and $100 million each from Pennsylvania Public School Employees’ Retirement System and New Jersey Division of Investment.
Its predecessor – Summit Growth Equity Fund XI – closed on $8.35 billion in September 2021, PEI data shows.
The firm has been active in growth investing since 1984 and has so far backed over 550 companies across the tech, healthcare and life science sectors, according to its website.
Recent documents from Minnesota SBI shed light on how the most recent of these investments have fared.
Summit Partners had not responded to a request for comment at the time of publication.