Lately investing in Rocket Fuel, WestWing and Delphix so far this year, Summit Partners has been stepping up to the plate and is now joining the ranks of this Post-Facebook-IPO era of VCs which are raising capital for so-called middle-market companies who are still a ways off the IPO track. They also had a recent exit in the form of Wildfire’s acquisition by Google.
Summit has today announced it’s raised a $520 million credit fund for these growth companies. That brings Summit’s total equity and credit capital base to nearly $15 billion. The fund will be run in Boston by Managing Directors Todd Hearle and Jamie Freeland who joined Summit in 2010.
While they had aimed for $300 million, the Credit Fund will now target credit investments in “profitable companies with proven business models”, growth and great teams. They invest in technology, healthcare and life sciences, financial technology and services, consumer and industrial.
Founded in 1984, Summit has raised nearly $15 billion in capital and has offices in Boston, Palo Alto, London and Mumbai.