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Summit hits $317m for credit fund

Summit Partners is less than $33m away from a $350m target on its credit fund, which launched last year.

Summit Partners Credit Fund has raised at least $317 million on a $350 million target, according to US Securities and Exchange Commission documents filed Wednesday. 

Last July, Summit filed a “Summit Partners Credit Master” fund with the SEC. It is unclear if that fund, which is listed as having a $300 million target, is the same as Summit Partners Credit Fund. The firm declined to comment.

Summit’s credit strategy typically targets companies in the financial and business services, media, technology, consumer products, healthcare, life sciences, gaming, leisure, manufacturing and distribution sectors, according to the firm’s website. 

The credit fund has attracted commitments from the Louisiana Municipal Police Employees’ Retirement System, the Rhode Island State Treasury and the Texas County and District Retirement System, according to data provider Private Equity Connect

The most recent SEC filings list Eaton Partners and Amherst Securities Group as associated broker/dealers on the fund.

Summit closed its eighth growth fund on $2.7 billion in January, beating its revised target of $2.5 billion after only nine months on the market. Fund VIII’s nine-month gestation prior to close was relatively swift considering the fundraising environment, with many firms struggling to market funds as limited partners cull their number of GP relationships.   

The firm also marketed its third venture capital vehicle last year. That fund topped its $500 million target to close at $520 million. 

Summit was founded in 1984 and has raised $14 billion since its inception. The firm maintains offices in Boston, Palo Alto, London and Mumbai.