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Summit Partners raises USD520m credit fund

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Summit Partners has raised a USD520m credit fund to address the borrowing needs of growing middle-market companies.

This brings Summit’s total equity and credit capital base to nearly USD15bn.

The fund will be run in Boston by managing directors Todd Hearle and Jamie Freeland who joined Summit in 2010.

Surpassing its initial target of USD300m, Summit Partners Credit Fund will target credit investments in profitable companies with proven business models, a record of stable growth, and the leadership capable of sustaining that growth.

Credit investing has been an active component of Summit Partners’ investment platform since 1994, when it raised its first subordinated debt fund. Summit has since raised three more subordinated debt funds and has funded more than 70 credit investments, including subordinated debt investments in conjunction with its equity investments and standalone credit investments. In total, Summit has raised USD2.3bn in combined credit assets.

Tom Roberts (pictured), managing director at Summit Partners, says: “All of us at Summit appreciate the support we’ve received from new and existing limited partners in our credit fund.”

Investors participating in the fund include public and private pension plans, insurance companies, funds of funds, family offices, endowments and foundations.

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