Summit Partners beats target for second credit fund

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dollar 20_sqPrivate equity firm Summit Partners has surpassed the target for its second credit fund.

Summit Partners Credit Fund II has raised $761.5m from 30 investors, beating its initial $750m target, according to a document filed with the US Securities and Exchange Commission.

The firm did not specify whether the fund has held a final close.

The fund, which does not have a placement agent, registered its first commitment in October last year, the filing showed.

At that time, AltAssets reported that the vehicle had received a $200m commitment from the Public School Employees’ Retirement System of Pennsylvania.

Summit’s second credit fund follows the first vehicle, which was closed on $520m in August 2012.

The fund makes credit investments in profitable companies with proven business models, a record of stable growth, and the leadership capable of sustaining that growth, the firm said.

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