2024
Year in Review
Summit Partners Raises $9.5 Billion for Twelfth U.S. Growth Equity Fund
Latest flagship fund will continue the firn's longstanding focus on investing in profitable growth businesses.
Investment Activity
$2.2B+ invested across 30+ companies
Realization Activity
$3.8B realized across 20 companies
Portfolio Company News
Former Shopify CFO and Small Business Advocate Amy Shapero Joins Jobber's Board of Directors
Portfolio Company News
Hallmark Appoints Healthcare Leader and Patient Experience Innovator Patrick T. Ryan as Board Chairman
Portfolio Company News
FDA And CluePoints Sign New Cooperative Research And Development Agreement To Assess Data Quality Using Statistical Modelling And Machine Learning
Portfolio Company News
Immersive Labs Appoints Global Cybersecurity Executive Oliver Newbury to its Board of Directors
Portfolio Company News
LifeStance Appoints Dr. Teresa DeLuca, Tenured Healthcare Executive and Practicing Psychiatrist, to Board of Directors
Portfolio Company News
StackAdapt Welcomes Anne DelSanto to Board of Directors
Portfolio Company News
Eight Summit Portfolio Companies Named to 2024 Inc. 5000 List of Fastest-Growing Private Companies in America(6)
Portfolio Company News
Invicti Launches First AI-Enabled Predictive Risk Scoring for Application Security Testing
Portfolio Company Acquisitions
Summit portfolio companies completed 100+ acquisitions in 2024. Notable transactions include:
TurningPoint Healthcare Solutions Acquires Fairway Health to Accelerate Innovation in Condition Management
OTR Solutions Expands Fintech Portfolio with Acquisition of Epay Manager, A Back-Office Automation and Carrier Payments Platform for Freight Brokers
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Summit News
Summit Expands Investment Team with the Addition of Ricardo Gonzalez as Partner
Summit News
Dr. David Krajicek Joins Summit Partners as Executive-in-Residence
Team Recognition
Throughout 2024, several Summit investment professionals were named to top industry lists. We are proud to recognize their achievements and contributions to the firm and our portfolio companies.
About Summit Partners
For 40 years, Summit Partners has been committed to partnering with exceptional executives and entrepreneurs to help them accelerate their growth and achieve dramatic results.
Today, Summit manages nearly $48 billion in capital and targets growth equity and fixed income investments of $10 million – $500 million per company. Since inception, Summit has invested in more than 550 companies across technology, healthcare and life sciences, and growth products and services sectors.
Statistics are with respect to calendar year 2024, and are not, and do not purport to be, performance metrics for any fund or group of investments. A complete list of publicly disclosed investments may be found here. Data herein represent investments and realizations (including pending realizations) for the period from January 1, 2024, through December 31, 2024. There can be no assurance that the trends shown herein will continue or that the future investments made by the Summit funds will follow the trends shown herein.
Past performance is not a guarantee of or necessarily indicative of future results. It should not be assumed that investments made in the future will be profitable or equal to the performance of these securities. The cumulative and composite investment data presented herein does not represent performance achieved by any investor and reflects investments that were made across multiple funds sponsored by Summit Partners during different economic cycles. Such stated statistics reflect neither a specific fund nor a group of investments managed as a single portfolio. The actual data for an individual fund may differ materially from those reflected or contemplated in the data presented herein.
(1) Reflects investments from Summit XI, Summit X, Summit IX, Summit VIII, VC V, VC IV, Europe IV, Europe III, Europe II, SD VI, SD V and SD IV.
(2) Reflects realizations from Summit XI, Summit X, Summit IX, Summit VIII, VC V, VC IV, Europe IV, Europe III, Europe II, Europe I, SD VI, SD V and SD IV. Realizations herein are presented on a gross basis and include all Realized Proceeds but do not reflect the deduction of management fees, carried interest, taxes or expenses, which have the effect of reducing returns to investors and which may be substantial in the aggregate. Company count includes companies with significant realizations. Does not include companies with realizations due to tax distributions or escrows.
(3) Reflects acquisitions completed by active portfolio companies held by Summit XI, Summit X, Summit IX, VC V, VC IV, Europe IV, Europe III, Europe II, SPRF, SD VI and SD V. The asset management approach described herein may or may not be used for other Summit funds but is representative of the approaches Summit may employ for the other Summit funds. The asset management approach reflects Summit’s view and experience and no assurances are given that any such asset management approach will be employed by Summit for a Summit fund or will achieve any particular result. It should not be assumed that Summit will be able to effect similar changes or improvements in the strategies, business or operations of any current or future investments or that decisions Summit or a Summit fund will make in the future will be comparable.
(4) The assets under management (“AUM”) reported herein represents the gross assets of each private fund advised by Summit Partners and Summit Partners Credit Advisors, L.P. and the net assets under management of each private fund and other clients advised or sub-advised by SPPAM. With respect to the gross assets for each private fund advised by Summit Partners and Summit Partners Credit Advisors, L.P., the gross assets reported herein include assets under management of Summit Partners co-invest vehicles, are as of September 30, 2024, with the exception of the gross assets for Summit XII, which are as of December 1, 2024, and are calculated by adding the fair market value of investments, cash, accounts receivable, other assets and uncalled capital. The uncalled capital used in calculating the gross assets for each fund is reduced by any capital contributions currently held on a fund's line of credit and not actually funded by a limited partner capital contribution, if applicable. The fair market value of investments may include unrealized portfolio investments, which will usually be carried at fair value by Summit Partners or Summit Partners Credit Advisors, L.P. in accordance with accounting principles generally accepted in the United States. There can be no assurance that such unrealized investments will ultimately achieve a liquidation event at the fair value assigned by Summit Partners or Summit Partners Credit Advisors, L.P. The AUM reported herein for Summit Partners Public Asset Management, LLC is as of December 1, 2024, is estimated, includes interests held and controlled by Summit Partners Public Asset Management, LLC or its affiliates and is subject to final confirmation and may change.
(5) Deloitte Technology Fast 500: Past performance is not a guarantee of or necessarily indicative of future results. Revenue growth is one factor out of a number of factors that impact fund performance, some of which are beyond the control of Summit Partners. Loss of investment is possible, even with positive revenue growth. Such stated revenue growth does not reflect the revenue growth of the portfolio companies held by any specific fund nor portfolio company. There can be no assurance that any trend illustrated herein will continue. Award selections are determined based on Deloitte’s evaluation of submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period. To view the full list of honorees and read more about the selection methodology, visit Deloitte's website. Summit Partners did not have a role in the nomination/submission process for this award. This award is the opinion of the party conferring the award and not of Summit Partners. There can be no assurance that other providers or surveys would reach the same conclusion as the foregoing.
(6) Inc 5000 2024: Past performance is not a guarantee of or necessarily indicative of future results. Revenue growth is one factor out of a number of factors that impact fund performance, some of which are beyond the control of Summit Partners. Loss of investment is possible, even with positive revenue growth. Such stated revenue growth does not reflect the revenue growth of the portfolio companies held by any specific fund nor portfolio company. There can be no assurance that any trend illustrated herein will continue. Award selections are determined based on Inc. 5000’s evaluation of each nominee. Companies on the 2024 Inc. 5000 are ranked according to percentage revenue growth from 2020 to 2023. To qualify, companies must have been founded and generating revenue by March 31, 2020. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2023. (Since then, some on the list may have gone public or been acquired.) To view the full list of honorees and read more about the selection methodology, visit Inc. 5000’s website. Summit Partners did not have a role in the nomination/submission process for this award. This award is the opinion of the party conferring the award and not of Summit Partners. There can be no assurance that other providers or surveys would reach the same conclusion as the foregoing.
(7) Top Private Equity Firm by Growth Cap: Awardee selections are based on GrowthCap’s evaluation of each firm’s leadership, the composition of the overall organization, functional capabilities, unique competitive advantages, and investment judgement since the inception of the firm, among other factors. Information on firms was received through GrowthCap’s online submissions portal, nomination forms, direct communications as well as through our additional research. To view the full list of honorees and read more about the selection methodology, visit GrowthCap’s website. This award is the opinion of the party conferring the award and not of Summit Partners. Summit Partners submitted a nomination, and once selected, paid a publishing and copyright fee to promote this award. There can be no assurance that other providers or surveys would reach the same conclusion as the party conferring the award referenced herein. This award was issued on August 20, 2024, and was based on data and information reflecting the time period April 1, 1984, through June 28, 2024.
(8) Top Growth Equity Firm by Growth Cap: Awardee selections are based on GrowthCap’s evaluation of each firm’s unique capabilities, sector expertise, investment judgment, demonstrated value creation, senior partner composition, talent retention, firm evolution, and firm momentum, among other attributes. Information on firms was received through GrowthCap’s online submissions portal, nomination forms, direct communications as well as through our additional research. To view the full list of honorees and read more about the selection methodology, visit GrowthCap’s website. This award is the opinion of the party conferring the award and not of Summit Partners. The list of the Top Growth Equity Firms of 2023, published by GrowthCap on February 28, 2024, was based on the time period January 2022 through January 2024. Summit Partners submitted a nomination, and once selected, paid a publishing and copyright fee to promote this award. There can be no assurance that other providers or surveys would reach the same conclusion as the party conferring the award referenced herein.
(9) Top 40 under 40: Award selections are determined based on GrowthCap’s evaluation of the nominee’s overall career through a demonstrated ability to be a strong, exceptional partner to their stakeholders, including their portfolio companies, their limited partners and their colleagues, among others. Information on each nominee was received through nomination application forms, GrowthCap’s online submission portal, direct communication with portfolio company executives and/or others in the industry. To view the full list of honorees and read more about the selection methodology, visit GrowthCap’s website. This award is the opinion of the party conferring the award and not of Summit Partners. Summit Partners submitted a nomination, and once selected, paid a publishing and copyright fee to promote this award. This award was issued on December 18, 2024, and was based on the time period since inception of each individual’s career at Summit Partners through November 15, 2024. There can be no assurance that other providers or surveys would reach the same conclusion as the party conferring the award referenced herein.
(10) Top Software Investor List: Award selections are determined based on GrowthCap’s evaluation of the nominees breadth of investing experience, capability for scaling companies, recent investments made and exited, as well as character, among other factors. Information on each nominee was received through nomination application forms, GrowthCap’s online submission portal, direct communication with portfolio company executives and/or others in the industry. To view the full list of honorees and read more about the selection methodology, visit GrowthCap’s website. This award is the opinion of the party conferring the award and not of Summit Partners. GrowthCap’s Top Software Investors of 2024 List was based on information provided by Summit Partners with respect to each individual’s contributions since he joined Summit Partners through August 23, 2024. This award was issued on October 1, 2024. Summit Partners submitted a nomination, and once selected, paid a publishing and copyright fee to promote this award. There can be no assurance that other providers or surveys would reach the same conclusion as the party conferring the award referenced herein.
(11) Top 25 Healthcare Investor: Award selections are determined based on GrowthCap’s evaluation of the nominee’s career through demonstrated expertise investing in healthcare, as well as the unique strategic and/or operational value they provide to the companies they invest in. Information on each nominee was received through nomination application forms, GrowthCap’s online submission portal, direct communication with portfolio company executives and/or others in the industry. To view the full list of honorees and read more about the selection methodology, visit GrowthCap's website. This award is the opinion of the party conferring the award and not of Summit Partners. GrowthCap’s Top 25 Healthcare Investor list was based on information provided by Summit Partners with respect to Ross Stern’s career at Summit and reflects data from the date Ross Stern joined Summit Partners through March 15, 2024. Summit Partners submitted a nomination, and once selected, paid a publishing and copyright fee to promote this award. There can be no assurance that other providers or surveys would reach the same conclusion as the party conferring the award referenced herein. Published by GrowthCap on May 1, 2024.
(12) Top Women Leader in Growth Investing: Award selections were based on the evaluation of the nominees career through demonstrated success in leadership roles, breadth of experience and longevity in the field, among other factors. Information on each nominee was received through nomination application forms, GrowthCap’s online submission portal, direction communication with portfolio company executives and/or others in the industry. To view the full list of honorees and read more about the selection methodology, visit GrowthCap’s website. This award is the opinion of the party conferring the award and not of Summit Partners. GrowthCap’s Top Women Leaders in Growth Investing of 2024 List was based on information provided by Summit Partners with respect to Sophia Popova’s career at Summit and reflects data from the date Sophia Popova joined Summit Partners through May 3, 2024. Summit Partners submitted a nomination, and once selected, paid a publishing and copyright fee to promote this award. There can be no assurance that other providers or surveys would reach the same conclusion as the party conferring the award referenced herein. Published by GrowthCap on June 18, 2024.
IMPORTANT CONSIDERATIONS
This summary (“Summary”) is for illustrative purposes and to provide an illustration of Summit’s process. The inclusion of any particular investments in this Summary is not intended to reflect the merits of such investment or any other investment currently held by a Summit fund. There is no guarantee that Summit will be able to invest in similar opportunities in the future or to effectively implement a particular asset management approach with respect to any portfolio company. A complete list of publicly disclosed investments may be found here.
This Summary is not an offer to sell or the solicitation of an offer to purchase any security. The contents of the Summary are not to be construed as legal, business, investment or tax advice; readers should consult their own attorney or accounting, business or tax advisors. Investors in a Summit fund may lose part or all of their invested capital. Statements made in the Summary are as of the date indicated herein, and there can be no assurance that the information contained herein is correct as of any other date. All information with respect to portfolio companies and industry data has been obtained from sources believed to be reliable and current, but accuracy cannot be guaranteed.
The cumulative and composite statistics in the Summary are with respect to calendar year 2024, and are not, and do not purport to be, performance metrics for any Summit Partners fund or group of investments. The statistics do not represent performance achieved by any investor and reflects investments and realizations that were made across multiple funds sponsored by Summit Partners during different economic cycles. Such stated statistics reflects neither a specific fund nor a group of investments managed as a single portfolio. The actual return realized by any investor in an individual fund may differ materially from those contemplated in the cumulative and composite statistics shown herein. Past performance is not necessarily indicative of future results.
Further, references to a portfolio company in the Summary should not be construed as a recommendation of any particular investment or security. Certain information was provided by third parties and certain statements reflect Summit’s beliefs as of the date hereof based on prior experience and certain assumptions that Summit believes are reasonable but may prove incorrect. An alphabetical list of Summit Partners growth equity portfolio companies can be found here.
The asset management approach of Summit to each portfolio company is unique and depends on the facts and circumstances of that particular company. The asset management approaches described in the Summary may or may not be used by Summit but are representative of the approaches Summit may employ. No assurances are given that any such asset management approach will be employed by Summit or will achieve any particular result. It should not be assumed that Summit will be able to effect similar changes or improvements in the strategies, business or operations of any future investments; or that decisions Summit will make in the future will be comparable.
This Summary identifies a number of benefits inherent in Summit Partners’ services and operations. Although Summit Partners believes that its personnel, Advisory Partners, Strategic Advisors and Executives-in-Residence used, employed or retained by Summit Partners will have competitive advantages in identifying, diligencing, monitoring, consulting, improving and ultimately selling investments, there can be no guarantee that Summit Partners will be able to maintain such advantages over time, outperform third parties or the financial markets generally, implement its investment strategy or achieve its investment objectives or any investment or avoid losses.
There can be no assurance that the performance of any investment professional serves as an indicator of future performance. There is no guarantee that Summit's investment professionals will successfully implement the Summit funds’ investment strategy. A complete list of Summit employees is available upon request.
Further, Summit’s strategy includes targeting attractive equity (and equity-related) securities and debt in private growth-oriented companies. Investments entail significant risks and Summit Partners and its affiliates expect to be subject to potential or actual conflicts of interest. There is no assurance that any Summit investment will be profitable. The risks of an investment include, but are not limited to, the speculative nature of the Summit’s strategies. There can be no assurance that the investment strategy will be successful.
References herein to any “awards,” “ratings,” or “certifications” by third-party sources should not be construed or relied upon as an indication of future outcomes for such portfolio companies. Furthermore, the receipt of any awards by Summit, a Summit employee or the portfolio companies described herein is no assurance that Summit’s investment objectives have been achieved or successful. Such awards are not, and should not be deemed to be, a recommendation or evaluation of Summit’s alternative asset management business. The inclusion of any third-party firm and/or company names, brands, and/or logos does not imply any affiliation with these firms or companies. None of these firms or companies have endorsed Summit, Summit’s employees, Summit’s portfolio companies, or any of their respective affiliates.
Advisory Partners, Strategic Advisors, Executives-in-Residence as well as other individuals and third-party consultants who provide advice or other services to Summit Partners from time to time on specific transactions, including providing services to certain portfolio companies in which Summit invests, are expected to be utilized during such diligence, acquisition and investment process and throughout Summit’s investment holding period, as applicable, and are expected to receive compensation from portfolio companies, a Summit fund and/or Summit, as applicable, including, but not limited to, retainers, consulting fees, transaction fees, discretionary compensation (whether or not based on pre-determined milestones), reimbursements for insurance, legal fees incurred, out-of-pocket travel and related business expenses, equity incentives and board fees and are permitted to receive carried interest in one or more Summit funds. Such compensation generally will not result in offsets to or reductions of, any management fee paid to Summit. Furthermore, there can be no assurance that Summit will use an Executive-in-Residence, Strategic Advisor or Advisory Partner, and if used, that the utilization of such resource will result in a successful outcome for a portfolio company or Summit’s investors. Furthermore, although Summit Partners believes its Executives-in-Residence, Strategic Advisors or Advisory Partners may be useful long-term resources, there can be no assurance that such resources are more qualified or able than a third-party provider of similar services. For completeness purposes, Brian Modoff and Neil C. Roseman each serve in part-time Advisory Partner roles.
Summit Partners’ value enhancement resources, including its Peak Performance Group, are intended to provide collaborative, on-demand support to portfolio companies from pre-investment due diligence to post-investment value creation. However, there can be no assurance that each value enhancement resource will be deployed on behalf of a portfolio company investment, and if deployed, that the utilization of such resource will result in a successful outcome for a portfolio company. Furthermore, although Summit Partners believes its value enhancement resources represent an integral part of its investment strategy, there can be no assurance that such resources are more qualified or able than a third-party provider of similar services.
For purposes of this Summary,
“Summit XII” includes Summit Partners Growth Equity Fund XII-A, L.P., Summit Partners Growth Equity Fund XII-B, L.P., Summit Partners Growth Equity Investors XII, L.P., Summit Partners Growth Equity Fund XII (Lux), SCSp and Summit Partners Growth Equity Fund (Lux-II), SCSp, unless otherwise noted
“Summit XI” includes Summit Partners Growth Equity Fund XI-A, L.P., Summit Partners Growth Equity Fund XI-B, L.P. and Summit Partners Growth Equity Investors XI, L.P., unless otherwise noted
“Summit X” includes Summit Partners Growth Equity Fund X-A, L.P., Summit Partners Growth Equity Fund X-B, L.P. and Summit Partners Growth Equity Fund X-C, L.P., unless otherwise noted
“Summit IX” includes both Summit Partners Growth Equity Fund IX-A, L.P. and Summit Partners Growth Equity Fund IX-B, L.P., unless otherwise noted
“Summit VIII” includes both Summit Partners Growth Equity Fund VIII-A, L.P. and Summit Partners Growth Equity Fund VIII-B, L.P., unless otherwise noted
“VC V” includes Summit Partners Venture Capital Fund V-A, L.P., Summit Partners Venture Capital Fund V-B, L.P. and Summit Partners Venture Capital V Investors, L.P., unless otherwise noted
“VC IV” includes Summit Partners Venture Capital Fund IV-A, L.P. and Summit Partners Venture Capital Fund IV-B, L.P., unless otherwise noted
“SD VI” includes Summit Partners Subordinated Debt Fund VI-A, L.P., Summit Partners Subordinated Debt Fund VI-B, L.P. and Summit Partners Subordinated Debt Investors VI, L.P., unless otherwise noted
“SD V” includes Summit Partners Subordinated Debt Fund V-A, L.P. and Summit Partners Subordinated Debt Fund V-B, L.P., unless otherwise noted
“SD IV” includes Summit Partners Subordinated Debt Fund IV-A, L.P. and Summit Partners Subordinated Debt Fund IV-B, L.P., unless otherwise noted
“Europe IV” includes Summit Partners Europe Growth Equity Fund IV, SCSp and Summit Partners Europe Growth Investors IV, SCSp, unless otherwise noted
“Europe III” includes Summit Partners Europe Growth Equity Fund III, SCSp and Summit Partners Europe Growth Investors III, SCSp, unless otherwise noted
”Europe II” includes Summit Partners Europe Growth Equity Fund II, SCSp, unless otherwise noted
“Europe I” includes Summit Partners Europe Private Equity Fund, L.P., unless otherwise noted
“SPRF” includes Summit Partners Reinvestment Fund, L.P., unless otherwise noted
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