2025
Mid-Year Update
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
$1.0B+ invested across 6 new companies and 16 follow-on investments
Realization Activity
$2.3B+ realized or pending across 12 companies
Portfolio Company News
StackAdapt Secures $243M Investment Led by Teachers Venture Growth
Ten Summit Portfolio Companies Named to Built In’s regional lists off 2025 Best Places to Work(5)
LucyRx Announces New Investment from LRV Health
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Summit News
Summit Partners Named a Top Growth Equity Firm by GrowthCap(8)
Summit News
Darren Black and Ross Stern Named Top Healthcare Investors of 2025 by GrowthCap(6)(9)
Summit News
Sophia Popova Recognized on PE Hub's 2025 Class of Women in Private Equity List(6)(10)
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
Summit Partners is a leading growth-focused investment firm, investing across growth sectors of the economy. Today, Summit manages nearly $47 billion in capital and targets growth equity and private credit investments of $10 million – $500 million per company. Since the firm’s founding in 1984, Summit has invested in more than 550 companies in the technology, healthcare and life sciences, and growth products and services sectors.
Statistics are with respect to the period January 1, 2025, through July 11, 2025, 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, 2025, through July 11, 2025. 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 do 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.
* This transaction is expected to close later in Q3 2025, subject to customary closing conditions. There can be no assurance that this transaction will close in the timeframe anticipated, on the terms contemplated or at all.
** This transaction is expected to close later in Q3 2025, subject to customary closing conditions. There can be no assurance that this transaction will close in the timeframe anticipated, on the terms contemplated or at all.
(1) Reflects 6 new investments and 16 follow-on investments from Summit XI, Summit X, Summit IX, Summit VIII, VC V, Europe IV, Europe III, SD VI, SD V and SD IV made during the period, January 1, 2025 through June 30, 2025. The following investment was made by VC V: Instrumentl Inc. The following investment was made by Summit XI: RIS Rx Holdings, LLC. The following investments were made by Europe IV: Cenosco B.V., 1P AS Topco Limited (dba One Point Advisory Services), Dreampath Diagnostics SAS, and Quorso Global Inc. With respect to VC V’s investment in Fundraise Up, Inc., the initial investment was completed on December 24, 2024, and is therefore not included in the amount invested during the period from January 1, 2025, through June 30, 2025. However, because the announcement of the investment occurred in January 2025, it is included in the investment announcements described herein. A complete list of each fund’s investments is available upon request.
(2) Reflects realizations and pending realizations for the period, January 1, 2025, through July 11, 2025, from Summit XI, Summit X, Summit IX, Summit VIII, VC V, VC IV, VC III, Europe III, Europe II, SD VI, SD V and SD IV, including $905 million in estimated proceeds from the pending sale of Dr. Squatch, LLC, $178 million in estimated proceeds from the pending sale of Red Canary, Inc., $170 million in estimated proceeds from the pending sale of NetBrain Technologies, Inc., $8 million in estimated proceeds from the pending sale of Markforged Holding Corporation and $106 million in estimated proceeds from the pending sale of onXmaps, Inc. These transactions are expected to close later in H2 2025, subject to customary closing conditions. There can be no assurance that these transactions will close in the timeframe anticipated, on the terms contemplated or at all. Realizations and pending realizations herein are presented on a gross basis and include all Realized Proceeds and estimated proceeds but do not reflect the deduction of management fees, carried interest, taxes or expenses, all of which reduce returns to investors and may be substantial in the aggregate. Company count includes companies with significant realizations or pending realizations and does not include companies with realizations due to tax distributions or escrows. The following investments were made from Summit IX: Klaviyo, Inc., Markforged Holding Corporation and Thrive Skilled Pediatric Care, LLC. The following investments were made from Summit X: VaxCare Corp. and Dr. Squatch, LLC. The following investments were made from Summit XI: Dr. Squatch, LLC and StackAdapt, Inc. The following investment was made from Europe II: Elatec GmbH. The following investment was made from Europe III: MUBI Inc. The following investment was made by VC III: NetBrain Technologies, Inc. The following investment was made by VC IV: MyOrthos, LLC. The following investments were made by VC IV and VC V: Red Canary, Inc. and onXmaps, Inc. A complete list of each fund’s investments is available upon request.
(3) Reflects acquisitions completed by portfolio companies held by Summit XI, Summit X, Summit IX, VC IV, Europe IV, Europe III, Europe II, SPRF 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) America’s Best Online Platforms 2025: Past operating performance is not a guarantee of or necessarily indicative of future results. The America’s Best Online Platform 2025 ranking recognizes 500 online platforms across 25 industry categories, compiled from a list of over 20,000 companies, which were vetted through an analysis of U.S. traffic and user popularity. Award selections are determined based on Newsweek and Statista’s evaluation of submitted applications and based on 29 criteria in four dimensions: mobile usability, traffic growth and technical performance, as well as an online survey analyzing impression, usage and trust. To view the full list of honorees and read more about the selection methodology, visit Newsweek’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. This award was issued on July 1, 2025.
(5) Built In’s Best Places to Work program highlights companies that offer the best compensation packages, total rewards and culture programs among their peers. And unlike other award programs, instead of a nomination form, an algorithm determines winners based on each company’s employee offerings as indicated on its Built In profile. Built In’s Best Places to Work program is based on information self‐reported by technology companies who decide on their own, at any time, the nature of the information provided and whether or not they want to provide, or continue to provide, information to Built In. Therefore, this ranking may not be a complete or accurate representation of the technology companies in a particular region and may be biased in several ways. To view the full list of honorees and read more about the selection methodology, visit Built In’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. This award was issued on January 7, 2025.
(6) With respect to personnel and management changes noted herein, there can be no assurance that the performance of any such professional serves as an indicator of future performance. There is no guarantee that the professionals noted herein will successfully implement the company's strategy.
(7) Inc.’s Best Workplaces 2025: To qualify for Inc.’s Best Workplaces list, an organization must (1) be independent (not a subsidiary or division of another company), (2) be based in the United States, (3) have at least 5 permanent employees, (4) have been in business at least 2 years and (5) have less than $1 billion in total annual revenue. Information on companies was received through Inc.’s online submissions portal and include the completion of a benefits inventory and employee engagement survey. To view the full list of honorees and read more about the selection methodology, visit Inc.’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. This award was issued on June 17, 2025, and was based on data and information reflecting the time period January 1, 2024, through December 31, 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. 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 February 13, 2025, and was based on data and information reflecting the time period April 1, 1984, through December 2024.
(9) The Top Healthcare Investors of 2025: Awardee selections are based on GrowthCap’s evaluation of each nominee’s investment experience, feedback from industry professionals, and overall consistency. Information on nominees was received through GrowthCap’s online submissions portal and nominees were nominated by their firms, portfolio company executives, industry peers or other leading investors. 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 Healthcare Investors of 2025, published by GrowthCap on April 30, 2025, was based on the time period since the awardee joined Summit through December 31, 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.
(10) PE Hub’s Women in Private Equity 2025: Awardee selections are based on PE Hub’s evaluation of each nominee’s influence in the private equity industry. Information on nominees was received through PE Hub’s online submissions portal and nominees were nominated by their firms. To view the full list of honorees and read more about the selection methodology, visit PE Hub’s website. Summit Partners submitted a nomination, however, this award is the opinion of the party conferring the award and not of Summit Partners. The list of the PE Hub’s Women in Private Equity 2025, was published by PE Hub on March 31, 2025.
IMPORTANT CONSIDERATIONS
This summary (“Summary”) is for illustrative purposes and to provide an overview of Summit’s process. The inclusion of any particular investment 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 or is available upon request.
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 the period, January 1, 2025, through July 11, 2025, 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 reflect investments and realizations 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 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 a guarantee of or 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.
The asset management approach of Summit applied 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 types of 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.
For the purposes of this Summary,
- “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;
- “VC III” includes Summit Partners Venture Capital Fund III-A, L.P. and Summit Partners Venture Capital Fund III-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;
- “SPRF” includes Summit Partners Reinvestment Fund, L.P., unless otherwise noted.
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