Quarterly Spotlight

(1) Inc. 5000 List: Companies on the 2025 Inc. 5000 list are ranked according to their percentage revenue growth over three years, from 2021 to 2024. To qualify, companies must be privately held, for-profit, based in the U.S., and independent (not subsidiaries or divisions of other companies) as of December 31, 2024. Since then, some companies on the list may have gone public or been acquired. Companies must have been founded and generating revenue by March 31, 2021. The minimum revenue requirement is $100,000 for 2021 and $2 million for 2024. All honorees must pass Inc.’s editorial review. This award is the opinion of the party conferring the award and not of Summit Partners. Summit Partners did not have a role in the nomination/submission process for 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 15, 2025.

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(2) GrowthCap Top PE Firm List: 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, 2025 and was based on data and information reflecting the time period April 1, 1984 through June 30, 2025.

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(3) Forbes Cloud 100 List: Each spring, Forbes launches the Cloud 100 nomination period with open submissions, welcoming any individual or organization to recommend cloud companies it believes are worthy of recognition. Eligibility requires companies to maintain their independence, meaning they haven't undergone majority strategic acquisitions, private equity buyouts, or gone public. The nomination process requires participating companies to provide detailed responses covering their market segment, performance metrics and financial trajectory, organizational culture, workforce composition, strategic priorities, and future goals. Forbes also factor in insights from prior year Cloud 100 and Rising Stars placements when evaluating returning candidates. To determine market leadership (35%) the official Cloud 100 judge panel, composed primarily of public Cloud CEOs, provides their qualitative input and assessment of the companies’ market leadership in various Cloud sectors. Then, an estimate of valuation (30%) is determined based on third-party data providers. Sometimes, this is a range rather than a specific number. Factoring in operating metrics (20%) is also a key part of the nomination process. Ranges are collected based on financial metrics, such as revenue and growth rate. This award is the opinion of the party conferring the award and not of Summit Partners. Summit Partners did not have a role in the nomination/submission process for 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 September 3, 2025.

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(4) GrowthCap Top Software Investors 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 2025 List was based on information provided by Summit Partners with respect to each individual’s contributions since he joined Summit Partners through September 19, 2025. 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 September 29, 2025.

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(5) Digiday Award: The award selection is based on campaigns that the conferring party believes stood out for using emotional storytelling to help build authentic connections and to create experiences that sparked anticipation around product launches. Global cultural relevance also played a part, with brands recognized for tailoring their strategies to resonate across diverse markets. This award is the opinion of the party conferring the award and not of Summit Partners. Summit Partners did not have a role in the nomination/submission process for 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 September 9, 2025.

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(6) FreightWaves AI Excellence in Supply Chain Award: This award recognizes companies that the conferring party believes are revolutionizing freight, logistics, and transportation through the power of artificial intelligence. Presented by FreightWaves at the Supply Chain AI Symposium in Washington, DC, this award honors innovative solutions that enhance efficiency, visibility, automation, and sustainability across the supply chain. This award is the opinion of the party conferring the award and not of Summit Partners. Summit Partners did not have a role in the nomination/submission process for 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 July 30, 2025.

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IMPORTANT CONSIDERATIONS

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This Summary is not an offer to sell or a solicitation of an offer to purchase any security. It is intended solely for existing limited partners and is provided for informational and discussion purposes only.

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This Summary is not intended to serve as the basis for any investment decision and should not be construed as complete. It is not, and should not be relied upon as, legal, business, tax, investment, accounting, or other advice. Each recipient should consult its own legal counsel, business advisor, and tax advisor regarding any such matters. THIS SUMMARY IS SUBJECT TO THE DISCLAIMERS, NOTES, AND QUALIFICATIONS CONTAINED HEREIN.‍

Statements in this Summary are made as of October 1, 2025, unless otherwise noted, and there is no assurance that the information remains accurate as of any subsequent date. All information related to portfolio companies and industry data has been obtained from sources believed to be reliable and current; however, accuracy cannot be guaranteed.

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This Summary is provided for illustrative purposes only. The inclusion of any specific investment is not intended to reflect the merits of such investment relative to others in the Summit portfolio. There is no guarantee that any future Summit fund will have the opportunity to invest in similar companies. The portfolio company profiles included herein are illustrative examples only, selected to reflect the types of investments made by Summit. They do not represent a complete list. References to portfolio companies should not be construed as a recommendation or solicitation with respect to those companies. Performance of individual portfolio companies should not be considered representative of all Summit investments.

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Certain information has been provided by third parties, and certain statements reflect Summit’s beliefs as of the date hereof, based on prior experience and assumptions Summit believes to be reasonable but which may prove to be incorrect. An alphabetical list of Summit Partners’ growth equity portfolio companies can be found [here].

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Summit’s asset management approach varies depending on the specific facts and circumstances of each portfolio company. Any description of Summit’s involvement should not be interpreted as applying to all portfolio companies. No assurance is given that Summit will employ any particular strategy or that any strategy employed will result in improved business performance or investment outcomes. Summit may not be able to effect similar changes or improvements for other investments.

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This Summary includes references to benefits of Summit Partners’ services and operational model. While Summit believes that its team, Advisory Partners, and Executives-in-Residence provide certain competitive advantages in sourcing, evaluating, monitoring, and improving investments, there is no guarantee that these advantages will be sustained or lead to superior returns. There is no assurance that Summit will outperform third parties or the market generally or avoid losses.

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Summit’s strategy involves investing in equity and equity-related securities and debt of growth-stage private companies. These investments carry significant risks and potential conflicts of interest. There is no guarantee that any investment made by a Summit-managed fund will be profitable. Summit’s strategies are speculative and may not achieve their objectives.

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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. Further, 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.

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Summit Partners Peak Performance Group, including its Operations Team, Capital Markets Team, Talent & Recruiting Team and Technology & Data Science Data Team, is intended to provide collaborative, on-demand support to portfolio companies from pre-investment due diligence to post-investment value creation. There can be no assurance that these resources 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 Summit fund and its investors. Furthermore, although Summit Partners believes its Peak Performance Group represents 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. Additionally, to the extent that the Peak Performance Group engages or coordinates with a third-party vendor (e.g., cybersecurity assessments conducted by a third-party vendor), the costs and expenses of such vendor would be borne directly by applicable Summit fund.

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Summit is in the process of integrating artificial intelligence (“AI”) into its operations. As this technology evolves, its impact remains uncertain. The use of third-party or open-source AI tools (e.g., ChatGPT) poses potential risks, including data privacy breaches, intellectual property misuse, and output inaccuracies. Such risks may adversely affect Summit, its funds, and their portfolio companies. Further, regulatory changes relating to AI may materially affect Summit’s ability to use these tools in the future.

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Please see the “Definitions” section of this Summary for the definitions of certain terms used in this Summary.

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Definitions

“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 Summit Partners Growth Equity Fund IX-A, L.P. and Summit Partners Growth Equity Fund IX-B, L.P., unless otherwise noted.

“Europe II” includes Summit Partners Growth Europe Growth Equity Fund II, SCSp, unless otherwise noted.

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