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MHT's Galen Moore: Mass. companies building to be sold
Summit Partners, the Boston-based private equity firm, is apparently aiming to increase its stake in the venture capital game with a $500 million fundraise, as well as raising another $3 billion for growth equity investing.
In documents filed Thursday with federal regulators, Summit reported it is raising its third venture capital fund, and its eighth growth equity fund. Headquartered in the Back Bay – with offices in London and Palo Alto, Calif. – Summit last raised funds in 2005, when it closed a $3 billion seventh fund for growth equity investments and a $300 million third fund for venture capital.
Summit’s recent Boston-area venture capital investments include Innov-X Systems, a Woburn company making handheld chemical and elemental analyzers, which raised at least $34 million before selling last July for an undisclosed amount to Waltham company Olympus NDT.
Recent growth equity investments in and around Boston include a $96 million minority stake, closed last April, in Casa Systems Inc., an Andover-based telecommunications hardware company.
Thursday’s regulatory filing indicates Summit’s proposed new funds are divided into two parts: a growth equity fund VIII-A, and fund VIII-B; and a venture capital fund III-A, and fund III-B. Each of the two growth equity filings indicates a $3 billion number; each of the two venture capital filings indicates a $500 million number. A firm spokeswoman could not immediately be reached for comment or clarification.
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