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History Founded in 1984, Summit Partners is one of the largest U.S. venture capital firms with over $3.3 billion in managed capital and 60 employees. The firm operates through offices in Palo Alto and Boston. Summit's latest fund, Summit Ventures V, L.P., closed in 1998 with $1.04 billion of committed capital. Investment strategy In its 16-year history, Summit Partners has invested in more than 165 companies. Summit chooses later stage investments in health care, software, specialized services, networking and communications, and systems companies. The company's first fund was Summit Ventures, L.P., a $100 million fund. Since then, the company has formed eight funds: SV Eurofund ($60 Million in 1984), Summit Ventures II ($230 Million in 1988), Summit Ventures III ($280 Million in 1991), Summit Subordinated Debt Fund ($140 Million in 1994), Summit Ventures IV ($610 Million in 1995) Summit Subordinated Debt Fund II ($340 Million in 1997), Mt. Everest Funds ($410 Million in 1997) and Summit Ventures V ($1.04 billion in 1998). Portfolio Summit Partners has invested in companies in the following industries: healthcare, networking and communications, software and systems and peripherals. Portfolio investments include American Dental Partners and Paragon Vision Sciences in health care, DSET Corporation and Software Artistry in software, Clontech Laboratories and IntelliQuest in specialized services, Digital Link and WebSideStory in networking and communications, and HMT Technology and SeaChange Technology in systems and peripherals. The company was also an early investor in CMG, the company that eventually changed its name to CMGI and became an Internet powerhouse. Early stage endeavors In late spring 1999, Summit Partners hired Kip Sheeline from H&Q to manage a brand new investment vehicle, Summit Accelerator Fund. Unlike previous Summit Partners' funds that focus on later stage investments, the Accelerator fund targets early stage opportunities in technology and technology services. Summit Accelerator raised approximately $160 million and plans to commit roughly $5 million to any individual investment. Michael Balmuth, a principal at Summit Partners, became a general partner at the Accelerator fund in October 1999. While Balmuth says that the new vehicle will benefit from Summit's experience, it will remain independent.
Areas of Interest; Healthcare Networking and Communications; Software; Specialized Services; Systems Portfolio Includes; American Dental Partners; Decision Technologies; E-Commerce Exchange; E-Tek Dynamics; IntelliQuest; Pacer Electronics; Paragon Vision Sciences; SYMON Communications; Triton Systems; WebSideStory More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
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