Summit Park has held a final closing of its third fund, Summit Park III LP, with $245 million of capital commitments. The new fund exceeded its original target of $200 million. Summit Park’s earlier fund closed in April 2015 with $118 million of capital commitments.
Summit Park invests in lower middle market companies that have operations primarily based in the Eastern half of the US and have revenues between $20 and $100 million and EBITDAs between $4 million and $15 million. Sectors of interest include business and consumer services, light manufacturing and value-added distribution.
“We are extremely proud of the team we have built, and exceeding our target in a short period of time is a testament to our record of successful execution and disciplined investment strategy,” said Partner Jim Johnson.
Limited partners in Fund III include all of its Fund II investors, as well as the addition of several new institutional investors, including pension funds, foundations and asset managers.
“We are grateful to our existing investors for their continued support and confidence in our firm, and we are excited to partner with our new investors,” said Partner Bob Calton. “Summit Park remains committed to being the partner of choice to entrepreneurs and management teams in the lower middle market, and we look forward to continuing our strategy to drive attractive returns for our investors.”
Summit Park was co-founded by partners Bob Calton and Jim Johnson in 2006 and is headquartered in Charlotte, NC (www.summitparkllc.com).
Morgan, Lewis & Bockius (www.morganlewis.com) provided legal services to Summit Park on this fundraise.
© 2018 Private Equity Professional | August 14, 2018