Alternative investment firm Summit Partners has announced the first and final closing of its newest Europe growth equity fund.

Summit Partners Europe Growth Equity Fund IV closed at its hard cap with €1.4 billion in total commitments.

Launched in October 2022, the fund was oversubscribed.

“With the closing of this new fund, we further our commitment to Summit’s growth equity strategy across Europe, serving as the partner of choice for category-leading, profitable growth companies within our core sectors of focus,” said Summit Partners CEO Peter Chung.

“We are deeply grateful for the continued support of our limited partners and for their trust and confidence in our global team and our growth-focused strategy.”

Summit Partners Europe Growth Equity Fund IV will target minority and majority equity investments between €20 million and €80 million in Europe-based companies, applying the growth equity strategy the firm pioneered in 1984.

“As we invest this fund in Europe, we will build upon nearly 40 years of experience as a growth investor, leveraging our deep sector knowledge, extensive global network and value enhancement resources to support the growth of our portfolio companies,” said Han Sikkens, Managing Director and Head of Europe at Summit Partners.

“Europe has been an integral part of Summit’s global investment strategy since 2000, and we have been proud to partner with exceptional founders and management teams over that time.”

Since the firm’s inception in 1984, Summit Partners has raised more than $43 billion in capital.