Summit Park Closes Fund III with $245 Million of Commitments
Summit Park Closes Third Fund with $245 Million in Commitments
Summit Park (“SP” or the “Firm”) is pleased to announce the final closing of Summit Park III, L.P. (“SP III” or the “Fund”) at $245 million. The Fund exceeded its original target of $200 million. Limited partners include all of the predecessor fund’s investors, as well as the addition of several new institutional investors, including pension funds, foundations and asset managers.
SP III will continue the strategy of the Firm’s predecessor fund, Summit Park II, L.P., which closed in April 2015. Investment interests will be oriented towards lower middle market companies with $4 to $15 million in EBITDA located in the Eastern half of the United States.
Summit Park co-founding partners, Bob Calton and Jim Johnson, founded Summit Park in 2006 and have been investing together for more than 12 years. Jim Johnson said, “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.”
Bob Calton continued, “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. 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.”
Morgan, Lewis & Bockius LLP served as legal counsel to Summit Park.