Kirkland & Ellis LLP represented Summit Partners, a leading private equity sponsor with more than $16 billion under management for equity and fixed income investments, which recently closed its second credit fund, Summit Partners Credit Fund II. The fund closed with aggregate capital commitments of $1 billion, above its initial target of $750 million. The fund, which will seek to address the borrowing needs of growing middle market companies, accepted commitments from a broad mix of investors, including public and private pension plans, insurance companies, funds of funds, family offices, endowments and foundations. The larger fund builds off of Summit Partners’ first credit fund, which included $520 million in commitments.
The Kirkland team was led by New York-based private funds partners John Budetti and John O’Neil, and private funds associates Andrew Day and Sean Malone.
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Kirkland has one of the largest and most experienced sponsor-side private funds practices in the world with nearly 80 attorneys focused on private funds across nine offices in six time zones. The Firm has formed nearly 680 private equity funds on behalf of approximately 360 private equity sponsors since 1995, raising more than $460 billion, and regularly represents leading institutional investors in connection with their investments in private funds.
Kirkland & Ellis is a 1,600-attorney law firm representing global clients in complex private funds, corporate/M&A, restructuring and tax, litigation and dispute resolution/arbitration, and intellectual property and technology matters. The Firm has offices in New York, Beijing, Chicago, Hong Kong, Houston, London, Los Angeles, Munich, Palo Alto, San Francisco, Shanghai and Washington, D.C.