Summit Partners announced it raised $1 billion for its second credit fund, Summit Partners Credit Fund II, to address the borrowing needs of growing middle market companies. This brings Summit’s total equity and fixed income capital base to more than $16 billion. The fund will be run from Boston by managing directors Todd Hearle and Jamie Freeland and Summit’s dedicated credit team.

Surpassing its initial goal of $750 million, Summit Partners Credit Fund II will target credit investments in profitable companies with proven business models, a record of stable growth, and the leadership capable of sustaining that growth. Often these companies are looking for a partner that can provide the capital necessary to complete an acquisition, buy out a partner, or finance an objective specific to achieving the goals of the company.

Fixed income investing has been an active component of Summit Partners’ investment platform since 1994. Summit has funded a total of more than $1.8 billion fixed income investments, including subordinated debt investments in conjunction with its equity investments and stand-alone credit investments. In total, Summit has raised $3.3 billion in combined fixed income assets.

Investors participating in the fund include public and private pension plans, insurance companies, funds of funds, family offices, endowments and foundations.

Summit’s team of credit investment professionals will focus on growing companies across many industries, including technology, healthcare & life sciences, financial technology & services, consumer and industrial. The team has extensive experience in leveraged finance and private loan origination, and brings experience in both public and private markets.

Tom Roberts, managing director at Summit Partners, said, “All of us at Summit appreciate the investor support we’ve received from new and existing limited partners for our Credit Fund II. The high level of demand reflects the appeal of our credit capability, our leading position in the middle market and our differentiated sourcing model.”