Summit Partners announced that it has raised a $520 million credit fund to address the borrowing needs of growing middle-market companies. This brings Summit’s total equity and credit capital base to nearly $15 billion. Managing directors Todd Hearle and Jamie Freeland will run the fund in Boston. They joined Summit in 2010.

Surpassing its initial target of $300 million, Summit Partners Credit Fund 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.

Credit investing has been an active component of Summit Partners’ investment platform since 1994, when it raised its first subordinated debt fund. Summit has since raised three more subordinated debt funds and has funded more than 70 credit investments, including subordinated debt investments in conjunction with its equity investments and stand-alone credit investments. In total, Summit has raised $2.3 billion in combined credit assets.

Tom Roberts, managing director at Summit Partners, said, “All of us at Summit appreciate the support we’ve received from new and existing limited partners in our credit fund.” Investors participating in the fund include public and private pension plans, insurance companies, funds of funds, family offices, endowments and foundations.

Summit Partners’ Hearle said, “We are pleased with the collective strength of our limited partners and our flexibility to serve middle market borrowers with tailored capital solutions and high certainty to close.”

“Every year, we speak with thousands of companies around the globe about their growth strategies,” added Roberts. “The credit fund leverages this proprietary outreach model and allows us to provide customized, innovative capital solutions to a wider range of businesses.”

Summit’s dedicated team of credit investment professionals will focus on growing companies across many industries, including technology, healthcare and life sciences, financial technology & services, consumer and industrial.