Summit Partners nears fund close

November 18, 2010, 11:35 PM UTC

Boston-based Summit Partners is in the late stages of raising a pair of new vehicles, Fortune has learned. This includes $3 billion for its latest private equity fund, and $450 million for its third venture capital fund.

Two notes:

1. I’m told that Summit is hoping to do a single “dry” close in 2010, in part so that investors don’t have to dip into their 2011 allocations. Not sure if that means that LPs are under-allocated in 2010 (see CalPERS, above), or if they’re expecting big doings in 2011.

2. The fact that Summit is raising a third venture fund is a testament to the rehab that its team did on the firm’s first VC fund (called Accelerator) – which was raised just before the dotcom bubble crashed. Moreover, Summit Ventures III is actually expected to be larger than Summit Ventures II ($300m).