Summit Partners raises $625M to hold onto its NinjaOne stake
What's the deal? Summit Partners has raised $625m in a secondary transaction to extend its investment in software company NinjaOne, moving part of its stake into a continuation vehicle. The deal is led by Lead Edge Capital and Hamilton Lane, according to Secondaries Investor.
The breakdown: The total comprises $500m for the continuation vehicle and $125m in uncalled commitments, which may help fund the company's future development. The vehicle is set to hold roughly half of Summit Partners' investment in NinjaOne.
What does NinjaOne do? Its cloud-based platform centralises IT endpoint management, automated patching, backups, monitoring, and remote access. The company says it serves nearly 40,000 organisations across more than 140 countries and employs over 2,000 people.
Why now? NinjaOne's valuation has climbed sharply. It hit $12.3bn in June on a $400m Series C extension, up from $5bn in February 2025 — nearly two and a half times higher in under a year and a half.
What's the endgame? The rise explains the appeal of a structure that lets Summit Partners return cash to its investors without selling its entire stake. Backers were offered three options: sell out, roll into the new vehicle, or combine both.
At $625m, the transaction ranks among the larger secondary deals recorded, sitting in the 56th percentile by amount.
The signal: The deal reflects the growing use of continuation vehicles to hold onto technology assets seen as high-performing. Summit Partners, which manages more than $44bn and runs one of its five global offices in Strassen, Luxembourg, first backed NinjaOne just before the Covid-19 pandemic.
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