Summit Partners Halts New Deals in Booming Credit Market

The credit arm of Summit Partners has ceased making new investments after it struggled with its latest fundraising, stepping back as other asset managers have piled into what has been a hot corner in an otherwise difficult private-markets environment.

The decision to draw back from the private-lending market triggered the departure of James Freeland, Robert Hassell and Adam Britt from the firm’s Summit Credit Partners group, where all were managing directors. The three left the firm over the past several months, according to people familiar with the matter.