Summit Partners is extending its investment in NinjaOne via the secondary market. The fund manager has raised $625m for a transaction led by Lead Edge Capital and Hamilton Lane, according to Secondaries Investor. The total comprises $500m earmarked for the continuation vehicle and $125m in uncalled commitments, which may be used, amongst other things, to fund the company’s future development. The vehicle is set to hold approximately half of Summit Partners’ investment in NinjaOne.
Investors in the funds concerned were offered several options: to sell their stake and recoup cash, to transfer their exposure to the new vehicle, or to combine the two approaches. The exact valuation of NinjaOne and the new breakdown of its share capital have not been made public.
NinjaOne offers a cloud-based platform that centralises the management of IT endpoints, automated patching, backups, monitoring and remote access. Its solutions are used by corporate IT departments and managed service providers. The company states that it currently serves nearly 40,000 organisations in over 140 countries and employs more than 2,000 people.
A valuation of $12.3bn
NinjaOne’s valuation has risen sharply. In June, the company announced over $400m in follow-on funding as part of its Series C round, based on a valuation of $12.3bn. Wellington Management, Teachers’ Venture Growth, BDT & MSD Partners, Sequoia Capital, Iconiq, Hedosophia, NEA, Washington Harbour Partners, CapitalG and Pinegrove Opportunity Partners participated in these extensions.
NinjaOne was still valued at $5bn in February 2025, during a previous $500m funding round led by Iconiq Growth and CapitalG. Its valuation has therefore increased by nearly two and a half times in less than a year and a half. This growth explains the appeal of a solution enabling Summit Partners to distribute cash to its investors without immediately selling off its entire stake. It also illustrates the growing use of continuation vehicles to retain technology assets considered to be high-performing.
The transaction has an institutional link with Luxembourg. Summit Partners operates one of its five global offices in Strassen, alongside Boston, Menlo Park, New York and London. The group states that it manages more than $44bn in assets and has invested in more than 550 companies since its foundation in 1984.
