Form 4: Summit Partners Distributes Klaviyo Shares for Charitable Donations

Summit Partners distributed 346,707 shares of Klaviyo Series A common stock to facilitate charitable gifts.

Summary

• Summit Partners, L.P., along with its affiliated funds, Summit Partners Growth Equity Fund IX-A, L.P. and Summit Partners Growth Equity Fund IX-B, L.P., distributed a total of 346,707 shares of Klaviyo, Inc. Series A common stock.
• The distribution was made to facilitate bona fide charitable gifts.
• 213,439 shares were distributed from Fund IX-A and 133,268 shares from Fund IX-B.
• The shares were distributed at a price of $0.
• Summit Partners, L.P. is the manager of Summit Partners GE IX, LLC, which is the general partner of Summit Partners GE IX, LP, which is the general partner of Fund IX-A and Fund IX-B.
• The investment committee of Summit Partners, L.P., composed of Peter Y. Chung, Scott C. Collins, and Peter L. Rottier, may be deemed to have beneficial ownership of the reported securities.

Sentiment

Score: 7

Explanation: The document reflects a neutral event, a share distribution for charitable purposes, which is neither positive nor negative for the company's performance. It is a common practice for large shareholders.

Positives

• The distribution of shares for charitable purposes is a positive action.
• The transaction does not appear to be a sale, so it does not indicate a negative view of the company by Summit Partners.

Risks

• While not a direct risk, large distributions of shares could potentially increase the supply of shares in the market, which could have a minor impact on the share price.

Management Comments

• The investment committee of Summit Partners, L.P., disclaims beneficial ownership of the shares, except to the extent of such person's or entity's pecuniary interest therein.

Industry Context

This type of transaction is not uncommon for private equity firms that hold significant stakes in companies, and it is often done for tax or philanthropic reasons.

Comparison to Industry Standards

• Private equity firms like Summit Partners often make in-kind donations of shares to charitable organizations.
• This type of transaction is similar to other instances where large shareholders distribute shares for charitable purposes, such as venture capital firms donating shares of portfolio companies.

Stakeholder Impact

• The distribution of shares may have a minor impact on the supply of shares in the market, but it is unlikely to significantly affect shareholders.
• The charitable donations may have a positive impact on the community.

Key Dates

Keywords

Klaviyo, Summit Partners, share distribution, charitable gifts, Series A common stock, beneficial ownership