Top 20 Growth Equity PEF 2024

This report forms part of the Ranking News Capital Ranking series, which evaluates private equity firms and investment platforms across global capital markets.

Growth equity has emerged as a central segment within the global private capital ecosystem, positioned between venture capital and traditional buyout strategies. Growth equity firms provide minority or structured investments into scaling companies, typically supporting businesses with proven revenue models, strong growth trajectories, and expanding market opportunities.

Over the past decade, growth equity has experienced significant expansion as technology-enabled companies, healthcare platforms, and innovation-driven businesses seek capital to scale operations without relinquishing full control. This segment has become particularly relevant for founders and management teams seeking strategic capital partnerships while maintaining operational independence.

Unlike buyout-focused private equity firms, growth equity investors typically do not rely on control ownership or heavy leverage. Instead, value creation is driven by revenue growth, market expansion, product development, and strategic positioning. This model requires a different set of capabilities, including sector expertise, founder alignment, and long-term capital support.

This ranking identifies growth equity firms whose platforms demonstrate sustained institutional relevance, sector expertise, investment discipline, and influence within global growth capital markets. The objective is to recognize firms that maintain leadership positions within the evolving growth investment landscape.

Market Overview

The growth equity market continues to expand as companies remain private for longer periods and require larger pools of capital to scale before public market entry. This trend has been particularly evident in technology, software, healthcare, fintech, and consumer platforms.

Institutional investors have increasingly allocated capital to growth equity as a means of accessing high-growth opportunities with a more balanced risk profile compared to early-stage venture capital. Growth equity investments often target companies with established revenue streams, reducing early-stage risk while retaining significant upside potential.

At the same time, competition within the segment has intensified. Both traditional private equity firms and large venture capital platforms have expanded into growth investing, leading to increased capital availability and higher entry valuations in competitive sectors.

Despite this, specialist growth equity firms continue to differentiate themselves through sector focus, proprietary sourcing networks, and the ability to support companies through scaling challenges. These firms often play an active role in governance, strategy, and capital planning without assuming full operational control.

Industry Trend — 2024

In 2024, growth equity reflects a more disciplined investment environment following a period of elevated valuations in technology and innovation-driven sectors. Investors are placing greater emphasis on sustainable revenue growth, profitability pathways, and capital efficiency.

Software and technology platforms remain a core focus, particularly companies with recurring revenue models and strong customer retention metrics. Growth investors are increasingly selective, prioritizing businesses with clear competitive advantages and scalable operating models.

Healthcare and life sciences also continue to attract significant growth capital, driven by innovation in biotechnology, healthcare services, and digital health platforms. These sectors offer long-term structural growth opportunities supported by demographic and technological trends.

Another key trend is the increasing integration of growth equity within broader private market ecosystems. Many firms are expanding into adjacent strategies, including late-stage venture, structured equity, and minority buyouts, blurring traditional category boundaries.

As the market evolves, firms with strong sector expertise, disciplined underwriting, and the ability to partner effectively with founders are expected to maintain leadership positions within growth equity.

Methodology — Core Eligibility Criteria

To ensure structural consistency within the category, firms considered for this ranking were evaluated based on the following eligibility conditions:

• Operates as a dedicated growth equity or expansion capital investment platform
• Primarily executes minority or non-control investments
• Focuses on scaling companies with established revenue models
• Demonstrates strong sector presence in technology, healthcare, or growth industries
• Maintains institutional relationships with global limited partners

Pure venture capital firms focused on early-stage investing and traditional buyout firms without dedicated growth platforms are generally excluded.

Methodology — Ranking Factors

Firms included in the ranking were evaluated using a combination of qualitative and structural considerations rather than short-term performance metrics. Key factors considered include:

• Institutional scale and capital deployment capabilities
• Depth of sector expertise and investment focus
• Track record in scaling portfolio companies
• Strength of founder and management partnerships
• Access to proprietary deal flow within growth ecosystems
• Reputation among entrepreneurs, investors, and industry participants
• Stability and longevity of the investment platform

The objective of the ranking is to identify firms whose growth equity platforms maintain sustained relevance within global private capital markets.

The Ranking News Top 20 Growth Equity Investment Firms 2024 ranking evaluates leading growth equity platforms globally.

The ranking universe consisted of approximately 70 growth equity firms globally, from which 20 institutions were selected for inclusion.

Tier classifications reflect relative institutional positioning within the growth equity segment and do not represent investment performance rankings.

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Tier I — Leading Growth Equity Platforms

General Atlantic

• Headquarters: New York, United States
• Founded: 1980

General Atlantic is widely regarded as one of the leading global growth equity firms, with a long history of investing in high-growth companies across technology, healthcare, financial services, and consumer sectors. The firm focuses on minority investments in established businesses seeking to scale operations and expand internationally.

General Atlantic combines sector expertise with a global network, enabling it to identify and support companies at critical inflection points. The firm often partners closely with management teams to drive strategic initiatives, including market expansion, product development, and operational scaling.

Its disciplined investment approach and strong track record across multiple market cycles have reinforced its position as a benchmark platform within the global growth equity ecosystem.

Insight Partners

• Headquarters: New York, United States
• Founded: 1995

Insight Partners is a leading growth equity firm specializing in software and technology investments. The firm focuses on scaling high-growth companies by providing capital alongside operational support, particularly in areas such as sales optimization, customer acquisition, and product development.

Insight’s platform includes dedicated resources to assist portfolio companies in scaling efficiently, differentiating it from more passive investment approaches. The firm’s strong presence within the global software ecosystem provides access to a broad pipeline of investment opportunities.

Its consistent focus on high-growth technology companies and ability to support rapid scaling have positioned Insight Partners as a dominant force within growth equity.

Summit Partners

• Headquarters: Boston, United States
• Founded: 1984

Summit Partners is a global growth equity firm with a long-standing focus on investing in profitable, high-growth companies across technology, healthcare, and consumer sectors. The firm emphasizes minority investments in businesses with established revenue models and clear expansion opportunities.

Summit’s investment approach combines disciplined underwriting with active support for management teams, particularly in areas such as international expansion and operational scaling. The firm’s global presence allows it to identify opportunities across North America, Europe, and Asia.

Its consistent execution and long-term investment philosophy have supported its position as one of the most established growth equity platforms globally.

TA Associates

• Headquarters: Boston, United States
• Founded: 1968

TA Associates is a global growth equity firm with a diversified investment approach spanning technology, healthcare, financial services, and consumer sectors. The firm focuses on minority and control investments in profitable growth companies.

TA’s long history in growth investing provides deep institutional knowledge and sector expertise. The firm works closely with management teams to support strategic initiatives, including market expansion and operational improvement.

Its balanced approach to growth investing and global footprint continue to support its role as a leading participant in the growth equity market.

Vitruvian Partners

• Headquarters: London, United Kingdom
• Founded: 2006

Vitruvian Partners is a European-based growth equity firm focused on investing in high-growth companies across technology, healthcare, and services sectors. The firm emphasizes data-driven investment processes and sector specialization.

Vitruvian’s strategy centers on identifying companies with strong growth potential and supporting them through international expansion and operational scaling. The firm’s disciplined investment approach and strong execution capabilities have contributed to its growing reputation.

Its focus on high-growth opportunities and structured investment framework position Vitruvian as a leading growth equity platform in Europe.

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Tier II — Established Growth Equity Firms

(Alphabetical order)

Accel-KKR

• Headquarters: Menlo Park, United States
• Founded: 2000

Accel-KKR is a technology-focused investment firm specializing in growth equity and buyout investments in software and technology-enabled businesses. The firm has built a strong presence in the lower mid-market segment, where it partners with companies seeking capital to scale operations, expand product offerings, and accelerate go-to-market strategies.

Its investment approach combines deep sector specialization with operational support, particularly in areas such as pricing optimization, customer acquisition, and product development. Accel-KKR leverages its long-standing relationships within the software ecosystem to source proprietary opportunities and support portfolio growth.

The firm’s ability to consistently execute across growth-stage investments, supported by its integrated investment model, has positioned it as a well-established participant within the global technology growth equity landscape.

Apax Digital Growth

• Headquarters: London, United Kingdom
• Founded: 2016

Apax Digital Growth represents the growth equity arm of Apax Partners, focusing on minority investments in high-growth technology and digital businesses. The platform leverages Apax’s global network, sector expertise, and institutional infrastructure to identify scalable opportunities across software, digital services, and technology-enabled sectors.

The strategy targets companies with strong revenue growth and clear pathways to market leadership, often supporting expansion through capital injection, strategic guidance, and access to international markets. Apax Digital Growth benefits from its integration within a broader private equity platform, allowing for flexibility in structuring investments and supporting portfolio companies through multiple stages of growth.

Its positioning within a globally recognized investment firm, combined with its dedicated growth focus, supports its role as an increasingly relevant participant in the global growth equity ecosystem.

Francisco Partners (Growth)

• Headquarters: San Francisco, United States
• Founded: 1999

Francisco Partners operates a dedicated growth strategy alongside its established private equity platform, focusing on minority investments in technology companies. The firm leverages its deep sector expertise in software, financial technology, and technology-enabled services to identify high-growth opportunities.

Its dual capability across buyout and growth investing provides flexibility in structuring transactions, allowing the firm to support companies at different stages of development. Francisco Partners works closely with management teams to drive strategic initiatives, including product expansion, operational scaling, and market positioning.

The firm’s long-standing presence in technology investing and its ability to integrate growth investments within a broader institutional framework have reinforced its position as a credible and active participant within the growth equity segment.

Hg (Mercury / Genesis strategies)

• Headquarters: London, United Kingdom
• Founded: 2000

Hg is a technology-focused investment firm with dedicated growth-oriented strategies targeting software and technology-enabled businesses. Its Mercury and Genesis funds focus on investing in high-growth companies, particularly in Europe, where Hg has developed a strong presence in software markets.

The firm combines sector specialization with a structured approach to value creation, supporting companies through operational improvements, international expansion, and strategic acquisitions. Hg’s in-house expertise and data-driven investment processes enable it to identify scalable opportunities within fragmented technology markets.

Its consistent focus on software investing and its ability to support growth-stage companies through structured operational frameworks have strengthened Hg’s positioning as a key player within the European growth equity landscape.

KKR Next Generation Technology Growth

• Headquarters: New York, United States
• Founded: 2016

KKR’s Next Generation Technology Growth strategy focuses on minority investments in high-growth technology companies, operating within the firm’s broader global investment platform. The strategy targets businesses with strong revenue growth, scalable models, and significant market expansion potential.

The platform benefits from KKR’s institutional scale, global network, and access to capital markets, enabling it to support portfolio companies beyond traditional growth equity capabilities. Investments often involve close collaboration with founders and management teams to drive strategic initiatives and operational improvements.

By combining growth-stage investing with the resources of a global private equity firm, KKR’s growth platform has established itself as a credible participant within the competitive technology growth equity segment.

PSG Equity

• Headquarters: Boston, United States
• Founded: 2014

PSG Equity is a growth equity firm focused on software and technology-enabled services companies, particularly within the lower mid-market segment. The firm emphasizes partnerships with founder-led businesses, providing capital and strategic support to accelerate growth and scale operations.

Its investment approach includes active engagement in areas such as go-to-market strategy, product development, and organizational scaling. PSG leverages its sector specialization to maintain a consistent pipeline of opportunities within software and technology services markets.

The firm’s ability to combine growth capital with hands-on operational support has contributed to its growing presence within the global growth equity ecosystem, particularly among emerging and mid-sized technology platforms.

Serent Capital

• Headquarters: San Francisco, United States
• Founded: 2008

Serent Capital focuses on growth investments in lower middle-market technology and services companies, often partnering with founder-led businesses seeking to scale their operations. The firm emphasizes operational support and strategic collaboration as key components of its investment approach.

Serent’s model integrates capital deployment with active involvement in scaling initiatives, including leadership development, operational improvement, and market expansion. The firm’s focus on smaller growth companies allows it to access opportunities often overlooked by larger platforms.

Its disciplined investment process and emphasis on long-term partnerships have supported its position as a recognized participant within the growth equity segment, particularly in the lower mid-market technology space.

Silversmith Capital Partners

• Headquarters: Boston, United States
• Founded: 2015

Silversmith Capital Partners is a growth equity firm investing in technology and healthcare companies with strong revenue growth and scalable business models. The firm focuses on sectors such as enterprise software, digital health, and technology-enabled services.

Its investment strategy emphasizes collaboration with management teams to support long-term value creation, including expansion into new markets and enhancement of operational capabilities. Silversmith targets companies with proven business models and significant growth potential.

The firm’s sector focus and disciplined investment approach have enabled it to establish a growing presence within the growth equity ecosystem, particularly among technology and healthcare-focused investors.

Spectrum Equity

• Headquarters: Boston, United States
• Founded: 1994

Spectrum Equity is a growth equity firm specializing in internet-enabled software and information services companies. The firm focuses on minority investments in businesses with strong recurring revenue models and scalable growth potential.

With a long-standing presence in growth investing, Spectrum has developed deep relationships within the technology ecosystem. The firm works closely with management teams to support strategic initiatives such as product expansion, market entry, and operational scaling.

Its consistent focus on high-growth, technology-driven businesses has reinforced its position as an established participant within the global growth equity market.

Warburg Pincus (Growth Investments)

• Headquarters: New York, United States
• Founded: 1966

Warburg Pincus maintains a significant growth investment strategy alongside its broader private equity platform, focusing on high-growth companies across multiple sectors and geographies. The firm has a long history of investing in emerging markets and innovation-driven industries.

Its flexible investment approach allows it to participate in minority growth investments as well as control transactions, depending on the opportunity. Warburg Pincus emphasizes long-term partnerships with management teams and supports companies through scaling and international expansion.

The firm’s global reach, sector diversification, and institutional relationships continue to support its relevance within the growth equity ecosystem, particularly in large-scale and cross-border growth opportunities.

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Tier III — Recognized Growth Equity Firms

(Alphabetical order)

• Bregal Sagemount
• FTV Capital
• Lead Edge Capital
• TCV (Technology Crossover Ventures)
• Turn/River Capital

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Remarks

Growth equity continues to play an increasingly important role within global private capital markets as companies seek capital to scale without relinquishing control. The segment has become a critical bridge between venture capital and traditional private equity.

The firms recognized in this ranking represent platforms that combine sector expertise, disciplined investment approaches, and strong founder partnerships to support long-term growth. As market conditions evolve, these capabilities are expected to remain central to success within the growth equity ecosystem.

Tier classification reflects relative institutional positioning within the growth equity segment and does not represent investment performance rankings.

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