Top 25 Growth Equity Firms in 2026: Rankings, AUM, and Notable Deals

The largest growth equity firms in 2026 by published capital are General Atlantic ($130B AUM), Warburg Pincus ($100B+), Insight Partners ($90B+) and TA ($65B raised): below, every figure carries its date, definition and source.
By Christoph Totter, Founder of CT Acquisitions · Last reviewed: November 2026
Key takeaways
- General Atlantic reports approximately $130 billion of assets under management across all strategies as of June 30, 2026, the largest figure among the 25 firms here (General Atlantic release, Sep 1, 2026).
- Insight Partners reports over $90B in regulatory assets under management as of December 31, 2025, and invests $5 million to $500 million+ per software company (Insight Partners).
- TA publishes capital raised, not AUM: $65 billion since 1968, with equity checks of $150 million to $600 million (TA approach page).
- The newest flagship closes are Spectrum Equity Fund XI at $2.5 billion (October 8, 2026), Volition Capital Fund VI at $950 million (September 14, 2026) and BCV Fund XI at $1.6 billion (September 16, 2026) (Spectrum Equity release).
- Three of the 25 firms have sold minority stakes in themselves: Great Hill Partners and FTV Capital to Blackstone GP Stakes, and Accel-KKR to PACT Capital Partners (FTV Capital release, May 3, 2023).
- The lowest stated entry point on this list is Frontier Growth: $3 million to $20 million of ARR and an initial check of $5 million to $30 million (Frontier Growth investment focus).
Who are the top 25 growth equity firms in 2026?
The top 25 growth equity firms in 2026, ranked by the largest capital figure each firm publishes, run from General Atlantic at about $130 billion to Volition Capital at over $2.6 billion. Five firms (Brighton Park, Bain Capital Ventures, Stripes, Susquehanna Growth Equity and Frontier Growth) publish no current firm figure and are ranked by their latest vehicle.
| Rank | Firm | Published figure | What it counts | As of | Source | HQ or main offices |
|---|---|---|---|---|---|---|
| 1 | General Atlantic | $130B | AUM, all strategies | Jun 30, 2026 | General Atlantic release, Sep 1, 2026 | New York |
| 2 | Warburg Pincus | $100B+ | AUM | Apr 10, 2026 | Warburg Pincus release, Apr 10, 2026 | New York |
| 3 | Insight Partners | $90B+ | Regulatory AUM | Dec 31, 2025 | Insight Partners, About us | New York |
| 4 | TA | $65B | Capital raised since 1968 | Jul 1, 2026 | TA release, Jul 1, 2026 | Boston |
| 5 | Summit Partners | $44B+ | AUM | Homepage, viewed Nov 2026 | Summit Partners homepage | Boston |
| 6 | PSG | $28B+ | AUM | Feb 12, 2025 | PSG release, Feb 12, 2025 | Boston |
| 7 | Accel-KKR | $24B | Cumulative capital commitments | Homepage, viewed Nov 2026 | Accel-KKR homepage | Menlo Park |
| 8 | TCV | $23B | AUM | Approach page, viewed Nov 2026 | TCV, Approach | Menlo Park |
| 9 | Great Hill Partners | $19B+ | Commitments since 1998 | Sep 3, 2025 | Great Hill release, Sep 3, 2025 | Boston |
| 10 | Battery Ventures | $16B+ | Capital raised since inception | About page, viewed Nov 2026 | Battery Ventures, About | Boston |
| 11 | Norwest | $15.5B | Capital under management | About page, viewed Nov 2026 | Norwest, About | Menlo Park |
| 12 | Spectrum Equity | $12.5B+ | Capital raised across 11 funds | Oct 8, 2026 | Spectrum Equity release, Oct 8, 2026 | Boston |
| 13 | JMI Equity | $11B+ | Total capital commitments | Aug 11, 2025 | JMI Equity release, Aug 11, 2025 | Baltimore, Washington DC, San Diego |
| 14 | Bregal Sagemount | $11B | Capital raised since 2012 (equity and credit) | Mar 2, 2026 | Bregal Sagemount release, Mar 2, 2026 | New York |
| 15 | FTV Capital | $10.2B | Capital raised | Jan 8, 2025 | FTV Capital release, Jan 8, 2025 | New York and San Francisco |
| 16 | IVP | $8.89B | Firm AUM (third-party memo) | Jul 24, 2026 | New Jersey State Investment Council memo, Jul 24, 2026 | Menlo Park |
| 17 | Level Equity | $6.4B | AUM | Sep 30, 2026 | Level Equity homepage | New York |
| 18 | Silversmith Capital Partners | $5B+ | Total capital commitments | Jul 31, 2025 | Silversmith release, Jul 31, 2025 | Boston |
| 19 | Mainsail Partners | ~$4B | Total capital commitments | May 7, 2025 | Mainsail release, May 7, 2025 | Austin and San Francisco |
| 20 | Volition Capital | $2.6B+ | AUM | Sep 14, 2026 | Volition release, Sep 14, 2026 | Boston |
| 21 | Brighton Park Capital | Not published | Latest fund: $1.8B (Fund II) | Nov 10, 2022 | Brighton Park release, Nov 10, 2022 | Greenwich, New York, London, San Francisco |
| 22 | Bain Capital Ventures | Not published | Latest fund: $1.6B (Fund XI); parent Bain Capital about $225B | Sep 16, 2026 | BCV post, Sep 16, 2026 | San Francisco, New York, Palo Alto |
| 23 | Stripes | Not published | Latest fund: $1.05B sold (Stripes VII Form D) | Apr 7, 2026 | SEC Form D/A, Stripes VII | New York |
| 24 | Susquehanna Growth Equity | Not published | Invests Susquehanna International Group capital only | Site, viewed Nov 2026 | SGE, The story | Bala Cynwyd, Pennsylvania |
| 25 | Frontier Growth | Not published | No capital figure published | Site, viewed Nov 2026 | Frontier Growth, Investment focus | Charlotte |

AUM and capital raised are different measures. AUM (assets under management) is what a firm manages today, including unrealized value; capital raised is every dollar committed by limited partners since founding, including funds that have already been returned. TA, Accel-KKR, Great Hill Partners, Battery Ventures, Spectrum Equity, JMI Equity, Bregal Sagemount, FTV Capital, Silversmith and Mainsail publish only the second measure, so their position would move if they reported AUM.
How was this ranking built, and why do lists of growth equity firms disagree?
This ranking uses only figures the firms published themselves (website, press release or SEC filing), each with its date, plus one public pension document for IVP. Lists disagree because they mix AUM with capital raised, count firm-wide capital for multi-strategy managers, reuse fund closes that are three or four years old, and name portfolio companies the firm never listed.
The June 2026 version of this page made all four errors. The table below shows what it said and what each firm states, checked in November 2026. A founder who uses a stale fund date or a wrong check size will call the wrong firms first.
| Item | June 2026 version said | What the firm states | Source |
|---|---|---|---|
| Insight Partners, latest fund | Fund XIII closed at $12.5B in April 2025 | $12.5B is Fund XIII plus a co-invest fund and Opportunities Fund II, announced January 16, 2025 | Insight release |
| General Atlantic, AUM | $87B | Approximately $130B as of June 30, 2026 | GA release |
| TA, AUM | $50B AUM | $65B capital raised; TA publishes no AUM figure | TA release |
| TA XV close | $16.5B in 2024 | $16.5B, June 15, 2023 | TA release |
| Summit Partners, latest fund | Fund XI, $8.5B in 2020 | Fund XII, $9.5B, October 2, 2024 (Fund XI was $8.35B, October 2021) | Summit release |
| JMI Equity, AUM | $26B | More than $11B of total capital commitments | JMI release |
| Spectrum Equity, AUM | $18B | Over $12.5B raised across 11 funds | Spectrum release |
| Norwest, owner | Wholly owned by Wells Fargo | Wells Fargo describes itself as the institutional limited partner | Wells Fargo |
| Accel-KKR, origin | Joint venture of Accel and KKR | The firm states it is not affiliated with, owned or managed by Accel or KKR | Accel-KKR |
| Bain Capital Ventures | $28B in growth AUM; LinkedIn Series B 2004 | No BCV AUM published; latest fund BCV Fund XI, $1.6B, September 2026 | BCV post |
Multi-strategy managers on older lists (Vista Equity Partners, Silver Lake, Providence Equity Partners, Francisco Partners) were dropped because none of them publishes a separate growth equity figure, and estimating one would be invention. TCV, Silversmith Capital Partners, Bregal Sagemount and Brighton Park Capital replace them because each runs dedicated growth funds with published closes.
What is a growth equity firm?
A growth equity firm buys a minority or majority stake in a company that already has revenue and usually profits, using little or no debt, to fund expansion or give founders partial liquidity. Silversmith, for example, looks for more than $10 million of revenue, profitability or breakeven, and growth above 20% a year (Silversmith).
Growth equity sits between late-stage venture capital and buyout private equity. Summit Partners describes its Fund XII as making “majority and minority investments of $75 to $500 million primarily in profitable, category-leading growth companies” (Summit release, Oct 2, 2024). A founder-focused comparison of the two models is in our guide to growth equity vs private equity.
| Attribute | Growth equity | Buyout private equity | Late-stage venture |
|---|---|---|---|
| Stake | Minority or majority (Summit, Great Hill and Norwest state both) | Control | Minority |
| Debt in the deal | Little or none | Acquisition debt is standard | None |
| Company profile | Revenue and usually profit; Bregal Sagemount asks for $7M+ revenue and profitability | Mature cash flow | Fast growth, often loss-making |
| Use of the money | Expansion, acquisitions, founder liquidity (secondary) | Purchase of the company | Funding operating losses and growth |
| Examples on this page | Summit, TA, Great Hill, Spectrum, JMI | Accel-KKR Capital Partners VII (buyout fund) | IVP, Battery Ventures, BCV (multi-stage) |
Which growth equity funds closed most recently?
The most recent growth equity fund closes among these 25 firms are Spectrum Equity Fund XI ($2.5 billion, October 8, 2026), BCV Fund XI ($1.6 billion, September 16, 2026) and Volition Capital Fund VI ($950 million, September 14, 2026). The largest latest vehicle is Warburg Pincus Global Growth 14 at $17.3 billion, closed October 10, 2023.
| Firm | Latest flagship vehicle | Size | Closed | Months to Nov 2026 | Source |
|---|---|---|---|---|---|
| General Atlantic | Sixth flagship growth fund (GA 2021) | $7.8B | Nov 10, 2021 | 60 | Announcement |
| Warburg Pincus | Warburg Pincus Global Growth 14 | $17.3B | Oct 10, 2023 | 37 | Announcement |
| Insight Partners | Fund XIII, co-invest fund and Opportunities Fund II (combined) | $12.5B | Jan 16, 2025 | 22 | Announcement |
| TA | TA XV | $16.5B | Jun 15, 2023 | 41 | Announcement |
| Summit Partners | Summit Partners Growth Equity Fund XII | $9.5B | Oct 2, 2024 | 25 | Announcement |
| PSG | PSG VI (plus $2B PSG Sequel continuation fund) | $6.0B | Feb 12, 2025 | 21 | Announcement |
| Accel-KKR | Accel-KKR Capital Partners VII | $4.4B | Mar 30, 2023 | 44 | Announcement |
| TCV | TCV XI | $4.0B | Jan 27, 2021 | 70 | Announcement |
| Great Hill Partners | Great Hill Equity Partners IX | $7.0B | Sep 3, 2025 | 14 | Announcement |
| Battery Ventures | Battery Ventures XV | $3.25B | Feb 18, 2026 | 9 | Announcement |
| Norwest | NVP XVII | $3.0B | Apr 25, 2024 | 31 | Announcement |
| Spectrum Equity | Spectrum Equity Fund XI | $2.5B | Oct 8, 2026 | 1 | Announcement |
| JMI Equity | JMI Equity Fund XII | $3.1B | Aug 11, 2025 | 15 | Announcement |
| Bregal Sagemount | Bregal Sagemount V | $3.5B | Mar 2, 2026 | 8 | Announcement |
| FTV Capital | FTV VIII (plus $651M Ascend I) | $3.4B | Jan 8, 2025 | 22 | Announcement |
| IVP | IVP XVIII | $1.6B | Mar 28, 2024 | 32 | Announcement |
| Level Equity | Level Equity Growth Partners VI and Opportunities Fund 2025 | $1.4B | Mar 31, 2025 | 20 | Announcement |
| Silversmith Capital Partners | Silversmith Capital Partners Fund V | $1.7B | Jul 31, 2025 | 16 | Announcement |
| Mainsail Partners | Mainsail Partners VII | $1.535B | May 7, 2025 | 18 | Announcement |
| Volition Capital | Volition Capital Fund VI | $950M | Sep 14, 2026 | 2 | Announcement |
| Brighton Park Capital | Brighton Park Capital Fund II | $1.8B | Nov 10, 2022 | 48 | Announcement |
| Bain Capital Ventures | BCV Fund XI | $1.6B | Sep 16, 2026 | 2 | Announcement |
| Stripes | Stripes VII (Form D amount sold, not a final close) | $1.05B | Apr 7, 2026 | 7 | Announcement |

The months column is CT arithmetic: whole months from the close month to November 2026. Stripes has no announced final close; its figure is the $1,048,698,454 sold in Stripes VII as of an SEC Form D amendment signed April 7, 2026, from 59 investors. Susquehanna Growth Equity has no outside fund, and Frontier Growth announces none on its site.

Fund age matters to a founder because a firm investing from an old fund needs exits sooner and may have less left for follow-on rounds. General Atlantic’s last announced flagship (GA 2021, $7.8 billion, November 10, 2021) and TCV XI ($4 billion, January 27, 2021) are the oldest on this list, so ask either firm which vehicle would fund your deal.
Who owns the growth equity firms?
Most of the 25 firms are private partnerships owned by their own partners, but six have an outside owner or parent: Blackstone GP Stakes holds minority stakes in Great Hill Partners (2021) and FTV Capital (2023), PACT Capital Partners in Accel-KKR (2025), Bregal in Bregal Sagemount, Bain Capital owns BCV, and Susquehanna International Group funds SGE.
| Firm | Outside owner or parent | Date | Source |
|---|---|---|---|
| Great Hill Partners | Blackstone GP Stakes, minority stake | Nov 12, 2021 | Great Hill release |
| FTV Capital | Blackstone GP Stakes, minority stake | May 3, 2023 | FTV release |
| Accel-KKR | PACT Capital Partners, minority stake | Jun 18, 2025 | Accel-KKR release |
| Bregal Sagemount | Bregal (COFRA Holding), seeded the firm in 2012; “minority-owned partner firm” | Mar 2, 2026 | Bregal |
| Bain Capital Ventures | Division of Bain Capital | Site, Nov 2026 | BCV about |
| Susquehanna Growth Equity | Captive unit; “All our capital comes from Susquehanna International Group” | Site, Nov 2026 | SGE |
| Norwest | Wells Fargo is the institutional limited partner; Wells Fargo sold Norwest Equity Partners and Norwest Mezzanine Partners in 2023, not Norwest Venture Partners | Sep 29, 2023 | Wells Fargo release |
| Warburg Pincus | “A private partnership since our founding in 1966” | Site, Nov 2026 | Warburg Pincus |
A GP stake holder such as Blackstone GP Stakes owns a share of the management company and its fee income, not of your company, and it does not sit on portfolio boards. For a founder, the practical question is captive versus fund capital: Susquehanna Growth Equity invests its parent’s balance sheet, so it has no fund term that forces an exit date.
How much do growth equity firms invest, and what do they require?
Stated equity checks on this list run from $5 million (Frontier Growth, Volition Capital, Insight Partners) to $750 million (Great Hill Partners), with most firms in a $20 million to $500 million band. Revenue floors, where published, start at $3 million of ARR (Frontier Growth), $5 million (Volition), $7 million (Bregal Sagemount) and $10 million (Silversmith).
| Firm | Stated equity check | Stated profile and sectors | Source |
|---|---|---|---|
| General Atlantic | Not published | Technology, healthcare, financial services, consumer, life sciences, energy transition, infrastructure | Firm page |
| Warburg Pincus | Not published | Multi-sector growth and buyout; 215+ active portfolio companies | Firm page |
| Insight Partners | $5M to $500M+ | Software | Firm page |
| TA | $150M to $600M | Technology, business services, financial services, healthcare, consumer | Firm page |
| Summit Partners | $75M to $500M | Majority and minority; primarily profitable companies; technology, healthcare, growth products and services | Firm page |
| PSG | Not published | Growth-stage software and tech-enabled services; majority and minority | Firm page |
| Accel-KKR | Not published | Mid-market software and tech-enabled services | Firm page |
| TCV | $10M to $500M | Technology | Firm page |
| Great Hill Partners | $100M to $750M | Enterprise value below $1.25B; 15%+ annual growth; majority or minority | Firm page |
| Battery Ventures | Not published | Early, growth and buyout; application and infrastructure software, consumer, industrial tech | Firm page |
| Norwest | $20M to $300M | Minority to majority, including recaps; technology, business and financial services, healthcare, consumer | Firm page |
| Spectrum Equity | $25M to $250M | Software, AI and data businesses | Firm page |
| JMI Equity | $20M to $500M | Growth-stage B2B software, mainly North America | Firm page |
| Bregal Sagemount | $20M to $400M | $7M+ revenue; profitable; 10%+ growth; control or non-control | Firm page |
| FTV Capital | $20M to $300M | Fintech, vertical software, enterprise tech, healthcare tech | Firm page |
| IVP | $60M to $90M (IVP XIX) | Later-stage venture and growth | Firm page |
| Level Equity | Up to $300M | B2B software and AI-enabled businesses growing 25%+ a year; majority, minority and credit | Firm page |
| Silversmith Capital Partners | Not published | More than $10M revenue; profitable or breakeven; 20%+ growth; technology and healthcare | Firm page |
| Mainsail Partners | $25M to $200M | Founder-owned B2B software in the US or Canada | Firm page |
| Volition Capital | $5M to $50M | $5M to $50M+ revenue; meaningful minority stakes; software, internet, consumer | Firm page |
| Brighton Park Capital | Not published | Software, healthcare and tech-enabled services | Firm page |
| Bain Capital Ventures | Not published | Seed to growth; applied AI, infrastructure, health, physical AI, security | Firm page |
| Stripes | Not published | Product-led consumer and software businesses | Firm page |
| Susquehanna Growth Equity | Not published | Technology and services companies | Firm page |
| Frontier Growth | $5M to $30M (initial) | $3M to $20M ARR; 25%+ growth; under $15M raised; vertical SaaS | Firm page |

Two firms publish more than one range. Great Hill’s site states $100 million to $750 million, while its Fund IX release says $100 million to $500 million. JMI’s site states $20 million to $500 million, while the Fund XII release says about $40 million to $400 million+. Use the narrower range when deciding whether to call.
Growth equity firm profiles: AUM, latest fund and 2026 activity
Each profile gives the firm’s published capital figure, headquarters, latest fund and two or three companies taken from the firm’s own portfolio page or a filing. Deals dated 2026 come from the firm’s newsroom. The firms appear in the order of the ranking table, from General Atlantic at rank 1 to Frontier Growth at rank 25.
1. General Atlantic: $130B
General Atlantic manages approximately $130 billion across all strategies as of June 30, 2026, with more than 900 professionals in 20 countries, and is moving its global headquarters to 625 Madison Avenue in New York. It started in 1980 as the family office of Chuck Feeney (GA, our story).
Its 2026 activity includes the first close of a $1 billion financing for SambaNova Systems at an $11 billion valuation (July 8, 2026) and KKR’s agreement to buy Gen II Fund Services from Hg and General Atlantic for more than $5 billion (October 6, 2026). General Atlantic entities were listed holders in Duolingo’s 2021 S-1.
2. Warburg Pincus: $100B+
Warburg Pincus has more than $100 billion in assets under management and more than 215 active portfolio companies, per its April 10, 2026 release; it has been a private partnership in New York since 1966. Its latest flagship, Warburg Pincus Global Growth 14, closed at $17.3 billion against a $16 billion target on October 10, 2023. In 2026 it agreed to sell McGill and Partners to EQT for USD 2.0 billion (September 4, 2026).
Airtel Africa is listed on its portfolio page.
3. Insight Partners: $90B+
Insight Partners reports over $90B in regulatory AUM as of December 31, 2025 and more than 900 companies backed since its 1995 founding in New York. Its January 16, 2025 close combined Fund XIII, a buyout co-invest fund and Opportunities Fund II for $12.5 billion, with flagship checks of $5 million to $500 million+.
Insight co-led Wiz’s $100 million Series A in 2020; Google announced its agreement to acquire Wiz for $32 billion on March 18, 2025. monday.com priced its Nasdaq IPO at $155 a share on June 9, 2021.
4. TA: $65B
TA has raised $65 billion since its 1968 founding in Boston and has invested in more than 560 companies, per its July 1, 2026 release; it publishes capital raised, not AUM. TA XV closed at its $16.5 billion hard cap on June 15, 2023. Its stated equity check is $150 million to $600 million across technology, business services, financial services, healthcare and consumer.
Realized names on its portfolio page include Aldevron (acquired by Danaher) and Bomgar (acquired by Thoma Bravo).
5. Summit Partners: $44B+
Summit Partners shows $44B+ of assets under management on its homepage; its October 2, 2024 release gave more than $46 billion, so the figure has moved down or is defined differently. Founded in 1984, Summit closed Growth Equity Fund XII at $9.5 billion in October 2024 for majority and minority investments of $75 million to $500 million.
Summit led Klaviyo’s roughly $150 million round in April 2019 (Summit case study) and lists Socure (2026) and Keeper Security (2023) as current holdings.
6. PSG: $28B+
PSG reported over $28 billion in assets under management when it closed PSG VI at $6 billion and the $2 billion PSG Sequel continuation fund on February 12, 2025. Founded in 2014 and based in Boston, PSG has backed more than 150 companies that made more than 500 add-on acquisitions. It makes majority and minority investments in growth-stage software and tech-enabled services; Arcoro, Singlewire Software and Transit Technologies moved into the Sequel fund.
7. Accel-KKR: $24B
Accel-KKR states $24BN of cumulative capital commitments and 500+ investments over 26 years in software, from its Menlo Park headquarters. PACT Capital Partners took a minority stake in the firm in June 2025, and the firm says it is not affiliated with Accel or KKR. Its flagship Accel-KKR Capital Partners VII closed at its $4.4 billion hard cap alongside the $920 million Emerging Buyout Partners II on March 30, 2023.
Paymentus (NYSE: PAY) and KANA are on its portfolio page.
8. TCV: $23B
TCV states $23B in assets under management, 350+ technology investments, 82 IPOs and 78 strategic exits since its 1995 founding; its offices are in Menlo Park, New York and London. TCV XI closed at $4 billion on January 27, 2021, per Simpson Thacher, which advised on the fund, and no later flagship close has been announced. Its stated range is $10M to $500M.
Netflix (IPO 2002), Airbnb, Spotify and Toast appear on its company list dated July 15, 2026.
9. Great Hill Partners: $19B+
Great Hill Partners has over $19 billion in commitments since 1998 and closed Great Hill Equity Partners IX at its $7 billion hard cap, against a $5 billion target, on September 3, 2025. It is based at 200 Clarendon Street in Boston, and Blackstone GP Stakes has held a minority stake since November 2021. It invests $100 million to $750 million in companies with enterprise value below $1.25 billion growing 15%+ a year.
Great Hill was one of four firms in the $165 million round for CSN Stores, now Wayfair, in June 2011.
10. Battery Ventures: $16B+
Battery Ventures has raised more than $16 billion since its 1983 founding and invests at early, growth and buyout stages. Battery Ventures XV closed at $3.25 billion in a single close on February 18, 2026; its 2022 raise was $3.3 billion for XIV and a companion fund plus $530 million for Select Fund II.
Battery led Coupa’s Series B in 2008 (Battery case study) and invested in Nutanix in 2012, four years before its September 2016 Nasdaq listing.
11. Norwest: $15.5B
Norwest states it manages $15.5B with a current fund of $3 billion; NVP XVII closed at $3 billion on April 25, 2024. Founded in 1961 and based in Menlo Park, it counts Wells Fargo as its institutional limited partner. Its growth equity team writes $20M to $300M checks for minority to majority deals, including recapitalizations. Spiff (acquired by Salesforce) and Avetta (acquired by EQT) are on its outcomes page.
12. Spectrum Equity: $12.5B+
Spectrum Equity has raised over $12.5 billion across 11 main funds since 1994 and closed Fund XI at $2.5 billion in an oversubscribed single close on October 8, 2026, its largest fund. Fund X was $2 billion (July 2022) and Fund IX $1.5 billion (May 2020). It invests $25 million to $250 million in software, AI and data businesses. Ancestry (acquired by Blackstone) and Verafin (acquired by Nasdaq) are on its portfolio page.
13. JMI Equity: $11B+
JMI Equity closed JMI Equity Fund XII at its $3.1 billion hard cap on August 11, 2025, taking total capital commitments to more than $11 billion since 1992. Its offices are in Baltimore, Washington DC and San Diego. JMI has backed more than 190 companies with more than 120 exits, including 19 IPOs. ServiceNow (NYSE: NOW) and Blackbaud (Nasdaq: BLKB) are on its portfolio page.
14. Bregal Sagemount: $11B
Bregal Sagemount closed Bregal Sagemount V at its $3.5 billion hard cap on March 2, 2026 (Fund IV was $2.65 billion), bringing capital raised since 2012 to $11 billion across equity and credit. Headquartered at 200 Park Avenue in New York, it invests $20 million to $400 million of equity or $15 million to $100 million of credit in companies with $7 million+ of revenue, profitability and growth above 10%.
Open Lending, Truckstop.com and SurePrep appear on its portfolio page.
15. FTV Capital: $10.2B
FTV Capital has raised over $10.2 billion since 1998 and closed FTV VIII at $3.4 billion plus Ascend I at $651 million, $4.05 billion in total, on January 8, 2025. FTV VII had raised $2.35 billion in March 2022. Checks run $20 million to $300 million in fintech, vertical software, enterprise tech and healthcare tech. Blackstone GP Stakes bought a minority stake in May 2023. Enfusion and A-LIGN are on its portfolio page.
16. IVP: $8.89B
IVP publishes no AUM, but a New Jersey State Investment Council memo dated July 24, 2026 gives $8.89 billion of firm AUM, a 1980 founding in Menlo Park and IVP XIX checks of $60 million to $90 million against a $1.8 billion target. IVP XVIII closed at $1.6 billion in March 2024. Its site cites 135+ IPOs, and Snap, Coinbase and Figma are on its portfolio page.
17. Level Equity: $6.4B
Level Equity reports $6.4B of assets under management as of September 30, 2026. Founded in 2009 with offices in New York and Greenwich, Connecticut, it closed Level Equity Growth Partners VI and its 2025 Opportunities Fund at a $1.4 billion collective cap on March 31, 2025, and Level Structured Capital III at $293.5 million on March 11, 2026. It invests up to $300M in B2B software growing 25%+ a year.
Clari and Accelo are on its investments page.
18. Silversmith Capital Partners: $5B+
Silversmith Capital Partners closed Fund V at $1.7 billion ($1.6 billion from limited partners and $110 million from the team) on July 31, 2025, bringing commitments to over $5 billion since its 2015 founding in Boston. It looks for more than $10 million of revenue, profitability or breakeven and growth above 20%, in technology and healthcare. ActiveCampaign is a current holding and DistroKid is fully realized, per its portfolio page.
19. Mainsail Partners: ~$4B
Mainsail Partners closed Mainsail Partners VII at its $1.535 billion hard cap on May 7, 2025, bringing total commitments to nearly $4 billion since 2003; Fund VI was $915 million in April 2022. It invests $25 million to $200 million in founder-owned B2B software companies in the US or Canada, from offices in Austin and San Francisco.
Fund VII deals include Inn-Flow ($45 million) and ChiroHD ($26 million), and FieldRoutes agreed to be acquired by ServiceTitan in January 2022.
20. Volition Capital: $2.6B+
Volition Capital closed Volition Capital Fund VI at its $950 million hard cap on September 14, 2026, taking AUM to over $2.6 billion; Fund V raised over $675 million in January 2023. Founded in 2010 and based at 177 Huntington Avenue in Boston, it takes meaningful minority stakes of $5 million to $50 million in software, internet and consumer companies with $5 million to $50 million+ of revenue.
Chewy (acquired by PetSmart in 2017) is a realized investment on its portfolio page.
21. Brighton Park Capital: latest fund $1.8B
Brighton Park Capital publishes no AUM on its site; its latest announced fund is Fund II, closed with $1.8 billion of commitments on November 10, 2022, after a $1.1 billion first fund. It lists offices in Greenwich, New York, London and San Francisco and invests in software, healthcare and tech-enabled services. OPSWAT (cybersecurity) and Daloopa (financial data) are named on its site.
22. Bain Capital Ventures: latest fund $1.6B
Bain Capital Ventures, the venture and growth division Bain Capital launched in 2001, publishes no AUM of its own. BCV Fund XI closed at $1.6 billion for early and growth-stage investments on September 16, 2026; its February 2023 raise was $1.9 billion across two funds. BCV backed DocuSign and Rent the Runway, and its homepage reports Autodesk’s agreement to acquire MaintainX for $3.6 billion (BCV portfolio).
23. Stripes: latest fund $1.05B
Stripes publishes no AUM, founding date or check size. Its SEC filings show Stripes VII had sold $1,048,698,454 to 59 investors as of April 7, 2026, and Stripes VI $1,356,367,876 as of November 2022, with Kenneth A. Fox as managing partner and an office at 40 10th Avenue in New York. On, monday.com and Udemy are exited holdings, and Databricks and Ramp are current, per its investments page.
24. Susquehanna Growth Equity: latest fund not published
Susquehanna Growth Equity, founded in 2006 in Bala Cynwyd, Pennsylvania, invests only Susquehanna International Group capital, so it has no outside fund and no published AUM. It reports 105+ portfolio companies. Credit Karma (acquired by Intuit), Payoneer (Nasdaq: PAYO) and Workfront (acquired by Adobe) are exited holdings on its company page.
25. Frontier Growth: latest fund not published
Frontier Growth, founded in 1999 in Charlotte and renamed from Frontier Capital in November 2019, publishes no capital figure. It targets vertical SaaS companies with $3 million to $20 million of ARR growing 25%+, which have raised under $15 million, with an initial check of $5 million to $30 million. SupplyPike (acquired by SPS Commerce) and Dinova (acquired by Buyers Edge Platform) are among its partnerships.
Which growth equity firm fits your company?
The right growth equity firm is the one whose stated check size, revenue floor and sector match your raise, not the largest one. Under $3 million of ARR, none of the 25 firms fits on its published criteria; between $3 million and $20 million of ARR, start with Frontier Growth and Volition; for a $150 million+ raise, start with TA, Great Hill and Summit.
| If your situation is | Start with | Stated terms |
|---|---|---|
| If ARR or revenue is under $3M | No firm on this list fits on stated criteria | Consider a sale, a recapitalization or debt instead |
| If you run vertical SaaS with $3M to $20M ARR and have raised under $15M | Frontier Growth | $5M to $30M initial check |
| If revenue is $5M to $50M and you want a minority partner | Volition Capital | $5M to $50M check, meaningful minority |
| If revenue is $7M+ and profitable, growing above 10% | Bregal Sagemount | $20M to $400M equity or $15M to $100M credit |
| If revenue is above $10M, profitable or breakeven, growing above 20% | Silversmith Capital Partners | Technology and healthcare |
| If you own a bootstrapped B2B software company in the US or Canada | Mainsail Partners, Spectrum Equity, JMI Equity | $25M to $200M, $25M to $250M, $20M to $500M |
| If the raise is $150M or more | TA, Great Hill Partners, Summit Partners | $150M to $600M, $100M to $750M, $75M to $500M |
| If the business is not software (consumer, services, healthcare) | General Atlantic, Summit, Great Hill, Norwest, Bregal Sagemount | Check each firm’s sector list in the criteria table |
| If the firm’s latest fund closed more than 48 months ago | General Atlantic (GA 2021), TCV (TCV XI), Brighton Park (Fund II) | Ask which vehicle would invest and what reserves remain |
| If you want full liquidity rather than a growth partner | A buyout or strategic sale | See the sale versus recap section below |

Five filters turn 25 names into a call list. Run them in this order, because each step removes firms cheaply before the slower questions:
- Check the floor. Compare your ARR or revenue with the published floors: $3 million ARR (Frontier Growth), $5 million (Volition), $7 million (Bregal Sagemount), $10 million (Silversmith).
- Filter on sector. Insight, JMI, Mainsail, Spectrum and Level invest in software or data; Accel-KKR in software and tech-enabled services; General Atlantic, Summit and Norwest also back consumer, services and healthcare companies.
- Match the check to your raise. Drop any firm whose stated minimum is above your raise (TA at $150 million, Great Hill at $100 million, Summit at $75 million) or whose maximum is below it (Volition at $50 million, Frontier at $30 million).
- Decide on control. Summit, Great Hill, Norwest, Level and Bregal Sagemount state they do both majority and minority deals; Volition states minority. Decide how much of the round is secondary (cash to you), because it changes which firms engage.
- Check the fund clock. Use the months column in the fund table: a close within 24 months suggests an investing fund; beyond 48 months, ask what is left.
Illustrative example. A vertical software company with $25M ARR, growing 35% a year, wants to raise $60M, including $20M of secondary for the founders, and keep control. Steps 1 and 2: it qualifies, and software firms stay in. Step 3: TA, Great Hill and Summit drop on minimum check; Volition and Frontier drop on maximum. Step 5: Spectrum (Fund XI, October 2026), Bregal Sagemount (Fund V, March 2026), JMI (Fund XII, August 2025), FTV (FTV VIII, January 2025) and Insight (January 2025) raised most recently. That is the call list, with Mainsail added if the company is bootstrapped.
What should a founder ask a growth equity firm before signing?
Before signing a growth equity term sheet, ask five questions: which fund the money comes from and its close date, what reserves exist for your next round, who your board partner is and how many boards that partner holds, what path the firm’s last three exits took, and how the liquidation preference works. Each answer can be checked against the fund table on this page.
- Which fund invests, and when did it close? Compare the answer with the fund table: Warburg Pincus Global Growth 14 closed in October 2023, TA XV in June 2023.
- What reserves are set aside for our follow-on rounds? A fund 48 months or more past close may have little left.
- Who will be our lead partner, and how many board seats does that partner hold today?
- What path did your last three exits take (IPO, strategic sale, sale to buyout private equity, continuation fund), and what did founders take home against the entry model?
- Is the preference 1x non-participating, and is any dividend accruing? Model founder proceeds at a base, upside and downside exit value before you sign.
Selling a stake is a sale of part of your company, with the same diligence and tax questions as a full exit. Our guide to selling to a growth equity investor covers the process step by step, and what a minority stake means for control explains the board and veto rights that come with one.
Growth equity, recapitalization or a full sale?
Take growth equity when the company needs capital to grow and you want to keep running it; choose a recapitalization when you want partial liquidity now; choose a full sale when you are ready to hand over. Most firms here want $3 million to $10 million or more of revenue in software or tech-enabled businesses, which rules out most founder-owned companies. The trade-offs are laid out in recapitalization vs full sale.
Tax treatment can tip the decision. For stock issued after July 4, 2025, the One Big Beautiful Bill Act raised the Section 1202 exclusion cap to $15M of gain per taxpayer per issuer; our QSBS Section 1202 guide covers who qualifies. Owners of profitable non-software businesses should also compare the lower middle market private equity firms that buy companies of their size.
CT Acquisitions helps owners of founder-owned businesses make the most of their exit, through a confidential sale, a recapitalization or exit planning, with a network of 500+ buyers. For software founders, our page on how to sell a software company compares a growth round with a sale. We work for owners on the sell side. Our fee is success only: nothing upfront, and you pay nothing unless the business sells. Book an exit planning call to compare a growth equity round with a sale for your company.
How we compiled this
In November 2026 we checked each of the 25 firms against its own website, its dated fund-close press releases and, for Stripes, SEC Form D filings: 82 linked documents in total, all listed under Sources. IVP’s figures come from a New Jersey State Investment Council memo because IVP publishes none. We did not use PitchBook, Preqin or forum posts, and we did not estimate any firm’s growth-only share of AUM.
Frequently asked questions
What is a growth equity firm?
A growth equity firm buys a minority or majority stake in a company that already has revenue and usually profits, using little or no debt, to fund expansion or buy out part of the founders’ shares. Silversmith, for example, looks for more than $10 million of revenue, profitability or breakeven and growth above 20% a year.
Who are the top growth equity firms in 2026?
By published capital, the top growth equity firms in 2026 are General Atlantic (about $130 billion AUM, June 30, 2026), Warburg Pincus (more than $100 billion), Insight Partners (over $90 billion regulatory AUM), TA ($65 billion raised) and Summit Partners ($44 billion+ AUM). PSG, Accel-KKR, TCV, Great Hill Partners and Battery Ventures complete the top 10.
Who is the largest growth equity firm?
General Atlantic is the largest firm on this list, with approximately $130 billion of assets under management across all strategies as of June 30, 2026. Among firms that invest mainly in software, Insight Partners is the largest, with over $90 billion of regulatory AUM as of December 31, 2025.
What are the top growth equity funds?
The largest latest growth funds are Warburg Pincus Global Growth 14 ($17.3 billion, October 2023), TA XV ($16.5 billion, June 2023), Insight’s Fund XIII family ($12.5 billion combined, January 2025) and Summit Partners Growth Equity Fund XII ($9.5 billion, October 2024). The newest close is Spectrum Equity Fund XI at $2.5 billion in October 2026.
How much do growth equity firms invest per deal?
Published equity checks on this list range from $5 million (Frontier Growth, Volition Capital, Insight Partners) to $750 million (Great Hill Partners). Most firms sit in a $20 million to $500 million band: JMI $20 million to $500 million, Spectrum $25 million to $250 million, Summit $75 million to $500 million and TA $150 million to $600 million.
Do growth equity firms take control of companies?
Some do. Summit Partners, Great Hill Partners, Norwest, Level Equity and Bregal Sagemount state that they make both majority and minority investments, while Volition Capital takes meaningful minority stakes. In a minority deal the founder keeps operating control, and the investor usually gets a board seat and veto rights on major decisions.
Sources
- General Atlantic release, Sep 1, 2026 (accessed November 2026)
- General Atlantic: Sixth flagship growth fund (GA 2021) (accessed November 2026)
- Warburg Pincus release, Apr 10, 2026 (accessed November 2026)
- Warburg Pincus: Warburg Pincus Global Growth 14 (accessed November 2026)
- Insight Partners, About us (accessed November 2026)
- Insight Partners: Fund XIII, co-invest fund and Opportunities Fund II (combined) (accessed November 2026)
- TA release, Jul 1, 2026 (accessed November 2026)
- TA: TA XV (accessed November 2026)
- Summit Partners homepage (accessed November 2026)
- Summit Partners: Summit Partners Growth Equity Fund XII (accessed November 2026)
- PSG release, Feb 12, 2025 (accessed November 2026)
- Accel-KKR homepage (accessed November 2026)
- Accel-KKR: Accel-KKR Capital Partners VII (accessed November 2026)
- TCV, Approach (accessed November 2026)
- TCV: TCV XI (accessed November 2026)
- Great Hill release, Sep 3, 2025 (accessed November 2026)
- Battery Ventures, About (accessed November 2026)
- Battery Ventures: Battery Ventures XV (accessed November 2026)
- Norwest, About (accessed November 2026)
- Norwest: NVP XVII (accessed November 2026)
- Spectrum Equity release, Oct 8, 2026 (accessed November 2026)
- JMI Equity release, Aug 11, 2025 (accessed November 2026)
- Bregal Sagemount release, Mar 2, 2026 (accessed November 2026)
- FTV Capital release, Jan 8, 2025 (accessed November 2026)
- New Jersey State Investment Council memo, Jul 24, 2026 (accessed November 2026)
- IVP: IVP XVIII (accessed November 2026)
- Level Equity homepage (accessed November 2026)
- Level Equity: Level Equity Growth Partners VI and Opportunities Fund 2025 (accessed November 2026)
- Silversmith release, Jul 31, 2025 (accessed November 2026)
- Mainsail release, May 7, 2025 (accessed November 2026)
- Volition release, Sep 14, 2026 (accessed November 2026)
- Brighton Park release, Nov 10, 2022 (accessed November 2026)
- BCV post, Sep 16, 2026 (accessed November 2026)
- SEC Form D/A, Stripes VII (accessed November 2026)
- SGE, The story (accessed November 2026)
- Frontier Growth, Investment focus (accessed November 2026)
- TA, Approach (accessed November 2026)
- Great Hill Partners, About (accessed November 2026)
- Bregal Sagemount, How we invest (accessed November 2026)
- Volition Capital, Our focus (accessed November 2026)
- Norwest, Growth equity (accessed November 2026)
- Wells Fargo, Norwest Venture Partners (accessed November 2026)
- Accel-KKR, PACT Capital Partners minority investment, Jun 18, 2025 (accessed November 2026)
- Great Hill Partners, Blackstone GP Stakes investment, Nov 12, 2021 (accessed November 2026)
- FTV Capital, Blackstone GP Stakes investment, May 3, 2023 (accessed November 2026)
- Duolingo Form S-1, 2021 (accessed November 2026)
- One Big Beautiful Bill Act (H.R. 1, 119th Congress) (accessed November 2026)