GrowthCap is pleased to announce the Top Private Equity Firms of 2025. For the better part of over two decades, we have observed, studied, and in some cases had a front row seat to, leading firms in the private equity sector. Those that tend to succeed over the long run are those that act with high integrity and are driven to build and grow their portfolio companies the right way. Achieving excellence in private equity requires astute firm leadership, the ability to recruit and retain top talent, and an intense dedication to consistent performance.
We continuously monitor private equity firms, their deal activity, and their people, while filtering out the noise to develop the most informed perspective possible. Our selections reflect not only our diligence throughout the nomination process but also our ongoing observations and conversations with relevant professionals across the private market ecosystem.
This year’s selections highlight firms that have demonstrated a consistent ability to serve as exceptional partners to companies and their management teams as they scale and establish a more competitive market position. While financial performance is a consideration, our evaluation focuses more on a firm’s fundamental capabilities in creating or enhancing company value in a repeatable and predictable manner.
Nominations were submitted on behalf of many of the most respected and accomplished private equity firms in the United States and globally. Our evaluation incorporated a range of inputs, including nomination materials, direct firm communications, online submissions, peer and CEO feedback, and proprietary research. We conducted a comprehensive review of each firm’s history, evolution, leadership, culture, and strategic and operational capabilities. We also considered factors such as capital base, recent momentum, key milestones, market expertise, and commitment to responsible investing.
Each year, this awards process becomes increasingly competitive. We want to thank all the firms that participated, including many not featured in this article that have nonetheless achieved notable success.
Please join us in recognizing and celebrating the accomplishments of the Top Private Equity Firms of 2025.
Thoma Bravo
Thoma Bravo’s investment philosophy is centered on working collaboratively with existing management teams to help drive operating results and innovation. Leveraging its deep sector knowledge and strategic and operational expertise, the firm executes through a partnership-driven approach supported by a set of management principles, operating metrics, and business processes. Thoma Bravo supports its companies by investing in growth initiatives and strategic acquisitions designed to drive long-term value.
“It’s an honor to be named one of GrowthCap’s Top Private Equity Firms for the fourth year in a row. With nearly two decades of experience investing exclusively in software, Thoma Bravo provides our portfolio companies with focused operational expertise and deep industry knowledge – from day one. This recognition is a testament to our longstanding success in collaborating with these market-leading companies and their management teams to grow and scale in a way that continues to drive long-term value for our investors.” — Scott Crabill, Managing Partner
TA Associates
“For over 50 years, TA has been committed to partnering with exceptional founders and management teams to accelerate growth and build enduring value. We are honored to be recognized by GrowthCap and remain focused on leveraging the strength of our global team and strategic resources to identify high-quality investment opportunities and support the continued success of our portfolio companies.” — Ajit Nedungadi, CEO
Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. The firm is committed to creating lasting impact for its investors, teams, businesses, and the communities in which it operates. As a private partnership, Bain Capital leads with conviction and a culture of collaboration—advantages that enable it to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Its global platform invests across five focus areas: private equity, growth & venture, capital solutions, credit & capital markets, and real assets. In these focus areas, Bain Capital brings deep sector expertise and wide-ranging capabilities. The firm has 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management.
“At Bain Capital, partnership is at our core. Over our 40-plus-year history, we’ve had the privilege of building enduring relationships with innovative founders, entrepreneurs, and management teams around the world. By working collaboratively and drawing on deep, diverse expertise across our global network, we help unlock breakthrough insights that turn vision into transformational growth. With conviction, tenacity, and a shared focus on impact, we strive to catalyze potential and are proud to be a trusted partner in that journey.” — The Partners of Bain Capital
Summit Partners
Summit Partners is a leading growth-focused alternative investment firm. For over 40 years, Summit has partnered with profitable, category-leading companies and their leadership teams seeking to build best-in-class businesses by leveraging its deep industry expertise and its Peak Performance Group value enhancement platform. With over 80 growth equity investment professionals in offices across North America and Europe, Summit has invested in more than 550 companies in the technology, healthcare, financial services, business services, and consumer sectors.
“We are honored to once again be recognized on GrowthCap’s list of Top Private Equity Firms. Since our founding, Summit Partners has been dedicated to partnering with category-leading, profitable growth companies. Guided by our foundational belief that profitable growth is the most reliable path to building a durable business and creating long-term value, our global team remains committed to the disciplined execution of our investment strategy, which we believe is timeless and time-tested.” – Peter Chung, CEO and Managing Director
General Atlantic
General Atlantic is a leading global investor with more than four and a half decades of experience providing capital and strategic support to over 830 companies throughout its history. Established in 1980, General Atlantic remains a dedicated partner to visionary founders and investors seeking to build dynamic businesses and create long-term value. The firm leverages its patient capital, operational expertise, and global platform to support a diversified investment strategy spanning growth equity, credit, climate, and infrastructure. As of June 30, 2025, General Atlantic manages approximately $114 billion in assets under management across all strategies, with more than 900 professionals in 20 countries across five regions.
Insight Partners
In 2025, Insight Partners is celebrating 30 years of being more than just an investor. In addition to flexible capital, the firm brings the strategic insight, operational expertise, and relentless discipline that software companies need for efficient growth. Critical to this ability is Insight Onsite, the firm’s strategic growth engine that is purpose-built to accelerate software scaleups. With more than 130 dedicated professionals across key business functions, Onsite delivers embedded expertise and curated access to help portfolio companies scale with speed, precision, and confidence.
“For 30 years, Insight Partners has worked alongside the founders and teams that are shaping the future of software. The pace of change in technology has been extraordinary, but what’s remained constant is the strength of the relationships we’ve built and the trust we’ve earned—across cycles, markets, and moments of transformation. I’m incredibly proud of how our teams continue to lead with conviction, show up with heart, and partner with purpose. The journey ahead is just as exciting as the one behind us.” — Anika Agarwal, Managing Director
Berkshire Partners
Berkshire Partners’ investment process is grounded in analytical rigor, truth-seeking, and open debate. The firm seeks to be a constructive partner for management teams and to provide the guidance necessary to help its portfolio companies grow into enduring market leaders.
Berkshire Partners is 100% employee-owned and works hard to reinforce its team-centered approach. Collaboration and deep alignment with stakeholders are principles that the firm believes have helped attract and retain experienced investment professionals. Team members possess deep sector knowledge and champion the firm’s values: Relationships Matter, The Power of Teams, and Winning the Right Way. It is these core values and the distinctive culture of Berkshire Partners that the firm believes have helped drive its success.
“At Berkshire Partners, our purpose is rooted in the conviction that creating lasting value comes from building true partnerships—with management teams, our investors, and each other. For nearly four decades, we have remained committed to our belief that analytical rigor, shared ambition, and an unwavering commitment to core values result in sustained strong investment performance. Being recognized among GrowthCap’s Top Private Equity Firms reinforces the importance of our durable operating model and our mission to help mid-market companies reach their full potential.” — Mike Ascione, Managing Director
Hg
Hg takes an active approach to value creation, combining deep end-market knowledge with world-class operational resources to provide compelling support to entrepreneurial leaders looking to scale enduring businesses.
With a vast European network and a strong presence across North America, Hg manages around $100 billion in assets and employs more than 400 people. Its portfolio spans over 55 companies worth more than $160 billion in aggregate enterprise value, employing more than 125,000 people and consistently growing revenues at over 20% annually.
“It’s shaping up to be a big year for Hg. We reached over $100 billion in assets under management, just as we celebrate our 25th anniversary as a firm. Scale itself is never the goal, but it means we can keep investing resources to support our portfolio and capitalize on the AI-driven platform shift that’s underway in software. The opportunity is enormous. We’ve already got more than 300 live AI projects across the portfolio as we create new products and reimagine how companies operate. We then consolidate this knowledge at our Silicon Valley Leadership Summit and Software Leadership Gathering in Switzerland, which bring together hundreds of tech luminaries and software leaders each year to discuss the trends shaping our future. This is creating a huge buzz, and there is genuine excitement as we see the next generation of software leaders redefine what’s possible.” — Alan Cline, Head of North America
CD&R
Founded in 1978, CD&R is a leading private investment firm with a strategy of generating strong investment returns by building more robust and sustainable businesses through the combination of skilled investment experience and deep operating capabilities. In partnership with the management teams of its portfolio companies, CD&R takes a long-term view of value creation and emphasizes positive stewardship and impact. The firm invests in businesses that span a broad range of industries, including industrial, healthcare, consumer, technology, and financial services end markets.
“CD&R is guided by a set of values that are rooted in our commitment to serving as trusted partners to businesses on their growth journey. We are devoted to the principle that good businesses are built and sustained by working together with families, founders and management teams to drive operational improvements that enable businesses to navigate complexity and seize opportunities across market cycles. It is an honor to be recognized for our investment approach, and we believe it is a testament to our team’s hard work and focus on delivering results.” — Nate Sleeper, CEO
Patient Square Capital
Patient Square Capital is a dedicated health care investment firm with approximately $13 billion in assets under management as of March 31, 2025. The firm aims to achieve strong investment returns by partnering with growth-oriented companies and top-tier management teams whose products, services, and technologies improve health. Patient Square utilizes deep industry expertise, a broad network of relationships, and a partnership approach to make investments in companies that will grow and thrive. Patient Square invests in businesses that strive to improve patient lives, strengthen communities, and create a healthier world.
“Patient Square Capital is honored to be recognized by GrowthCap as a Top Private Equity Firm for the second consecutive year. A core tenet at Patient Square is that investing in health care—a market that is immense, complex, and profound in its impact on people’s lives—requires both scale and specialization. Our name is derived both from our patient approach to investing, signifying the years of hard work that lead to successful investments, and the centricity of patients to everything we do. Patient Square’s deep industry expertise, proprietary in-house capabilities, and differentiated network of trusted relationships enable us to partner with companies that are expected to drive heightened innovation and efficiency in health care.” — Jim Momtazee, Managing Partner
Trilantic North America
Trilantic North America is a growth-focused middle market private equity firm specializing in control and significant minority investments in North American consumer and business services companies. The firm has invested in founder-, family-, and entrepreneur-led companies since 2009.
Since inception, Trilantic North America has managed seven private equity fund families with aggregate capital commitments of $11 billion and completed more than 80 investments over the past 20 years, including 61 investments in North American founder- and family-owned or operated businesses. During its ownership periods, the firm’s portfolio companies have added more than 51,000 jobs in aggregate.
Alongside its investments, Trilantic North America is committed to providing strategic guidance to the management teams with which it partners through the expertise of its investment team and strategic advisors. Investment team members have deep sector experience and provide strategic guidance to management teams, rooted in a partnership-oriented and value-add approach.
“We are honored to be recognized as one of GrowthCap’s Top Private Equity Firms. This recognition is a testament to the strength of our team, the trust of our investors and partners, and our continued focus on delivering long-term value through strategic investing and active portfolio management.” — Danny James, CEO and Partner
Providence Equity Partners
Providence Equity Partners is a leading global private equity firm focused on growth-oriented investments in media, communications, education, and technology across North America and Europe. With more than 36 years of sector expertise, the firm combines a partnership-driven approach with deep industry knowledge and operational resources to help management teams build and grow exceptional businesses. Headquartered in Providence, Rhode Island, with additional offices in New York, London, Boston, and Atlanta, the firm has invested more than $40 billion across over 180 portfolio companies since its inception.
“We are honored to be recognized by GrowthCap as a Top Private Equity Firm. Since our founding in 1989, we believe our deep sector focus and partnership-driven approach has enabled us to help exceptional companies scale and lead across the media, communications, education, and technology sectors. We look forward to continuing to support management teams with the strategic insight, operational expertise, and resources needed to achieve lasting growth.” — The Senior Managing Directors of Providence Equity Partners
American Securities
“We are honored to be recognized by GrowthCap as a Top Private Equity Firm for the third consecutive year. This acknowledgment reflects more than 30 years of American Securities’ steadfast commitment to building trusted, collaborative partnerships with management teams and helping companies realize their full potential. As we look ahead, we remain focused on delivering long-term value and are enthusiastic about the opportunities on the horizon in the industrials and services sectors.” — Scott Wolff, President and Managing Director
THL Partners
THL Partners is a premier private equity firm investing in middle-market growth companies exclusively within three sectors: healthcare, financial technology & services, and technology & business solutions. THL couples deep sector expertise through an Identified Sector Opportunity (“ISO”) process with dedicated internal operating resources from its Strategic Resource Group to transform and build great companies of lasting value in partnership with management. The firm’s domain expertise and resources aim to accelerate growth, improve operations, and drive long-term sustainable value. Since 1974, THL’s team has managed or deployed $50 billion of equity capital, worked with over 175 partner companies around the world, and fueled more than 700 add-on acquisitions representing an aggregate enterprise value of over $260 billion.
“We’re proud to once again be recognized by GrowthCap as one of the Top Private Equity Firms in the industry. This continued recognition reflects the strength of our long-term partnerships with management teams and our focus on building enduring, high-quality businesses. It also speaks to the culture we’ve built at THL—one that values insight, discipline, and collaboration in everything we do.” — Todd Abbrecht and Scott Sperling, Co-CEOs
Adams Street Partners
For over five decades, Adams Street Partners has been recognized as one of the most respected and experienced private markets investment managers in the industry. With 13 offices located in Austin, Beijing, Boston, Chicago, London, Menlo Park, Munich, New York, Seoul, Singapore, Sydney, Tokyo, and Toronto, the firm’s deep industry experience and global outlook provide clients with customized access to the spectrum of private markets strategies. Adams Street manages $61 billion in assets for more than 680 institutional investors, including corporate and public pensions, foundations, family offices, and endowments.
“The continued confidence of investors in private markets demonstrates the resilience and adaptability of the asset class. As regulatory pressures ease, capital flows strengthen, and AI-driven innovation accelerates, we see a promising investment climate for managers around the world who are well-positioned to identify, access, win, and add value to companies that can serially compound their revenue and value.” — Jeff Diehl, Managing Partner and Head of Investments
Accel-KKR
Accel-KKR is a technology-focused investment firm with $23 billion in cumulative capital commitments. The firm focuses on software and tech-enabled businesses well-positioned for both top-line and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and building value alongside management by leveraging the significant resources available through the Accel-KKR network. The firm focuses on middle-market companies and provides a broad range of capital solutions, including buyout capital, minority growth investments, and credit alternatives. Accel-KKR also invests across various transaction types, including private company recapitalizations, divisional carve-outs, and going-private transactions. The firm is headquartered in Menlo Park, with offices in Atlanta, Chicago, London, and Mexico City.
“At Accel-KKR, we believe that great software companies aren’t born—they’re built through relentless focus, partnership, and execution. For 25 years, we’ve dedicated ourselves exclusively to software investing, helping founders and management teams advance their journey from promising innovators to enduring market leaders. Our track record of success is rooted in a deep understanding of the software ecosystem and a hands-on approach that empowers companies to scale with purpose. We’re honored to support visionary teams as they scale toward greatness.” — Accel-KKR
Oak Hill Capital
Oak Hill’s experienced team applies a highly systematic, specialized, theme-based approach to investing. The firm works closely with management teams to implement strategic and operational initiatives aimed at creating long-term franchise value. Oak Hill’s well-established Responsible Investment program also plays a meaningful role in both the firm’s investment decisions and the growth strategies of its portfolio companies.
Since its founding, Oak Hill and its predecessors have raised approximately $24 billion in initial capital commitments and co-investments and have invested in more than 115 companies.
“Since Oak Hill’s founding almost 40 years ago, the firm’s core values and dedication to being principal-minded investors, in which we emphasize economic alignment, capital preservation, risk management, and corporate citizenship, remain unchanged. Our differentiated theme-based approach to investing and creating value is designed to achieve institutionalized success, which we believe is characterized by consistent, repeatable processes that are scalable and lead to compelling investments in any market environment. We promote a collaborative “One Firm-One Mission” culture, which is exemplified by our extensive history of partnering with portfolio companies and their management teams to build sustainable franchises. It is a privilege to be a part of such a long-standing and impactful firm and to work alongside such a talented team at Oak Hill.” — Scott Baker, Steve Puccinelli, and Tyler Wolfram, Managing Partners
B Capital
“We’re excited to be named one of GrowthCap’s Top Private Equity Firms of 2025. This recognition reflects our commitment to partnering with exceptional founders who are scaling transformative companies and solving some of the world’s biggest challenges. We’re proud to support bold entrepreneurs building lasting businesses across technology and AI, healthcare, and resilience tech.” — Raj Ganguly, Co-Founder and Co-CEO
Silversmith Capital Partners
“We’re honored to be recognized again by GrowthCap, alongside firms we greatly respect. Our goal from the beginning has been simple: to back great entrepreneurs in technology and healthcare who are building real, durable businesses – and to support them with focus, humility, and consistency. This acknowledgment reflects the exceptional founders who trust us as partners, and the team at Silversmith who shows up every day to help great companies grow and succeed.” — Sri Rao, Managing Partner
H.I.G. Growth Partners
H.I.G. Growth leverages the resources of the overall H.I.G. Capital platform, including over 500 investment professionals, 19 office locations, and over 100 active portfolio companies. Its extensive network and resources include a portfolio operating team that creates value in partnership with portfolio companies, accelerating their growth in areas including talent, go-to-market, digital transformation, and FP&A.
*Based on total capital commitments managed by H.I.G. Capital and affiliates.
“At H.I.G. Growth, we are deeply committed to building strong, collaborative partnerships with founders, CEOs, and entrepreneurs. Leveraging the reach, scale, and expertise gained over more than three decades at H.I.G. Capital, we strive to create exceptional value and outcomes for our portfolio companies. We’re proud to be recognized by GrowthCap as one of the Top Private Equity Firms, and we remain steadfast in our dedication to a partnership-first approach.” – Ross Hiatt, Managing Director and Head of H.I.G. Growth Partners
JMI Equity
Founded in 1992, JMI Equity is a leading growth equity software investor based in the greater DC area and San Diego. With a focus on software companies, JMI has collaborated with countless entrepreneurs, founder-owners, and management teams, investing in more than 190 companies since its inception. To date, the Firm has completed more than 120 exits and facilitated 19 IPOs. As of June 30, 2025, JMI’s portfolio of industry-leading cloud software companies represents $10 billion in combined revenue, $84 billion in aggregate enterprise value, and over 38,000 jobs.
“We are honored to be recognized by GrowthCap as a Top Private Equity Firm. For more than three decades, JMI Equity has remained steadfast in its focus on partnering with outstanding growth-stage software companies and helping them scale, achieve sustainable growth, and create lasting value. JMI is committed to continuing to bring deep experience and sector expertise to every investment, empowering the next generation of software leaders on their journey to becoming industry leaders.” — Peter Arrowsmith, Managing Partner
Lee Equity Partners
The team’s combination of investing and strategic advisory expertise offers a differentiated approach to control investing in lower middle-market private equity: (i) growth investing heritage gained through decades of experience, (ii) deep sector expertise and operating experience, and (iii) strategy consulting capability to support significant in-house strategic due diligence and post-closing value creation.
“Lee Equity Partners is honored to be recognized as one of GrowthCap’s Top Private Equity Firms of 2025. Since our founding in 2006, we have remained steadfast in our strategy of partnering with exceptional entrepreneurs, founders, and management teams in the financial services and healthcare services sectors. By bringing deep domain expertise, a thesis-driven approach, and a collaborative mindset, we help accelerate growth and build scalable, high-performing companies. Our goal is to help businesses grow with purpose and become market leaders, creating enduring value for our investors and partners.” — Mark Gormley, Partner
Charlesbank Capital Partners
Drawing on decades of pattern recognition and a data-driven thematic approach, Charlesbank seeks out attractive opportunities across its complementary private equity and opportunistic credit strategies, which collaborate closely. This rigorous, analytical approach to investing is deeply embedded in the firm’s DNA, as Charlesbank has been actively investing for more than 25 years and continually draws on its insights and experience to generate informed perspectives on investable industry trends. With its robust industry knowledge and operational resources, the firm helps proven management teams accelerate growth, with a particular focus on founder-led companies, corporate carve-outs, transformational opportunities, and M&A platforms.
“We have built our reputation on disciplined investing and close collaboration with management teams to unlock growth, strengthen operations, and create lasting value. This recognition from GrowthCap affirms our commitment to fostering companies that continue to grow and thrive well beyond our partnership.” — Mike Choe, CEO and Managing Director
Lead Edge Capital
Lead Edge Capital is a $5 billion growth equity firm investing in software, internet, and tech-enabled businesses across the globe. Since its founding in 2011, the firm has partnered with over 100 companies—including Alibaba, Asana, Duo Security, Toast, Wise, and Benchling—resulting in more than 60 successful exits. Known for its speed, access, and execution, Lead Edge stands out for its powerful investor network: a group of over 700 individual limited partners made up of seasoned operators, executives, and entrepreneurs. This global network plays a hands-on role in helping portfolio companies hire key talent, win customers, and scale effectively. With offices in New York City, London, and Santa Barbara, Lead Edge Capital brings together capital and connections to drive meaningful growth for the companies it backs.
“We’ve always believed that the right relationships, and not just capital, are what help great companies grow. Our 700+ LPs are the engine behind everything we do. Whether it’s making a key hire or introducing a new customer, they show up in the ways that matter most for our portfolio companies. They open doors, help our companies scale, and roll up their sleeves right alongside us. We’re incredibly grateful to partner with such an exceptional group of founders and LPs.” — Mitchell Green, Founder and Managing Partner
AE Industrial Partners
AEI is dedicated to accelerating the growth of middle-market companies, often serving as the first institutional investor for privately held businesses. As a growth-oriented partner, the firm works closely with strong management teams to create long-term value through a combination of organic and acquisition-based growth initiatives. By partnering with AEI, portfolio companies gain access to substantial financial resources as well as strategic and operational expertise drawn from decades of hands-on industry experience. The team’s extensive relationships and broad operating knowledge, combined with a proven track record of helping companies scale rapidly and expand into new markets, provide a strong foundation for long-term success and value creation.
In addition to its private equity investments, AEI has a venture capital arm and an aerospace leasing platform.
“We are proud to be named one of GrowthCap’s Top Private Equity Firms of 2025—a reflection of our team’s hard work, deep industry know-how, and commitment to driving real impact. The AEI approach helps companies scale with purpose, and we’re excited to keep partnering with standout middle-market businesses pushing the envelope to solve critical challenges in our core sectors.” — Michael Greene and David Rowe, Co-CEOs and Managing Partners
Bregal Sagemount
“At Sagemount, we collaborate with founders and entrepreneurs to help accelerate growth and create value. We take a custom approach to every investment, combining flexible capital and value-creation solutions to address the unique needs of successful entrepreneurs. We believe our partnership helps deliver outsized outcomes for our companies.” — Gene Yoon, Managing Partner and Founder
Bregal Milestone
Bregal Milestone is a leading software private equity firm with approximately €1.3 billion in capital raised since inception. The firm provides growth capital and operational support to build market-leading software companies. Bregal Milestone is part of Bregal Investments, a leading global investment platform with more than €19 billion in assets under management.
“We are proud to be one of GrowthCap’s global Top Private Equity Firms of the year. Being recognized now in the third consecutive year reflects the dedication and excellence of our team. Since our founding in 2018, Bregal Milestone has been committed to partnering with ambitious, high-growth European software champions and to support them with hands-on, data-driven support to achieve lasting success.” — Jan Bruennler, Managing Partner and Co-Founder
The Vistria Group
“We are honored to be recognized by GrowthCap as one of the Top Private Equity Firms of 2025, a distinction that reflects our team’s relentless focus on delivering superior financial returns alongside impact in essential industries. This recognition validates our approach of partnering closely with management teams and leveraging deep sector expertise to drive sustainable, transformational growth across our portfolio.” — Kip Kirkpatrick and Martin Nesbitt, Co-CEOs and Senior Partners
Altamont Capital Partners
Founded in 2010, Altamont Capital Partners (“Altamont”) is a private equity firm focused on transforming and scaling lower middle-market companies through significant business-building and value-creation resources. The firm makes long-term, control investments in sectors where it has deep experience and specialized knowledge.
Altamont partners closely with management teams to execute tailored platform-building playbooks, combining strategic vision with hands-on operational support. The firm’s in-house Portfolio Operations Team—Altamont Ascend—works alongside its investment professionals to provide functional and sector-specific expertise across the portfolio.
Since inception, Altamont has invested in more than 45 companies operating across the industrials, business services, financial services, and franchising & multi-unit sectors. The firm currently manages over $4 billion in capital and is headquartered in Palo Alto, California, with additional offices in San Francisco and Austin, Texas.
“Altamont is honored to be recognized once again as one of GrowthCap’s Top Private Equity Firms. Over the past 15 years, we’ve had the privilege of partnering with exceptional management teams to help transform and scale their businesses for long-term success. We focus on sectors where we bring differentiated insight and draw on our deep strategic and operational resources to drive growth. While we’ve developed a robust library of playbooks, we understand that no two companies are alike. Our team invests the time to understand what has made each company successful and how we can build on that foundation together.” — Randall Eason, Co-Founder and Managing Director, and Keoni Schwartz, Co-Founder and Managing Director
K1 Investment Management
K1 is one of the largest investors in small-cap enterprise software companies. Dedicated to transforming lives and industries by building category leaders in enterprise software, K1 has invested in over 250 companies since its inception. Headquartered in Manhattan Beach, California, the firm partners with strong management teams of high-growth B2B software businesses, utilizing operationally focused growth strategies to scale AI-powered, mission-critical systems of record.
With a single team, single office, and single fund strategy, K1 remains focused on scaling category leaders through disciplined execution, AI innovation, and long-term partnership with management teams. The firm’s approach has resulted in numerous realizations to strategic buyers, including three exits to public companies in the last year, reflecting the ongoing demand for mission-critical software platforms.
“We are grateful to the founders and teams who partner with us to transform lives and industries. Together, we’ve experienced accelerating momentum – five K1 portfolio companies were purchased by strategic buyers in the past 13 months, including three by public acquirers. As our companies incorporate AI, we are leveraging the systems of record and proprietary data that power their customers’ most critical workflows. We remain focused on disciplined execution, long-term alignment, and building enduring technology businesses.” – Neil Malik, Founder & CEO
Battery Ventures
Founded in 1983, Battery is a global, technology-focused investment firm with offices in the U.S., Europe, and Israel. The firm practices a collaborative, research-focused style of investing and makes early-stage, growth-equity, and buyout investments.
Battery is now investing its 14th family of funds, capitalized at more than $3.8 billion, and has raised more than $13 billion since inception. The firm’s core areas of focus are business software across sectors; enterprise infrastructure and AI; and industrial technology/life-science tools. As of June 2025, Battery has invested in more than 500 companies globally, excluding seed-stage deals; its portfolio has staged 74 public offerings and seen more than 200 M&A events.
The investment staff works together as a single global unit to evaluate and support potential investments. Every portfolio company works with a dedicated team of experts to help it scale. In addition to receiving support from board members and Battery investors, portfolio companies are supported by a robust portfolio services organization offering help in areas including executive search, business development, go-to-market, marketing, and other services. Battery is also committed to building a strong and cohesive internal culture, and to promoting diversity and inclusion across its network.
“For more than four decades, our global team has sought to partner with the most innovative and talented executive leaders who are building the technology businesses of the future. Our private-equity practice is a critical part of this strategy. Around the world, we help companies scale and grow both organically and through acquisitions, bringing the best of Battery’s venture heritage to help more-mature companies leverage new technologies and scale into global leaders. We’re always there to help advise our CEOs, but they are the ones running their businesses. We’re extremely honored when companies choose to partner with us.” — Chelsea Stoner, General Partner
Ampersand Capital Partners
Founded in 1988, Ampersand Capital Partners is a middle-market private equity firm dedicated to growth-oriented investments in the life sciences and healthcare sectors, with $3 billion in assets under management. The firm invests in companies that support the life sciences ecosystem, including laboratory products and services, contract manufacturing, pharma services, and specialty products. With offices in Boston, Massachusetts, and Amsterdam, Netherlands, Ampersand leverages a unique blend of private equity and operating experience to build value and drive long-term performance alongside portfolio company management teams. The firm specializes in the “picks and shovels” of healthcare, partnering with companies that provide mission-critical tools and services to life sciences innovators developing breakthrough medicines and medical devices. Ampersand’s core investment sectors are interrelated, and portfolio companies in one sector often interact with participants in adjacent sectors, providing differentiated insights and value-creation opportunities.
Ampersand transcends a traditional investment role, leveraging its unique industry expertise to collaborate closely with portfolio company founders and leadership teams on both a scientific and growth strategy level. This fully integrated approach has been the foundation of many success stories, working with founders to build companies into industry leaders.
“For over three decades, Ampersand’s strategy has been built on the simple principle of partnering with exceptional founders and management teams in industry sectors where we bring deep expertise and insight. We’re honored that this approach has once again been recognized by GrowthCap, marking our second consecutive year as a Top Private Equity Firm.” — Herb Hooper, Managing Partner
Serent Capital
By partnering with Serent, founders gain access to strategic and operational resources that accelerate growth, including revenue generation support, executive hiring, transformative M&A guidance, and a curated network of more than 400 founders and operating executives. With $5.9 billion in assets under management, Serent has partnered with more than 70 founder-led, industry-changing companies, helping them scale with speed, efficiency, and confidence.
“This recognition reflects the trust our founders place in us and the results we’ve achieved together. At Serent, we focus on being aligned partners who help companies scale through strong execution and thoughtful strategy. It’s rewarding to see that work acknowledged and to continue supporting teams building lasting businesses.” — Dexter Hopen, Partner
Turn/River Capital
Turn/River Capital is a middle market private equity firm that uses a proprietary growth engineering strategy to drive revenue acceleration and build enduring value. The firm partners with B2B software companies and provides data-driven methods, hands-on operational support, and flexible capital to catalyze the next phase of growth. The team is composed of former software founders, operators, and investors with firsthand experience scaling go-to-market and addressing its challenges. Founded in 2012 in San Francisco, Turn/River invests globally with a focus on North America and Europe.
“We view every investment as a true partnership—one where we work alongside leadership teams to accelerate growth and build enduring value. This shared vision, deep collaboration, and commitment to operational excellence are what drive the outcomes celebrated by this award.” — Dominic Ang, Founder and Managing Partner
Audax Private Equity
With approximately $19 billion in assets under management as of March 2025, over 290 employees, and more than 100 investment professionals, Audax has invested in over 175 platforms and more than 1,400 add-on acquisitions since its founding in 1999. Through the firm’s disciplined Buy & Build approach across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value.
“For 25-plus years, we’ve executed, refined, and invested in the Audax ‘Value Agenda,’ which characterizes our bottom-up, multi-layered approach seeking to drive sustainable growth. We believe our scale, breadth of resources, and experience in the middle market help to set us apart as partners for growth. And while we continue to invest in our team and capabilities, and build out our PE platform, our focus on the middle market and our buy-and-build approach remains unchanged.” — Young Lee, Partner and Co-President
Pamlico Capital
Over the past 35+ years, Pamlico has invested more than $5 billion in over 130 platform acquisitions and has built a reputation as a founder-friendly, long-term-focused investor that prioritizes partnership with its management teams. The firm takes a comprehensive and collaborative approach with each of its portfolio companies, assisting with initiatives such as strategic planning, portfolio best practice sharing, go-to-market strategy, human capital, and M&A advisory. Pamlico’s culture is rooted in a people-first mentality, which has contributed to its longstanding team and an average partner tenure of approximately 20 years.
“At Pamlico, we pride ourselves on taking a people-first, partnership approach with our management teams and portfolio companies. We know that they are the ones who build great businesses, and we are honored to provide strategic guidance and resources along the way. Thanks to GrowthCap for including us on the Top Private Equity Firm list for the fifth consecutive year, a true testament to the work we do and partnerships we have built.” — Scott Stevens, Partner
HealthQuest Capital
“It’s an honor to be recognized by GrowthCap. This acknowledgment reflects our ongoing commitment to backing transformational healthcare companies with strategic partnership, domain expertise, and unwavering support through every stage of growth.” — Garheng Kong, Managing Partner
BayPine
BayPine is a private investment firm that drives digital transformation, innovation, and sustainable growth in market-leading middle-market businesses across core sectors of the economy. BayPine’s team of accomplished investors and digital operating executives shares a passion for building great businesses and creating enduring value for investors, portfolio companies, and the communities in which they operate.
BayPine’s strategy seeks to equip durable companies in traditional sectors with the execution speed, innovation mindset, and technology infrastructure of leading “new economy” businesses. Leveraging deep domain expertise and influential relationships across the technology ecosystem, the firm designs and executes company-wide digital transformations of the businesses in which it invests—harnessing the power of data and AI to enhance growth and drive efficiency.
BayPine closed its inaugural fund in 2022 with approximately $2.2 billion in capital commitments, making it one of the largest first-time private equity funds ever raised, and today manages approximately $3.8 billion in assets. Since inception, the firm has completed six platform investments, including CenExel, Harbor Global, Mavis Express Tire Services, Penn Foster Group, QualDerm Partners, and POLYWOOD. BayPine is headquartered in Boston, with an office in New York.
“We are honored to be selected among our peers as one of GrowthCap’s Top Private Equity Firms. BayPine was founded on the premise that the digitization of the traditional economy is the most important technology trend of our time, and that premise has proved prescient as the advancement of AI and other digital technologies are rapidly impacting companies across all sectors. We believe our purpose-built team and focused strategy are made for this moment, and we look forward to continuing to partner with mission-aligned management teams and investors to drive lasting business and investment performance.” — Anjan Mukherjee, Managing Partner
Five Elms Capital
With over $3 billion in assets under management and a team of over 80 professionals, Five Elms has invested in 79 software platforms worldwide. Beyond providing capital, Five Elms delivers strategic and operational expertise, focused on executing initiatives that move the needle on growth, retention, product, and AI to set companies up for long-term success.
“At Five Elms, we believe great products + great people create great outcomes. We invest in growing software companies, helping them improve operating performance to accelerate growth and de-risk the path to long-term value creation. Thank you to GrowthCap for recognizing Five Elms in this list of great investors.” — Fred Coulson, Founder and CEO
Guidepost Growth Equity
Guidepost provides portfolio company operational support through its Value Creation Group (“VCG”), which focuses on five critical areas for growth-stage companies: Product & Technology, Strategic HR, Sales & Marketing, Generative AI, and Strategy & Operational Finance. Guidepost has developed best practices, maturity models, and an operating advisor network available to its investment partnerships across these functional areas. The firm is exclusively focused on partnering with entrepreneur-led companies utilizing technology to transform dynamic markets. As a trusted partner, Guidepost works closely with these entrepreneurs to build strong, independent boards of directors, augment management teams for scalable functional capabilities, evaluate strategic options, and provide critical operational and financial support.
“At Guidepost, we focus on partnering with bootstrapped, entrepreneur-led enterprise software and technology-enabled businesses demonstrating significant organic, profitable growth and typically $10-$50 million of revenue scale. We build trusted minority or slight majority partnerships with our management teams through impactful strategic, financial, and operational assistance entirely at this stage of growth. The expertise of our Value Creation Group (“VCG”) is a key differentiator in this part of the market, where Guidepost’s relationships with executives in our core industry groups provide crucial functional assistance in the areas that are often underdeveloped for growth stage companies and that are required to build to $100M+ of revenue scale.” — Gene Nogi, General Partner
Mainsail Partners
Mainsail Partners is a growth equity firm that invests in bootstrapped B2B software companies to help them grow into market leaders. The team is purpose-built to include experienced investors and software operators who help founders build great teams, develop industry-leading products, design data-driven and scalable infrastructure, harness the power of AI to drive productivity and innovation, and grow market share. Mainsail’s hands-on support and best practices are delivered through a collaborative approach that respects founder-led cultures and helps build on each company’s commitment to its people and customers.
With offices in Austin and San Francisco, Mainsail Partners has raised nearly $4 billion in committed capital and partnered with 100+ companies over the last 22+ years.
“At Mainsail, we have deep respect for bootstrapped founders—their vision, discipline, and commitment to customers. For over 20 years, we’ve supported bootstrapped B2B software companies by working closely with founders and their teams to scale efficiently and build lasting value. Our focused approach continues to guide how we help companies grow into market leaders while honoring what makes them unique, and we are grateful to GrowthCap for recognizing why Mainsail is a Top Private Equity Firm again this year.” — Gavin Turner, Managing Partner
LLR Partners
LLR’s Value Creation Team partners closely with its Investment and Market Development Teams, as well as an extensive third-party network, aiming to deliver integrated resources and guidance to portfolio companies. Together, they leverage deep functional expertise to help accelerate growth.
“It is a privilege to be included in GrowthCap’s list of Top Private Equity Firms of 2025. For over 25 years, LLR has aimed to serve as a strategic growth partner to lower middle-market companies with the goal of creating long-term value together. We thank the executives of LLR’s portfolio companies, our Limited Partners, and the entire LLR team for their dedication, trust, and partnership.” — Mitchell Hollin, Partner
Level Equity
Level Equity is a lower-middle-market private investment firm focused on providing capital to rapidly growing software and technology-enabled businesses. Level is a flexible, long-term, growth-focused investor that provides hands-on strategic guidance through the firm’s in-house value creation engine, NextLevel Operations. The firm has raised over $4.5 billion in committed capital, has made over 125 investments since its inception, and has offices in New York, NY, and Greenwich, CT.
“Level Equity is honored to have been selected as one of GrowthCap’s Top Private Equity Firms of 2025. We love what we do, and are proud to be recognized for the value we have been able to create within the software growth equity market over the last 15 years. We endeavor to continue to partner with market-leading software companies and their founders, helping them to manage and accelerate growth, improve operating performance, and create exceptional long-term value appreciation.” — Ben Levin, Co-Founder and CEO
Strattam Capital
Strattam’s values of transparency, continuous improvement, and carrying forward the ownership mindset of founders led to the creation of “The Five Point Plan,” an investment process that emphasizes aligning with founders before signing. The firm supports portfolio company leaders in building their teams, extending their reach, and adopting new technologies—today, AI—to solve the customer problems they understand so well.
Founded in 2014, Strattam is based in Austin and San Francisco. Since inception, the firm has completed more than 50 partnerships with founder-led businesses.
“We’re honored to be included for the first time on GrowthCap’s Top Private Equity Firms list. At Strattam, alignment comes before investment—we agree on a Five‑Point Plan with founders before signing, a transparent approach more than 50 founders have embraced over the past decade. As AI reshapes B2B software, entrepreneurial leaders are turning invention into innovation by embedding AI in customer workflows to deliver outcomes in the real economy. We’re excited to invest behind those leaders at this moment of change.” — Bob Morse, Co-Founder and Managing Partner
NewSpring Capital
For more than 25 years, NewSpring Capital has worked alongside founders and management teams in the lower-middle market, providing capital, operational support, and strategic guidance to help businesses scale. With over $3.5 billion in assets under management and more than 250 investments completed, the firm brings operational experience and investment expertise to build market-leading companies across sectors such as technology, healthcare, business services, consumer, and industrials. Through five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt, NewSpring tailors its approach to each company’s stage and goals, always with a focus on sustainable growth. As specialists in the lower-middle market, the firm supports growth that leads to more predictable outcomes. At NewSpring, the firm is as invested in your outcome as you are.
“We’re honored to once again be recognized as one of GrowthCap’s Top Private Equity Firms. This continued recognition reflects the strength of our team, the caliber of our portfolio companies, and the trust placed in us by the founders and management teams we support. Across NewSpring Growth and NewSpring Healthcare, we take a thesis-driven approach, focusing on sectors where we’ve built deep experience and backing companies where we can accelerate growth. We remain committed to helping lower-middle market businesses scale with intention, and appreciate GrowthCap’s continued recognition of that work.” — Mike DiPiano, Co-Founder and Managing General Partner
Sverica Capital Management is a leading, growth-oriented private equity firm with committed capital of $2 billion across six funds. The firm acquires, invests in, and actively builds companies that are, or could become, leaders in their industries. Since inception, Sverica has followed a “business builder” approach to investing and takes an active, supporting role in its portfolio companies. The firm devotes significant internal time and resources to help management teams develop and execute growth strategies, proactively seeking levers to accelerate growth by reinvesting in those companies. Sverica is committed to building businesses collaboratively that can endure for the long term, starting with a strong foundation and bringing the right people and playbook to drive reinvestment and, ultimately, deliver strong returns for its investors.
“We are deeply honored to receive this award for the third year in a row. It is a testament to the hard work and talent of our entire team at Sverica. This achievement would not have been possible without the unwavering dedication of our management teams, whose vision and execution drive the success of our portfolio companies, and the steadfast support of our limited partners.” — Dave Finley, Jordan Richards, and Frank Young, Managing Partners
Transom’s sector-flexible investment strategy is grounded in pattern recognition, disciplined execution, and a commitment to value creation. The firm partners closely with management teams to deliver tailored solutions and accelerate growth, bringing more than just capital to the table. With a focus on helping businesses navigate inflection points and realize their full potential, Transom equips portfolio companies with the strategic resources, tools, and insights necessary to drive performance and long-term success.
Transom has invested in a diverse set of companies across business services, industrials, consumer, and specialty distribution, among other targeted sectors, consistently proving its ability to create meaningful outcomes through operational transformation. At its core, Transom is a value creator: built for complexity, driven by execution, and committed to helping businesses thrive.
“At Transom, we believe that lasting value is created through operational excellence and genuine partnership with management teams. Our hands-on approach, rooted in collaboration, accountability, and a commitment to results, empowers businesses to reach their full potential and achieve sustainable growth. Being recognized by GrowthCap for our operationally driven investment strategy is a true honor and a testament to our ability to navigate complexity and capitalize on opportunity irrespective of market conditions. This recognition affirms our belief that disciplined execution, a culture of integrity, and close alignment with leadership are critical to delivering transformational outcomes.” — Russ Roenick, Co-Founder and Managing Partner
Headquartered in New York, VSS is a private investment firm that invests in healthcare, business services, and education companies. Since 1987, VSS has partnered with lower-middle market companies, working closely with management teams to facilitate their next stage of growth. VSS provides capital for growth financings, recapitalizations, strategic acquisitions, and buyouts with the flexibility to invest control or non-control capital, based on the needs and objectives of each company. With approximately $4 billion in committed capital across eight funds, VSS has completed over 100 platform investments and more than 600 add-on acquisitions.
“We’re honored to be recognized again by GrowthCap. At VSS, we pride ourselves on our steadfast commitment to supporting entrepreneurs and executives in the lower-middle market. Our firm’s differentiated structured-capital offering and founder-friendly approach—coupled with over three decades of experience and strong industry relationships—continue to drive meaningful success for VSS portfolio companies.” — Jeffrey Stevenson, Managing Partner, and Trent Hickman, Co-Managing Partner
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