
Portfolio news
July 08, 2026

The ranking aims to answer the question: "Which Growth Capital Firm generated the best performance for their investors over the past few years?" according to Professor Oliver Gottschalg at HEC Paris Business School who has spearheaded this series of rankings.
This year’s ranking analyzed performance data from 183 growth capital firms and 440 funds raised between 2012 and 2021, representing an aggregate equity volume of $351 billion.
| Rank | Firm |
| 1. | Quadrant Private Equity |
| 2. | Oria Capital |
| 3. | FTV Capital |
| 4. | KJK Capital |
| 5. | Spectrum Equity |
| 6. | Ampersand |
| 7. | Whiz Partners |
| 8. | Sprints |
| 9. | NEXT Investors |
| 10. | PENM Partners |
| 11. | Stripes |
| 12. | Lakeshore Capital |
| 13. | Primus |
| 14. | Lead Edge Capital |
| 15. | Clairvest |
| 16. | Bregal Sagemount |
| 17. | Insight Partners |
| 18. | JMI Equity |
| 19. | LLR |
| 20. | Axon Partners Group |
The ranking draws on a comprehensive set of data on PE fund performance provided by Preqin and directly from PE Firms, using a unique methodology to calculate the aggregate performance of a PE firm based on different performance measures for all the funds managed by the firm. The method is able to aggregate performance across vintage years and considers relative and absolute returns.
This global distinction is a testament not only to our team but also to the founders, management teams, and portfolio companies we are fortunate to partner with. Thank you to all our partners for your continued trust and support.
Disclaimer: The 2025 HEC Paris–Dow Jones Growth Capital Performance Ranking was published on July 7, 2026 and uses data as of May 2025, covering the aggregate performance of growth capital firms across funds raised between 2012 and 2021. The ranking uses publicly available information, internally developed data and other third party sources believed to be reliable by HEC Paris, Professor Oliver Gottschalg, and Dow Jones, alongside a proprietary methodology that comprehensively assesses the aggregate performance of all funds managed by a private equity firm. Bregal Sagemount did not enter a submission for this ranking or pay a fee to be included in the ranking.
See the full list