It’s frankly too early to pick winners and losers in this space. Growth and venture assets under management have expanded at about twice the rate of traditional buyout AUM over the past 10 years and in 2021 comprised a full 82% of the traditional buyout total (see Figure 1). Buyout firms, limited by their mandates, have tended to leave growth companies and noncontrol deals to specialists or firms focused on Asia, where leveraged buyouts with majority stakes are far less common.īut the disruptive power of digital technology has forced growth equity and late-stage venture capital to the fore over the past few years, and fast-moving investors with innovative new business models have joined the battle to control this burgeoning market. While growth investing has always been a part of the private equity universe, it has largely stood off to one side.
The second thing: It’s a high-velocity game with a different set of rules. The first thing to know about growth investing is that it has rapidly emerged as one of the most dynamic segments of the private equity industry.
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