What Growth Equity Firms Are Really Looking For
Growth equity recruiting is fundamentally different from traditional investment banking or private equity recruiting because sourcing ability is a primary skill being evaluated. While firms still care about your analytical skills and academic background, they're primarily assessing whether you can find great companies, build relationships with founders, and convince profitable businesses to take their capital.
The Core Skills They're Testing
1. Sourcing Fit
Ability to identify high-quality investment targets that fit the mandate
Creativity in research and outreach approaches
Persistence in building relationships over time
Comfort with rejection and ability to stay motivated
2. Technology Passion
Strong interest in tech and B2B SaaS
Genuine curiosity about how technology solves business problems
Awareness of current trends and competitive dynamics
Understanding of how AI may impact various sectors
Note: some growth equity teams focus on healthcare or consumer. Your interest should map accordingly.
3. Relationship Building
Strong interpersonal skills for founder conversations
Ability to connect with others and have genuine conversations while gleaning valuable information
Genuine interest in entrepreneurs and their stories
Professional persistence without being pushy
Why These Skills Matter
Growth equity targets are typically profitable, growing companies that don't actually need capital. Unlike traditional PE where companies come to you, or VC where founders are actively fundraising, growth equity requires proactively identifying great businesses and convincing them to partner with you. You'll hear “no” frequently and need creative approaches to build relationships over months or years.
The Interview Process: What to Expect
Common Interview Questions
Tell me about yourself
Why growth equity? (Must demonstrate clear understanding of the job)
Why do you think you'd be good at sourcing?
Tell me about one of our portfolio companies that interests you
What company do you think would be a good investment target for us?
Case study questions (market sizing, go-to-market strategy comparisons, etc.)
Case Study Preparation
Growth equity interviews often include case study questions that test your business thinking and market analysis skills.
Common Case Types:
Market sizing cases: “What do you think the market size is for software for course creators?”
Go-to-market strategy: “If you're selling legal software, would you rather sell into corporate in-house attorneys or big law firms? Explain your reasoning.”
Business model comparisons: “Would you rather invest in a company with a freemium model or a 2-week free trial model?”
Competitive positioning: “How would you position a new CRM against Salesforce?”
How to Prepare:
Practice consulting-style case frameworks
Think through market dynamics, customer segments, and competitive landscapes
Focus on clear reasoning and structured thinking rather than getting the “right” answer
Be prepared to defend your logic and consider counterarguments
Recommended Resources: Podcasts for business thinking and growth equity understanding:
Lenny's Pod https://www.youtube.com/@LennysPodcast for great technology-related interviews
Growth Investor https://podcasts.apple.com/us/podcast/growth-investor-with-growthcap-s-rj-lumba/id1310560053 for growth-equity interviews
Acquisitions Anonymous https://www.acquanon.com/ for general business thinking
Other business and investing podcasts that help develop market intuition including 20VC https://www.thetwentyminutevc.com/, BG2 https://www.bg2pod.com/, Acquired https://www.acquired.fm/, Capital Allocators https://www.capitalallocators.com/, My First Million https://www.mfmpod.com/, Business Breakdowns https://podcasts.apple.com/us/podcast/business-breakdowns/id1559120677, Invest Like The Best https://podcasts.apple.com/us/podcast/invest-like-the-best-with-patrick-oshaughnessy/id1154105909
How to Prepare For Growth Equity Interviews
Part 1: Portfolio Company Deep-Dive
Litmus Test: If an interviewer can learn more about the company in 3 minutes of AI research than what you just shared, you haven't done enough work.
What You Must Know
Business fundamentals: Revenue model, product offering, value proposition
Competitive landscape: How the product stacks up against alternatives
Customer profile: Who buys this, why they buy it, what other solutions they consider
Company metrics: Employee count and growth, user/customer base estimates
Founder story: Background, previous experience, founding motivation
Funding history: Capital raised, investors, valuation trends if available
Customer traction and sentiment: Case studies, testimonials, G2 product reviews
Research Sources and Tactics
AI tools for initial research
Reddit for real user discussions and pain points
G2/Capterra for detailed product reviews and comparisons
LinkedIn for employee growth tracking and founder backgrounds
Company and customer websites for case studies and implementation stories
Industry forums and specialized communities
Crunchbase/Pitchbook for funding history
X for founder posts
Glassdoor for employee commentary
Direct conversations with actual buyers of that software category
Additional Research Strategies
Try the product yourself if possible (essential for B2C, valuable for B2B)
Find friends/contacts who might be target customers to get their perspective
Read every review on G2, paying attention to both positive and negative feedback
Find Industry Trade Orgs and Conferences for competitor information
Track social media mentions on X and Reddit for current user sentiment
Prepare Both Positive and Negative Examples
Positive example: A portfolio company you think represents a great company/investment
Negative example: A portfolio company you think may have been a weaker investment (look for companies held for unusually long periods, particularly if they are in highly competitive segments)
Note, while you're trying to learn enough about the companies, it is generally NOT APPROPRIATE to reach out to the portfolio companies directly.
AI Impact
For every technology business, analyze: “How will AI affect this company?”
Key Areas to Evaluate:
Distribution moats: Unique channels or partnerships
Customer knowledge advantages: Proprietary insights competitors can't replicate
Brand and regulatory considerations: brand/trust can be a differentiator, particularly in more regulated end-markets
Switching costs and lock-in: What keeps customers beyond just features?
The Feature Parity Test: Ask yourself: “If a competitor launched tomorrow with identical features, would this business still win?”
Assumption: Feature differentiation alone is no longer sustainable with AI enabling rapid product development.
Part 2: Investment Target Recommendations
Show you can do the job before you have the job. You absolutely need to prepare multiple companies that could be a good fit for the firm. This often takes quite a bit of time - both to find relevant companies that are well-positioned and haven't raised too much money, and to sufficiently research them.
Step 1: Understand the Firm's Investment Criteria
Sector focus: B2B only vs. B2B + B2C. End market focus. Research their portfolio.
Check size: Typical investment amounts
Company scale: ARR range they target
Growth profile: Expected growth rates
Step 2: Identify Companies That Fit
Key Characteristics:
Fast growth (use proxies: employee growth, social media buzz, product discussions)
Capital efficient: Bootstrap or minimal funding (few million max, not VC-backed)
Right scale for their investment parameters
Sector alignment with their focus areas
Step 3: Comprehensive Due Diligence
Product quality assessment: Genuinely superior offering?
Competitive positioning: Current and future competitive landscape?
Market dynamics: Growing end market with favorable trends?
AI impact analysis: How will AI affect this category and company?
Sustainable advantages: Why will this company continue to win?
Step 4: Know the Founder Story
Founding motivation: What problem were they solving and why?
Background: First-time or repeat entrepreneur?
Domain expertise: What gives them unique market insight?
Previous experience: What prepared them for this venture?
Step 5: Develop Outreach Strategy
Be prepared to discuss:
How you'd contact them: Email, LinkedIn, warm intro?
Your value proposition: Why would they want to talk?
Mock conversation: Role-play a realistic founder discussion
Part 3: Know The Team
Listen to any podcasts that team members have done. Be sure to check Growth Cap. And ChatGPT should be able to help you find any relevant podcasts as well. Make sure you pay enough attention to what they are saying on the pod that if you could ask good follow-up questions or comment on it with some specificity.
Research Each Team Member
Educational background: Schools, degrees, academic achievements
Career progression: Tenure at firm, previous roles, career arc
Investment focus: Sectors they cover, notable deals they've led
Thought leadership: Articles, podcasts, conference presentations
Personal interests: LinkedIn activity, Twitter posts, hobbies
Reference specific deals they've completed in conversations
Ask thoughtful questions about their investment thesis
Part 4: Sector Deep Dive
Develop deep knowledge in a specific tech subsector to demonstrate genuine passion and investment thinking.
Choose Your Focus Area
Examples:
Go-to-market software (sales, marketing, customer success)
Vertical SaaS (industry-specific solutions)
Developer tools and infrastructure
HR tech and workforce management
Fintech for SMBs
Execute the Deep-Dive
Map the competitive landscape: All major players and their positioning
Identify winners and losers: Who's gaining market share and why?
Talk to actual buyers: First-hand perspectives on different solutions
Understand market dynamics and trends: Growth drivers, pain points, what's changing?
Spot opportunities: White space for new entrants
Leverage Personal Advantages
Previous work experience in the industry
Friends/family who are software buyers or software users in that space
University connections at relevant companies
Personal interests that provide domain knowledge
Interviewing
Be Prepared for Pushback and Curveballs
Growth equity interviewers may challenge your reasoning or try to ask unusual questions to see how you respond and engage. “You mentioned you play the banjo, do you have one with you now? (in your dorm room if you're zooming in from there) Want to play something?”
Demonstrate Authentic Curiosity
Your research should reflect genuine interest, not just interview preparation. Show:
Personal passion for technology and entrepreneurship
Thoughtful analysis that goes beyond surface-level observations
Creative thinking about business models and market opportunities
Realistic assessment of challenges and risks
Practice the Founder Conversation
Be ready to role-play a realistic discussion with a target company founder:
How would you open the call and build rapport?
How would you introduce the firm (that you're interviewing with)
What insightful questions would you ask about their business?
How would you demonstrate understanding of their market and challenges?
How would you learn high level information about their business to help assess fit (e.g. how big / how fast is it growing) without coming across as overly transactional?
What value could you provide to them?
How would you gauge investment interest without being pushy?
Preparation Checklist
Portfolio Company Research
Selected 2-3 portfolio companies for deep research
Completed comprehensive business analysis for each
Read all available customer reviews and case studies
Prepared both positive and negative investment examples
Developed clear thesis on AI impact and competitive dynamics
Investment Target Development
Identified 2-3 potential investment targets that fit firm criteria
Completed thorough due diligence on business fundamentals
Researched founder backgrounds and company history
Developed specific outreach strategy and value proposition
Prepared to role-play founder conversation
Team Research
Researched all team members' backgrounds and interests
Identified conversation starters and connection points
Prepared thoughtful questions about their deals and thesis
Demonstrated sourcing skills through networking and outreach
Sector Expertise
Chosen focus area with personal connection/interest
Mapped competitive landscape and key players
Identified market trends and growth drivers
Talked to actual software buyers in the space
Developed perspective on opportunities and threats
Practice and Preparation
Practiced answers to standard interview questions without becoming overly rehearsed
Prepared for follow-up questions and pushback
Role-played founder conversations with friends/mentors (make sure this is outloud)
Developed clear narrative about passion for growth equity
Remember: Growth equity recruiting is ultimately about proving you can find great companies and build relationships with founders. Every aspect of your preparation should demonstrate these core competencies while showing genuine passion for technology businesses.
Associate-Level Growth Equity Recruiting
Associate recruiting for growth equity roles typically includes more technical and analytical components beyond the sourcing-focused preparation outlined above.
What's Different at the Associate Level
While sourcing ability remains important, associate candidates are also evaluated on their analytical skills, financial modeling capabilities, and ability to conduct comprehensive due diligence on potential investments.
Types of Case Studies and Data Analysis
Data Analysis Cases:
Customer segmentation and ranking: Data analysis to identify segment level trends, customer concentration
Customer Cohort & ARR Bridge: Build customer cohort analysis and ARR bridge. Calculate key retention metrics. Summarize key takeaways on customer behavior and how that would impact your forecast for the business.
Other analysis: Unit economics, sales efficiency
Financial Analysis and Modeling
Expect to complete:
Financial statement analysis: Evaluation of historical performance, margin trends, and cash flow generation
Build Model: Build ARR-driven 3-statement model. Make sure to calculate Cash EBITDA and watch out for things like capitalized software development cost.
Investment thesis development: Synthesizing financial analysis into clear investment recommendations
Case Format
Timed cases: Usually 2-4 hours (either take-home or in-office) with data (customer data, CIM or 10K) provided. Output: quick data analysis, 2 or 3-statement model, presentation slides
Take-home cases: Weekend assignments with more comprehensive analysis and market research expected. Output: more comprehensive data analysis, 3-statement model, market research, presentation slides
Presentation component: Often required to present findings and recommendations to interview panel
How to Prepare
Practice financial modeling: Focus on SaaS and growth company models.
Software accounting: make sure you understand key software accounting topics: deferred revenue and general software revenue recognition, capitalized software, deferred commissions
Learn key growth metrics: CAC, LTV, Net and gross retention, ARR growth, Rule of 40, etc.
Comps: understand where comps of different financial profiles and competitive positions trade. Meritech Analytics is a fantastic resource: https://meritechanalytics.com/
Excel/modeling skills: practice cutting customer data (segmentation, ranking, customer cohort, ARR bridge)
Case study practice: practice taking a CIM or 10K and building a model and a few company overview, thesis/risks, and diligence plan slides
Presentation skills: Practice walking through company overview, thesis/risks, valuation rationale, key model math and drivers
Growth Equity Firms
Core US-Focused Growth Equity Firms
Accel-KKR
Arrowroot Capital
Battery Ventures
Bessemer Venture Forge
Bregal Sagemount
Brighton Park Capital
Clearhaven Partners
Elsewhere Partners
Five Arrows Capital Partners
Five Elms Capital
FTV Capital
General Atlantic
Great Hill Partners
Guidepost Growth Equity
Insight Partners
JMI Equity
Lead Edge Capital
Level Equity
LLR Partners
Long Ridge Equity Partners
Luminate Capital Partners
M33 Growth
Mainsail Partners
NewSpring Capital
Norwest Venture Partners
PeakSpan Capital
Primus Capital
PSG Equity
Radian Capital
Resolve Growth Partners
Serent Capital
Silversmith Capital Partners
Spectrum Equity
Sumeru Equity Partners
Summit Partners
Susquehanna Growth Equity
TA Associates
True Wind Capital
Updata Partners
Volition Capital
Wavecrest Growth Partners
Growth Teams Within Larger Firms
Adams Street Growth
Apax Digital Growth
Bain Capital Tech Opportunities
H.I.G. Growth Partners
ICONIQ Growth
KKR Tech Growth
Thoma Bravo Growth
TPG Growth
Warburg Pincus