Spectrum Equity is proud to congratulate Parag Khandelwal for his placement on GrowthCap’s Top 40 Under 40 Growth Investors list.

In a statement announcing the list, GrowthCap said: “Over the course of 2025, investors operated with a more disciplined mindset, balancing the implications of AI adoption along with new market developments. A keen eye remained on business fundamentals, operational excellence, and durable value creation. The individuals being recognized this year distinguished themselves through their ability to navigate complexity, partner meaningfully with management teams, and drive long-term success across their portfolios.”

As a Managing Director at Spectrum, Parag leads the firm’s investment efforts in Europe from the London office he opened and continues to grow. Known for his analytical rigor and natural ability to build trust with management teams, he brings a thoughtful, collaborative approach to helping companies refine their growth strategies and pursue transformational opportunities.

In 2025, Parag led Spectrum’s largest European investment in its 30+ year history – a majority recapitalization of an unannounced ERP software platform. He continues to serve as Board Chairman for Netcraft, where he’s supported record pipeline growth and AI-driven product development to combat emerging threats like deepfakes. Parag also oversees Spectrum’s investment in Benchmark Mineral Intelligence, a UK-based leader in lithium-ion battery and EV supply chain data, and guided the launch of In Tandem, the new parent company uniting OurFamilyWizard and France-based FamilyWall.

Parag graduated from Northwestern University with a BA in mathematics and economics and began his career as an Analyst with J.P. Morgan’s Restructuring Group in New York City. This marks his seventh consecutive year on GrowthCap’s 40 Under 40 list.

“The best investments are built on relationships that start long before the deal,” said Parag. “Whether it’s a founder I’ve partnered with for a decade or a team I’m just getting to know, the foundation is the same: listen deeply, move thoughtfully, and earn the right to be a true partner.”

The full list can be found here: GrowthCap’s Top 40 Under 40 Growth Investors of 2025

The GrowthCap “40 Under 40” award is issued by GrowthCap, an independent 3rd-party that is not affiliated with Spectrum Equity. Spectrum Equity paid a fee to GrowthCap in connection with the promotion and distribution of this announcement following the award designation. The award was announced on January 6, 2026, and the time period for which the award was based was January 2025 – December 2025. Spectrum Equity submitted the nomination for consideration on November 15, 2025, along with information of the nominee’s professional experience, strengths, and performance metrics. This award reflects GrowthCap’s determination based on its own criteria. For more information about GrowthCap and its award methodology, please visit www.growthcapadvisory.com. The award is not indicative of Spectrum Equity’s future performance and is not an endorsement by any client or investor.

About Spectrum Equity

Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For over 30 years, the firm has partnered with exceptional entrepreneurs and management teams to build long-term value in market-leading internet-enabled software, data, and information services companies.

With offices in Boston, San Francisco, and London, the firm is investing its tenth fund with $2 billion in limited partner capital. Representative investments include AllTrails, Ancestry, Definitive Healthcare, GoodRx, Lucid Software, Origami Risk, SurveyMonkey, Teachers Pay Teachers, and Verafin. For more information, including a complete list of portfolio investments, visit our Portfolio page.