The HEC Paris Business School has released the 2024 HEC Paris-Dow Jones Growth Capital Performance Ranking, listing Spectrum Equity as their #5 firm – our third consecutive year ranked in the top five.

The list ranks the world’s top growth capital firms in terms of aggregate performance based on all growth capital funds raised between 2011 and 2020.

The list “measures global growth capital firms’ ability to deliver returns for their investors,” said HEC Paris in a press release. “This ranking answers the question: ‘Which Growth Capital firm(s) generated the best performance for their investors over the past years?’”

For 15 years, HEC has analyzed the performance of buyout-focused private equity funds producing a highly respected annual ranking of top-performing funds. Beginning in 2023, HEC Paris Professor Oliver Gottschalg has specifically analyzed the performance of growth capital firms, listing Spectrum among the top 5 firms in 2023, 2024, and now 2025.

For further detail on the ranking, including the study’s methodology, please see the complete performance ranking here.

Spectrum Equity submitted the data to be considered for the HEC Paris-Dowjones Growth Capital Performance Ranking, and did not pay a fee to be considered for or promote this ranking.