Comparing Megafund Growth Equity Platforms

I'll take a stab at this but it's ultimately hard to compare since all of these strategies are very different across the spectrum. The MF GE arms are all very different and can't really compare since they all have a different angle in the market. Some are industry-centric, others are doing venture growth minority checks, and the rest are doing growth buyout. 

Anecdotally I can comment on BX Growth, Sixth Street Growth, and TPG Growth. BX Growth is a struggling fund within the overall BX platform and has turned out to be a poor returning fund relative to expectations since they have missed on some large consumer bets and their second fundraise has been lackluster. Sixth Street Growth is predominantly software, it's a little redundant with the main fund since the main fund will also do technology investing and also in a minority/majority capacity so uncertain where the true delineation between funds is. TPG Growth may be the most well-known "growth" mega fund out of all the ones you listed since they are quite active in investing out of this fund, it almost feels like you hear more deals originating from their growth fund instead of their flagship fund.

Once you expand the universe to these traditional growth equity platforms this gets messier. These growth equity platforms aren't really direct competitors, they all bring something different to the market. One overarching similarity with all of the traditional growth equity platforms as you define it would be that they all have Analyst programs but they are quite sourcing-heavy and you won't get the same technical experience until Associate or more senior levels. The mega fund growth equity programs are mostly providing an entrance at the Associate level with some Analysts here and there, I would consider these programs to be more technical in nature since they aren't as aggressive with sourcing new deals as the below firms who are hoping Analysts can find deals for the pipeline.

GA is probably one of the largest growth-oriented funds out there, really neck and neck with Warburg Pincus and they have plans to go public which speaks to their scale. GA is diversified in industry strategy covering several different verticals and can invest across the full VC/PE spectrum from early stage venture to mature buyouts. Analyst program is predominantly sourcing and they do hire at the Associate level from IB programs. Compensation is considered on the higher end. Culture and hours are going to be depend on vertical exposure since they will hire directly into verticals and will not run generalist. 

Insight is exclusively software investing. They historically made a name for themselves writing minority checks for Series B and beyond. They've scaled and started to look at investing during earlier stages and are starting to think about majority buyouts. From a fund size perspective they are up there with GA and WP but what's unique is they are only investing in software regardless of how early or late they are investing. They recently tried raising a $20 billion fund but the fundraising environment was tough and they ended up at around $12.5 billion which is still ginormous for a growth fund exclusively making software bets. Analyst program is pretty much all sourcing and they are widely known as a very competitive sourcing-heavy shop at the junior level. Associates are sometimes brought in from IB but usually Analyst promotes. Compensation is top-tier and competitive with top investing shops. Culture can be cutthroat due to the sourcing-nature of the business and performance evaluated based on that.

Summit does technology, healthcare, and some consumer. Probably one of the first names to come up when somebody thinks about a sourcing gig and growth equity. Great track record of returns and haven't had much issue with fundraising which is a testament to their success. They will do minority checks as well as buyouts. Analyst program is all sourcing and will hire Associates from IB.

TA is predominantly growth buyout at this point. Their latest fundraise was $16.5 billion so they are deploying a ton of capital. They're usually the other name that comes up when thinking about sourcing and growth equity. They've had tremendous success with the growth buyout and buy and build strategy and will still look at a good amount of opportunities through banker-led processes despite being a sourcing shop so would say the experience can be closer to a traditional buyout fund in some respects. Analysts source and Associates usually come from top IB programs.

JMI is an old firm that is software only. Strategy has done well over the decades. They aren't investing in the most sexy software assets but usually stable and growing and they've done well at being disciplined. Analysts spend most of their time sourcing, they will try to get their Analysts more technical exposure on deals they bring in. Associates come from IB from time to time.

PSG is another software only shop and a newer one relative to the others. Buyout software investing and play in the smaller end of the software space. Playbook is truly buy and build so there are a lot of deal reps for investment professionals. This can translate to a sweatier experience since they are always executing add-ons. Compensation is on the lower end, they have a large team for the amount of capital they have. Analysts are focused on sourcing. 

Plenty of insights here but would say the key takeaway is the mega fund growth equity arms are going to be a little more traditional in terms of finance technical experience whereas the traditional growth equity players will give you a different experience based on the level you join at. Investing style is going to be your preference. Exit opps are probably more finance-centric at the mega funds due to the programs being more transaction execution-focused while the traditional growth equity firms provide more software/tech/business development opps since many do focus on software to begin with and the sourcing aspect is very BD-like.