Thoughts on Growth Equity roles out of undergrad?

You're going to need to be more specific with firm names as they'll differ re: upward mobility. As a (albeit rough) rule of thumb, the larger and more established the shop, the less upward mobility will exist. That being said, I wouldn't frame 2-and-out programs as "dead ends," most juniors joining out of college recognize they won't be at the firm for more than 2 years and simply use their first shop as a brand and skill-building platform to then move to a different shop or switch to being an operator. So the question then becomes what your longer term goals are. For example, getting good at sourcing can be incredibly helpful to expanding your network, learning sales, and training your eye on what an interesting startup looks like — elements that are helpful for early-stage. But if you're more interested in investing at the Series C or beyond, I'd argue the skillset one gets out of a banking analyst program in many ways exceeds the benefits of doing sourcing for 2 years.