How to break into VC/Growth Equity?

This has been discussed extensively elsewhere, but most of what you're talking about is only going to be applicable for the larger growth firms.... and the steps you outlined should work fine there.

If you're optimizing for earlier stage VC there is typically no concept of "on-cycle," and the process will be MUCH more random and informal. Early-stage VCs simply do not have the same need for junior resources as, say, buyout PE; it's not uncommon for even reasonably well-regarded Silicon Valley firms to have like 5 partners against 2-3 associates. To get in that space, you need to network, network, network. Also about 80% of your success at the job is related to how well you can network, so it's not a bad way to find out if you'll actually like the seat once you get in... and build relationships for when you get the gig. 

A lot of people on this site like to lump venture and growth together; I personally think they're pretty different from each other in terms of on-job skills needed but also operating structure + your experience as a junior. As an ex-banker, you will be more competitive with growth funds because they actually care if you can do math, but it is likely worth your while to explore each path and be more deliberate about where you recruit.