Moving from Industry SVP to Growth Equity or Late Stage VC Principal

I am currently working at an MF in an emerging market and will complete my 2nd associate year in mid-2021. 

Instead of going for an MBA, which is the conventional path, I am considering moving to an industry role for the next phase in my career. I received an offer to join as a VP (i.e. two levels below CXO) at one of our US portfolio companies, with better compensation than my previous role. I have a strong relationship with the C-Suite and the company is in the growth stage (annual revenue between $400-600 million), which is why they are more flexible with designation than an established organization.

I plan to work for this company for a minimum of 3 years in order to get leadership exposure. I will also use this time to assess whether my passion is being an operator or an investor in the long term. If I decide the former, I will continue with this firm. If I decide the latter, my question is whether it is going to be feasible to move to a post MBA role in a middle market or leading growth equity or late stage VC firm in the US, provided I perform really well in this role and make a senior position such as Senior VP (i.e. top 20 executive) within 3 years. Or will I need an MBA to have a real shot?