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about 9 months ago

GrowthCap’s Top 40 Under 40 Growth Investors of 2018

It is an honor to announce GrowthCap’s Top 40 Under 40 Growth Investors of 2018. We began our annual growth investor rankings in 2013 as a way to provide CEOs and LPs with better information on the market’s most accomplished and interesting investors. Our hope was that such information could help management teams at growth-stage businesses find the best possible capital partner, while also encouraging additional capital flows into the growth investing asset class.

Over the years the Top 40 Under 40 list has grown in both reach and participation. Now our fifth year publishing the list, we are again reminded of the quality and diversity of the growth investors backing today’s leading private businesses.

The 2018 list included several stand out teams as well as individual performers. For instance, the Insight Venture Partners team, now investing out of their recently raised $6.3 billion Fund X, represented some of the most active investors we have seen in recent years. JMI Equity and Great Hill Partners, stalwarts in the world of growth equity, continue to consistently perform at the top of the asset class. Others like TSG Consumer have seen great success as they alter their investment approach to favor digital and technology-enabled derivations of traditional focus areas. Individual top performers, including TCV’s Kapil Venkatachalam, IVP’s Jules Maltz and Eric Liaw, and TPG’s Tim Millikin boast some of the strongest portfolios in the industry. Lastly, entrepreneurial-minded investors, like Skyview’s Alex Soltani and Turn/River’s Dominic Ang, continue to find success by leveraging their hands-on, purpose-built approaches to drive value and create disproportionately positive outcomes for their portfolio companies.The 2018 nomination process resulted in a record number of submissions. In some instances, we were lucky enough to have worked or interacted with an investor in the past, and in other cases, we received distinct feedback and nominations from a nominee’s growth investor peers, portfolio company CEOs, or other market participants. All of the nominees were evaluated based on their investment activity, post-investment contributions to portfolio companies, and firm development work, including fundraising, thought leadership, and employee mentorship.

 

Similar to last year, we are presenting the 2018 list in three categories: The Partners, The Founders, and The New Guard. The awardees selected for this list represent some of the most exceptional growth investors in the industry.

THE PARTNERS

JENNY BAXTER MOSER

In 2007, following the completion of her M.B.A., Jenny joined TSG. She is currently a Managing Director and also serves as a Member of the firm’s Investment Committee. While Jenny works across a range of consumer categories at TSG, she has developed deep experience in the areas of beauty, apparel, and e-commerce. Jenny also plays an active role in supporting TSG’s digital platform, strengthening the firm’s existing sourcing efforts, and serving as a mentor to junior level employees. Over the course of Jenny’s time at TSG, the firm has successfully raised three funds including its current fund, TSG7, with roughly $2.5 billion of committed capital. Jenny has been personally involved in TSG’s investments in Smashbox Cosmetics, Dogswell, Kenra Professional, e.l.f. cosmetics, Paige, REVOLVE, Backcountry, and Zoeva.

Jenny gradated with a dual degree in Economics and Communications from Stanford University. She also holds an M.B.A. from Harvard Business School. Jenny started her career as a strategy consultant at Bain & Company.

 “I’ve always been passionate about consumer brands, and when I joined the TSG team 11 years ago, I was thoroughly impressed by the firm’s track record of identifying extraordinary breakout brands and supporting entrepreneurs to scale their businesses. We have been at the forefront of investing in digital consumer brands – including our investments in REVOLVE and Backcountry – and these companies continue to surpass our expectations. We believe the rise of social media and DTC distribution will only expand our opportunity set going forward, and our brand-building expertise and experience working with digital-driven companies will continue to be a critical differentiator for TSG.” – Jenny Baxter Moser

MICHAEL LAYMAN

Following his work in investment banking, Michael joined TSG as an Associate in 2009. Since then he has been promoted five times and now serves as a Managing Director. He is deeply involved in originating, structuring, and reviewing new investment opportunities. He also actively collaborates with TSG’s partner companies post-investment. Michael has worked across the consumer & retail industries during his tenure at TSG, with a particular focus on the health & wellness, franchising, and restaurant industries. He has worked on notable TSG investments including elf Cosmetics, Planet Fitness, Nuun, Paige, Sunshine Fitness, and Dutch Bros, among others.

Michael graduated summa cum laude from Arizona State University with a B.S. in Accounting and a minor in Economics. He began his career as an investment banker at Wachovia Securities (now Wells Fargo) and Jefferies & Company, where he was focused on M&A and capital markets transactions for consumer and retail businesses.  

“At TSG Consumer Partners, we have the privilege of working with founders and management teams of companies who are changing their industries. Before my ten years at the firm, I always admired TSG’s strong track record of investing in, and building, great brands. During my time here, I’ve learned that our firm truly has a differentiated approach, and I am excited each day by the opportunities that lie ahead for our portfolio. Entrepreneurs’ passion and dedication are what drive me day-to-day to find compelling companies poised for growth, and I look forward to continuing to partner with remarkable brands and managers.” – Michael Layman

DAN COSTELLO

Dan joined the TSG team as an Associate in 2007. He currently serves as a Managing Director in firm’s San Francisco office. In addition to sourcing and diligencing new investments, Dan also works closely with TSG’s portfolio companies on sales and marketing strategies, brand management tactics, and other strategic growth initiatives. He possesses deep experience in the food & beverage, pet, and household consumer sectors, and has completed over 10 investments at TSG, including Duckhorn, Kosta Browne, Radio Systems/PetSafe, DenTek, Yard House, CytoSport/Muscle Milk, and Stumptown Coffee Roasters.

Dan graduated summa cum laude with a B.S. in Finance from Miami University. He began his career in investment banking at Wachovia Securities (now Wells Fargo) where he advised consumer and retail clients on M&A, debt, and equity financings.

 “At TSG Consumer Partners, we are lucky to have the opportunity to grow the very brands that we love to use. We’ve also been fortunate to partner with incredible entrepreneurs and companies over our firm’s 30+ year history. Our sector focus and depth of experience enables us to be a true value-add partner. Helping our portfolio companies reach their true potential has been a rewarding journey, and I can’t wait to see what lies ahead.” – Dan Costello