Growth Equity, VCTs and Exits with Rupert West, Managing Director @ Puma Growth Partners

Riding UnicornsRupert WestSep 24, 202542 min

Rupert West of Puma Growth Partners challenges the conventional VC wisdom that only ex-founders can add value to startups, arguing that successful growth equity requires a blend of financial expertise and operational guidance. His contrarian take centers on how VCs with investment banking backgrounds actually have a secret weapon in exits, while emphasizing that the leadership skills that scale a company from 0 to 20 employees will completely break down at 100.

Key takeaways

  • VCs need both deal-making and founder development skills to generate actual returns, not just one or the other
  • Leadership capabilities that work at 20 employees will fail at 100—founders must actively evolve their management approach during scaling
  • Investment banking experience gives VCs a crucial advantage in executing exits and improving DPI metrics
  • Confidence without self-awareness is a red flag in growth equity diligence—successful founders display trust and confidence while remaining highly self-aware
  • Later-stage investors scrutinize specific diligence points that growth equity investors can help startups identify and fix proactively

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