Brighton Park Capital: The $4.5B Growth Equity Firm Reshaping Enterprise Software

TL;DR: Per SEC Form ADV (CRD 304261), Brighton Park Capital manages $4.5B in regulatory assets under management. The Greenwich-based growth equity firm operates a concentrated strategy: two flagship funds (Fund I at $835M, Fund II at $1.8B), institutional-only LPs, and $50M–$250M check sizes into software, cybersecurity, and healthcare IT. You won't see Brighton Park chasing every deal. What you will see: nine exits in five years, including the $1B sale of Paradox to Workday and a first-mover position in European growth equity.

Who Mark Dzialga Built

Brighton Park Capital closed Fund I in November 2020. Five years later, the firm had exited nine companies and opened its first office outside the US. This is not a startup growth equity shop anymore.

Founder and Managing Partner Mark Dzialga came from General Atlantic, where he built a reputation for software thesis discipline. His co-founder, Mike Gregoire, is a heavyweight. Gregoire was CEO of CA Technologies during its $18.9 billion acquisition by Broadcom in 2018 — the largest pure software acquisition ever executed. He now sits as an active investment partner at Brighton Park, not a passive board observer. That operational muscle is structural. General Atlantic, Insight Partners, and TA Associates have better brand recognition. But they don't embed Fortune 500 CEOs into individual portfolio companies the way Brighton Park does.

Brighton Park's team spans 300+ combined years of investment and operational experience. Thirty-four senior advisors carry pedigrees from 60+ iconic brands. When a portfolio company in your fund faces a sales leadership crisis or needs to navigate a strategic pivot, you have credible hands on deck. That compounds over time.

$4.5B Verified by the SEC

The SEC Form ADV filed March 31, 2026 shows $4,481,709,182 in regulatory AUM. Approximately $4.5B.

Fund I, closed November 2020, raised $835M in commitments. Including co-investment vehicles, the total grew to $1.1B. Fund II, closed November 2022, exceeded its $1.5B target and landed at $1.8B in commitments.

Brighton Park's LP base consists of endowments, pension funds, family offices, and financial institutions. You won't see retail accredited investors here. The firm operates under a strict institutional mandate. Minimum LP commitments are not publicly disclosed, but for a growth equity fund of this scale, typical floors range from $5M to $25M per LP. No confirmation exists for Brighton Park specifically.

What matters: $4.5B AUM concentrated into approximately 32 active investments means average deployment is around $140M per company, accounting for the $50M–$250M check size range. This is not spray-and-pray. This is conviction betting.

The Thesis: Enterprise Software, Concentrated

Brighton Park invests in three vectors: enterprise software, cybersecurity, and healthcare IT. The firm looks for companies doing one of two things: solving a problem for which buyers pay premiums, or capturing a structural shift in how enterprise work happens.

The concentration is radical. A 32-company portfolio across a $4.5B fund means the firm is not filling a grid with 100+ small checks. Each bet is sized to matter. Each portfolio company has exposure to the same partners, the same operational network, and the same conviction thesis.

That creates both upside and downside risk. If the SaaS market reprices again, Brighton Park's portfolio feels that repricing harder than a diversified mega-fund. But when one company executes, capital multiplies faster.

Exits That Move the Needle

Paradox, an AI-powered conversational hiring platform, sold to Workday for $1.0 billion in cash in August 2025. This was Brighton Park's largest disclosed exit. Mike Gregoire served as Chairman throughout the hold period. The transaction signals that enterprise buyers are paying strategic premiums for AI-native platforms that reduce hiring friction.

NuORDER, a B2B e-commerce platform, sold to Lightspeed for $425M in 2021. The speed of this exit — approximately six months after Brighton Park's investment,reflected the premium that e-commerce infrastructure commanded during the COVID-era boom.

Darktrace, the AI-driven cybersecurity company, went public on the London Stock Exchange at approximately £1.7 billion market cap. Shares surged 43% on debut and peaked near £7 billion. Brighton Park crossed major shareholding thresholds in early 2022, then gradually reduced its stake to 3.94% voting rights by April 2024, achieving a partial exit through public markets before Thoma Bravo subsequently took the company private.

Indegene, a pharmaceutical commercialization platform, went public on the BSE/NSE (India) in May 2024 with 70.3x oversubscription. Brighton Park, a co-investor with Carlyle, sold shares through a dedicated SPV. This exit,not on a US exchange,illustrates that healthcare IT platforms with global delivery models can command public market multiples regardless of listing geography.

Active Positions Show Investment Discipline

Current portfolio companies reveal the firm's real thesis. PortSwigger, which makes Burp Suite, is the developer-first security standard. Brighton Park led a $112M growth round. Silverfort, an identity security platform with zero-trust architecture for legacy systems, received a $116M growth investment from Brighton Park.

OPSWAT provides cybersecurity for operational technology and critical infrastructure,a segment gaining regulatory tailwinds and commanding premium multiples. Gregoire serves as Lead Independent Director on the board. This is not passive capital; this is board-level operational embedding.

Recent additions,Orbital, Daloopa, Canary Technologies, Orca AI,all carry explicit AI components. The portfolio is shifting toward AI-native software, not just AI-enhanced. Whether that signals a formal thesis on valuation discipline for AI infrastructure remains unclear from public disclosures.

London: The Next Phase

Brighton Park opened a London office on July 31, 2025, its first international expansion. Tom Hussey, a Partner, leads the European team.

Dzialga's rationale in the announcement: "Europe is home to a growing wave of founder-led businesses building globally relevant, AI-powered platforms with deep technical differentiation." Translation: European software valuations remain discounted relative to US peers, and the technical talent pool is strong.

The firm did not announce a separate European fund vehicle. European investments appear to be co-mingled with the flagship funds. This structure reduces friction for founders but signals that Brighton Park is not yet ready to raise a dedicated transatlantic fund. If the London office generates deal flow, that changes within 12–18 months.

How Brighton Park Compares

General Atlantic, at more than $70B AUM, operates a broader mandate across growth and growth-stage buyout. Insight Partners focuses on lower-mid-market software with recurring revenue, typically $20M–$100M ARR, with larger check sizes ($100M+). TA Associates similarly operates across growth and mature stages, with more portfolio breadth.

Brighton Park's edge is specificity. The firm concentrates capital into fewer bets, embeds operational firepower at the board level, and maintains conviction through multiple market cycles. The downside: if you miss one major exit, the arithmetic tightens. The upside: when you land a Paradox or Darktrace, the economics compound faster because you're not splitting returns across 150 portfolio companies.

What Accredited Investors Should Extract

You cannot invest directly in Brighton Park Capital funds. The firm's LP base is institutional-only. But the investment framework is replicable.

First, study concentration. Most accredited investors default to diversification. Brighton Park proves that high-conviction bets in specific sectors, coupled with operational support, produce elite outcomes. If you're building a personal angel portfolio or evaluating secondary opportunities, ask: Am I betting on the best company in the segment, or am I spreading capital because I'm afraid to lose on a single bad pick?

Second, operational value is scorable. When you evaluate co-investment opportunities or secondary stakes, map the operational resources the lead investor is committing. Gregoire's board seat at OPSWAT isn't cosmetic; it's a signal that capital comes with CEO-level guidance. That premium is earned.

Third, geographic arbitrage matters. Brighton Park's London expansion capitalized on valuation discounts in European software. When you scout international opportunities, ask whether your edge is superior analysis or simply geographic undervaluation. Both work. Knowing which one you're trading on is essential.

Fourth, exit optionality expands returns. Brighton Park achieved exits via strategic acquisition (Paradox, NuORDER), public listing (Darktrace, Indegene), and likely GP-led secondaries as Fund I matures. Build portfolios that aren't dependent on a single exit path.

The Risks

Brighton Park's portfolio is concentrated in software and SaaS. SaaS revenue multiples have experienced dramatic swings: they peaked at 41.48x in Q3 2021, fell to 4.38x in Q2 2023, and recovered to 16.11x in Q1 2025. If rates spike again or if enterprise software spending contracts, Brighton Park's unrealized NAV compresses harder than a diversified mega-fund.

Interest rate sensitivity is real. Growth equity returns depend on multiple expansion at exit. A sustained high-rate environment suppresses multiples. Brighton Park's recent exits (Paradox in 2025 at $1B, Indegene in 2024) both closed in a lower-rate environment than 2022. If rates stay elevated, the firm's future exit economics tighten.

Fund II, closed November 2022, has not yet produced material exits. Roughly $1.8B in commitments is still deployed. The path to fund-level performance depends on whether the next generation of exits matches the Paradox/Darktrace caliber. Early portfolio companies from Fund II will face a very different exit environment than Fund I beneficiaries.

Public disclosures on realized returns are nonexistent. The SEC Form ADV shows AUM, not TVPI, IRR, or DPI. You cannot independently validate whether the $1B Paradox exit was a home run or whether other portfolio companies are bleeding value below cost. This is standard for private funds, but it limits validation for LPs or external analysts.

The Bottom Line

Brighton Park Capital has built a $4.5B growth equity platform by committing to a narrow thesis, embedding operational firepower, and maintaining discipline through market cycles. The firm is not the largest in the space. But size is not the goal. Multiples are.

For accredited investors seeking frameworks, not direct access, the lesson is clear: concentrated conviction, paired with operational value, beats diversified spray-and-pray. Dzialga and Gregoire proved it with exits that mattered. Your job is to execute the same discipline in deals you can actually touch.

Author Disclosure: Jeff Barnes, MBA has no personal position in any company, fund, or platform named in this article. Angel Investors Network has no current commercial relationship with any party mentioned. AIN provides marketing and education services, not investment advice. Past performance does not guarantee future results. All investments involve risk, including loss of principal.