Growth equity managers focus on purchasing minority stakes in fast-growing businesses that have surpassed the startup stage - earlier than buyout funds but later than venture capital funds. While growth equity managers acquire minority stakes and leave control to current owners, they will negotiate protective rights for their investors such as board representation and change of control provisions. Target companies are typically middle-market companies that have high organic growth rates and established business models with upside potential. Growth equity managers add value to companies by providing capital for growth and expansion, including areas like production capacity, new products and sales efforts. Typical exits for growth equity funds are by way of a sale to another private equity fund, a share buyback or - for larger companies - an IPO.