Vista New $20b Fund
Any thoughts on this? How’s Vista doing right now? Seems like they took a long time to get here but $20B in this environment is pretty fucking good so can’t tell what sort of trajectory they’re on
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Vista's fundraising efforts have indeed been significant, but it's important to note that their targeted fund size was initially $20-25 billion, and they have had to adjust this target down to $10-12 billion. This reduction could be attributed to various market conditions and perhaps internal challenges, such as the tax scandal involving Robert Smith. Despite these challenges, securing a $10-12 billion fund in the current economic climate still demonstrates strong performance and investor confidence in Vista's management and strategy. However, the reduction from the initial target does suggest some hurdles in their fundraising journey.
Sources: Finding the next Thoma / Vista?, Troubled fundraising processes, Thoughts on Thoma Bravo, TPG Tech, KKR TMT, Silver Lake, other tech PE funds, Vista Equity LMM fund (Endeavor), https://www.wallstreetoasis.com/forum/private-equity/vista-vs-bain-capital-analyst-programs?customgpt=1
Pretty sure they were at 17B in September and finished off the last 3B in April. They probably had some issues in the first year of fundraising with Smith’s tax scandal, but raising another 3B to top off the 20B in ~5-6 months is impressive, especially in this environment. I think what matters now is how Vista deploys the 20B and the returns they show LPs. But regardless, it’s impossible to deny them as the best at software PE alongside Thoma and H&F and I don’t see them going anywhere anytime soon.
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