Private equity firm Vista Equity Partners has reportedly hit a first close for its fifth fund.
The firm has exceeded Fund V’s $3.5bn target and held a first close of $3.8bn, said peHUB, citing two people with knowledge of the fundraise.
Fund V has a hard cap of $5.75bn and has amassed around $11.5bn of demand, said one of the people.
Vista closed its previous fund on $3.5bn in 2012, four years after it raised $1.8bn for its third fund.
Fund III was generating a cash multiple of 2.7 times and an IRR of 32.38 per cent, data form New Jersey’s investment division showed.
Last month it was reported that Vista and fellow private equity firm Thoma Bravo were reviewing software group Compuware’s finances.
Copyright © 2014 AltAssets