Vista Equity’s Fund VII raises $16bn for final close – report

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Tech investment major Vista Equity Partners has reportedly raised $16bn for the close its latest flagship technology fund, Vista Equity Partners Fund VII.

The firm has also planned to commit its own capital in addition to the $16bn raised, which will represent 4 per cent to 6 per cent of the fund’s total size, people familiar with the matter told The Wall Street Journal.

It was widely reported that the Vista was seeking $12bn for its technology-focused buyout fund, after it pulled in $11.1bn for its predecessor, Vista Equity Partners Fund VI, in May 2017.

Vista’s seventh flagship fund secured a raft of commitments from US pensions funds in the last year.

Fund VII received $30m from the Ohio Police & Fire Pension Fund in June 2018, a month after the New Jersey Pension Fund revealed a $300m commitment to the vehicle.

The New York State Common Retirement Fund also agreed to commit $750m to Vista’s Fund VII, while Maryland State Retirement & Pension System set aside a $175m commitment.

The San Francisco City & County Employees’ Retirement System also announced a $50m commitment to Fund VII in November 2018.

Earlier this year the fund picked up $85m from The Texas County & District Retirement System, shortly after securing $100m from the Connecticut Retirement Plans & Trust Funds.

Fund VII is expected to continue the firm’s focus on large and mid-market dealmaking in the enterprise software sector in North America.

In February, Vista closed a $1.9bn deal to buy fitness software business Mindbody.

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