Vista Equity Partners targets $8bn for sixth fund

The firm launched Vista Equity Partners VI aimed at $8bn, and has already received commitments from Oregon State Treasury and the Ohio Police & Fire Pension Fund.

Vista Equity Partners has launched its sixth flagship fund, Vista Equity Partners VI, targeting $8 billion, according to PEI’s Research & Analytics.

The Oregon State Treasury has committed $500 million to the fund, according to reports. It had committed $200 million to the fund’s predecessor, Vista Equity Partners V, according to PEI Research.

The Ohio Police & Fire (OP&F) Pension Fund committed $50 million to Fund VI, according to OP&F’s January 2016 Monthly Board Report. This was OP&F’s final commitment of the 2015 OP&F Private Markets Investment Plan that targeted total commitments of $325 million trailing 12 months, according to OP&F spokesman Dave Graham.

According to the firm’s website, it focuses on the software industry and invests between $20 million and over $700 million in equity per transaction.

Vista Equity Partners V closed on $5.8 billion, the biggest size for the firm at the time, in October 2014, according to the firm. The fifth fund’s investors include Canada Pension Plan Investment Board, which committed C$400 million ($362.15 million), Illinois Municipal Retirement Fund, which committed $100 million, the Teachers’ Retirement System of the State of Illinois, which committed $200 million, the Los Angeles County Employees’ Retirement Association, which committed $200 million, the Oregon Public Employees’ Retirement System, which committed $200 million, the New Jersey Division of Investment, which committed $200 million, Taiwanese insurance company Cathay Life Insurance, and Finnish insurance company Elo Mutual Insurance Company, according to PEI Research.

Fund V used placement agent TransPacific Group, according to the firm’s February 2014 filing with the US Securities and Exchange Commission.

Last year, the firm launched Vista Credit Opportunities Fund II, targeting $1 billion, and has also launched its third tech-focused buyout vehicle, Vista Foundation Fund III, according to PEI Research.

In July, Vista sold a minority stake to New York’s Dyal Capital in line with Dyal’s approach to acquiring passive stakes of less than 20 percent in alternative asset management firms, as reported by Private Equity International.

A spokesperson at Vista, which manages $14 billion in assets, was not available to comment.