Vista Fund VI racks up deals amid fundraising

The San Francisco-based private equity firm is acquiring engagement marketing software provider Marketo for $1.79bn out of Vista Equity Partners Fund VI, which is targeting $8bn.

Vista Equity Partners is actively investing out of its most recent fund, Vista Equity Partners Fund VI, a buyout vehicle focused on telecommunications, media and technology that launched in February.

The $1.79 billion purchase of provider of engagement marketing software company Marketo Inc. announced earlier this week is at least the second investment made out of Fund VI, which is seeking to raise $8 billion. It held a first close on $5.78 billion in March. In April, Vista bought management software company Cvent for $1.65 billion, also out of Fund VI. Both acquisitions were take-private transactions.

Investors in Fund VI include New York State Common Retirement Fund , Oregon State Treasury and Texas County and District Retirement System , according to PEI Research & Analytics.

Vista also recently announced the acquisitions of insurance technology company Vertafore and of identity security company Ping Identity , although it is unclear which fund those transactions were made out of.

Vista Equity did not respond to a request for comment.

Vista will acquire all outstanding shares of Marketo common stock at a share price of $35.25, representing a 64 percent premium to the closing price as of 9 May 2016, according to the statement. Marketo went public three years ago, opening at $20 per share, higher than the offering price of $13 per share, after the company had raised close to $100 million from InterWest Partners , Storm Ventures , Mayfield Fund , Institutional Venture Partners and Battery Ventures . The transaction is expected to close in the third quarter .

Vista Equity Partners has $14 billion assets under management and is focused on investments in software, data and technology-enabled businesses. It typically invests $20 million to $200 million per transaction, through buyouts and growth equity, according to PEI Research and Analytics.