Vista Ridge Capital is targeting $100 million for its latest fund of funds, the firm’s second since its 2009 inception, according to US Securities and Exchange Commission filings.
Oregon-based Vista Ridge targets fund managers across a variety of strategies, including buyouts, growth equity, special situations and venture capital. The firm also will consider acquiring secondary stakes in portfolios that include “funds with which we would like to enter into a long-term relationship”, according to its website.
Vista Ridge’s limited partner base remains concentrated in the Pacific Northwest and US west coast, co-founder Dilip Ratnam told Private Equity International.
“We’re seeing some interest,” Ratnam said. “In general private equity as an asset class has outperformed other asset classes, so there’s certainly more interest than there has been historically.”
The firm does not plan to expand its geographic reach “in the immediate future, we’re still scaling up the business”, he added.
The firm’s ability to attract investors may be helped by its reach — its investment portfolio includes fund interests from Europe, North America, Asia and Africa, Ratman said. Furthermore, Vista Ridge also has the benefit of having Jay Fewel – a senior investment officer at the Oregon Investment Council – on its advisory board.
“They’ve carved out a niche here in the Pacific Northwest,” Fewel told Private Equity International. “They’re well connected locally, so I think they’ll get some traction.”