Vista targets $2bn for third Foundation Fund

Vista Equity Partners has launched its third tech-focused buyout fund, which has received commitments from the Arkansas Teacher Retirement System, Teachers’ Retirement System of the State of Illinois and the Ohio Police & Fire Pension Fund.

Vista Equity Partners has launched Vista Foundation Fund III, according to a 4 February investment review document from the Arkansas Teacher Retirement System (ATRS).

The $14 billion pension fund committed $30 million to Vista Foundation Fund III.

The fund is targeting $2 billion and is Vista’s third technology-focused buyout vehicle, according to PEI’s Research & Analytics division. It began reaching out to investors in early 2016, PEI Research said.

A document from 18 February from the Teachers’ Retirement System of the State of Illinois (TRS) indicates the pension fund committed $250 million to Vista, which administered $275 million in TRS assets at the time, but did not specify how much the pension allocated to individual Vista funds. According to PEI Research, TRS committed $100 million to Vista Foundation Fund III.

A 24 February board meeting agenda of the Ohio Police & Fire Pension Fund (OP&F) shows it voted on committing capital to Vista Foundation Fund III. It committed $50 million, according to PEI Research.

The fund’s predecessor, Vista Foundation Fund II, is a 2013-vintage that closed on $1.15 billion, more than double its $500 million target, according to PEI Research. Its investor base includes ATRS, which committed $25 million; New Jersey Division of Investment, which committed $100 million; Oregon State Treasury, which committed $75 million; and HarbourVest partners, according to PEI Research.

Earlier this month, Vista launched its sixth flagship fund, Vista Equity Partners VI, targeting $8 billion, as reported by Private Equity International. OP&F and Oregon State Treasury are limited partners of the fund.

Vista manages $14 billion in assets, according to PEI Research.