Firm: Vista Equity Partners
Fund: Vista Credit Opportunities Fund I
Amount raised: At least $119 million
By contrast, Vista Equity Partners raised about $5.8 billion in about 10 months for Vista Equity Partners Fund V. It’s also launched its Vista Foundation small- and mid-cap software company buyout series, including Vista Foundation Fund II, which raised $1.1 billion in 2013.
Vista Credit Opportunities disclosed $119 million sold and 14 investors for Vista Credit Opportunities Fund I, according to an amended Form D filing on Nov 12. The firm filed its first Form D for the fund on Oct. 10, 2013, with $0 sold, signaling a roughly 13-month process thus far.
A source familiar with Vista Equity said the firm actually raised about $180 million for the strategy. A spokeswoman for Vista Equity did not return a phone call.
Vista’s credit fund represents a first time strategy for the firm, which has likely caused some potential investors to back away, according to the source. LPs want to see solid track records and longevity of team before making a long-term commitment.
Unlike Vista’s flagship funds headed up by co-founders Robert Smith and Brian Sheth, Vista Credit Opportunities is an affiliate of Vista Equity led by two executives that joined the firm in 2013, according to the firm’s website.
Kristine Jurczyk, co-head of Vista Credit Opportunities, worked as a senior vice president and team leader at General Electric Co’s mid-market lending shop, GE Antares Capital.
Chad Blakeman, co-head of Vista Credit Opportunities, worked as head of strategic initiatives for Golub Capital prior to joining Vista. He was also co-chief investment officer and managing director for Fifth Street Finance Corp.
Vista Equity executives Smith, Sheth and Jamie Ford, chief operating officer of VIsta Equity, are listed as principals and credit committee members of Vista Credit Opportunities.
Vista Credit Opportunities focuses on sourcing and evaluating investment opportunities in companies that develop proprietary software and either license it to their customers or leverage it internally to provide a service, according to the firm’s website.
The firm ”seeks to capitalize on its domain expertise and the emerging growth of the software debt market by investing in debt securities of market-leading software companies,” according to its website.
Chris Witkowsky, private equity editor, contributed to this report.