achieving results at scale
YEAR IN REVIEW
2023
in 2023...
we invested
in 2023...
2023 brought an increasingly complex geopolitical landscape, enduring macroeconomic headwinds and prolonged uncertainty in the financial markets. Yet amid the disruption, Vista continued to generate results, grounded in our disciplined investment approach and proven commitment to value creation.
Throughout the year, the Vista team opportunistically deployed capital across investment strategies while returning more than $9.3 billion.2
Reflecting on the past year and looking ahead in 2024, we are grateful for the opportunity to continue partnering with our global investor base and the world’s leading enterprise software businesses to transform today’s digital economy.
We announced eight platform investments through our private equity strategy and deployed $5.8 billion of private equity capital.4 Meanwhile, our private credit platform continued to grow, announcing six new investments through our non-sponsor FounderDirect channel and deploying more than $1.4 billion across credit funds.5 Vista Public Strategies also had an active year investing in leading public software and tech businesses via its flagship and long-biased fund vehicles.
With an ever-evolving suite of diversified capital solutions and more than two decades focused on enterprise software, our team can partner with founders and management teams wherever they are in their growth journey.
$5.8BN
Capital Deployed4
PE Platform Investments
8
PE Platform Investments
FounderDirect Credit Investments
6
Robert F. Smith on Bain’s Dry Powder podcast
Robert joined Bain’s Dry Powder podcast to discuss how Vista defied the down market in 2023. Robert shared why he believes enterprise software is uniquely durable and how Vista’s systematic approach is built to capture opportunity in any environment.
listen now
read now
Vista’s acquisition of Citrix was recognized as the Deal of the Year in North America by Private Equity International. Read how Citrix merged with Vista portfolio company TIBCO to create Cloud Software Group, a leading provider of mission-critical enterprise software to more than 100 million users around the world.
2022 Deal of the Year in North America for Citrix6
David
Breach
on opportunities in the public and private markets.
Michael
Fosnaugh
on acquiring KnowBe4 and investing in the cybersecurity space.
David
Flannery
on private credit and investing in enterprise software.
read now
read now
read now
in 2023...
we Built
Vista partnered with our portfolio companies to enable profitable growth and accelerate innovation. Through events like our CXO Summit and global hackathons, we brought together enterprise software leaders from across our portfolio to network, learn and collaborate. As a unified ecosystem of technology leaders, we shared best practices on topics like generative AI to facilitate faster, smarter adoption. We also helped our companies build through M&A across 15 add-on acquisitions – acquiring businesses and product lines to enable entry into new markets and fuel inorganic growth.
85+
Companies7
Employees8
Customers9
Users10
95K+
1.7MM+
500MM+
Private Equity and Permanent Capital Portfolio
FounderDirect Credit Investments
Developing Software, Advancing Our Digital Future
read now
Explore how Vista is empowering the companies and developers in our portfolio to harness emerging technologies like generative AI to engage with customers and deliver value.
The Top 100 Software Companies of 2023
Recognized companies from the Vista portfolio:
5000 Fastest-Growing Private Companies
Recognized companies from the Vista portfolio:
M&A in Action
in 2023...
we Delivered
We’ve entered a new paradigm where growth is earned, not given, and where disciplined investment strategies and a proven approach to value creation are more important than ever. By never wavering from these core principles, Vista defied the dealmaking slowdown in 2023 and announced nine monetization events, spanning all three of our private equity funds.
From large-scale strategic exits to recapitalizations and public market monetizations, we secured avenues to return capital to our investors.
$9.3BN
Capital Returned2
Monetizations
9
Robert F. Smith on Maintaining Exit Momentum
read now
Robert discussed how Vista maintained exit momentum and shared insights on Vista’s approach to long-term value creation. He also provided a look ahead at emerging opportunities in the enterprise software space.
Endorsements presented herein are made by current or former employees of Vista portfolio companies, over which Vista may have the ability to exercise discretion on employee compensation, promotion and other employment decisions and may also be investors in Vista funds.
Past performance is not necessarily indicative of future results. Vista Equity Partners does not make any representation or warranty of any kind, express or implied, as to the accuracy or completeness of the information contained herein. Under no circumstances should the information presented be considered an offer to sell, or a solicitation to buy, any security. Such offer or solicitation may only be made pursuant to the current offering documents for the relevant Vista Fund (the “Fund”) which may only be provided to accredited investors and qualified purchasers as defined under the Securities Act of 1933 and the Investment Company Act of 1940. While the information provided herein is believed to be accurate and reliable, Vista Equity Partners, its advisors and employees make no express warranty as to its completeness or accuracy. This Site includes information regarding Vista Equity Partners’ past and present portfolio companies. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Certain transactions may not be publicly announced at the time of distribution of this document and are therefore not included. Please view www.vistaequitypartners.com for additional information regarding Vista’s strategies and past and present investments.
Vista is a leading global investment firm with more than $100 billion in assets under management as of September 30, 2023. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on X, @Vista_Equity.
Sources & Disclosures >
LEARN MORE ABOUT VISTA
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PE Platform Investments
minority investment
Endeavor Fund
Platform
Flagship Fund
Platform
Foundation Fund
Platform
Flagship Fund
Platform
Foundation Fund
Platform
Endeavor Fund
Platform
Endeavor Fund
minority investment
Endeavor Fund
FounderDirect
Vista Credit Funds
FounderDirect
Vista Credit Funds
FounderDirect
Vista Credit Funds
FounderDirect
Vista Credit Funds
FounderDirect
Vista Credit Funds
FounderDirect
Vista Credit Funds
acquired by bonterra
Foundation Fund
acquired by vivid seats
Flagship Fund
acquired by arcos
Foundation Fund
acquired by smartbear
Flagship Fund
acquired by powerschool
Flagship Fund
acquired by bigtime
Endeavor Fund
Hover over logo for fund information. Use arrows to view more investments.
add-on acquisitions
acquired by gainsight
Flagship Fund
acquired by powerschool
Flagship Fund
acquired by acquia
Flagship Fund
acquired by quickbase
Flagship Fund
acquired by OfficeSpace
Endeavor Fund
acquired by trintech
Foundation Fund
acquired by Tripleseat
Endeavor Fund
acquired by smartbear
Flagship Fund
Endeavor fund
Partial Sale to Exterro
Endeavor fund
Partial Sale to
General Atlantic
Flagship fund
Public Market Monetization
Flagship fund
Endeavor fund
Partial Sale to
Great Hill Partners
Flagship and Foundation Funds
Sale to Blackstone
Flagship fund
Sale to IBM
Hover over logo for fund information.
Monetization events
Rachel Arnold and Rene Stewart Named to GrowthCap’s List of the Top Women in Growth Investing3
read now
Under Rachel and Rene’s guidance, the Endeavor Fund has become one of the world’s largest technology buyout funds led by women, and the Fund’s team and portfolio continue to evolve and expand.
Public Market Monetization (May)
Public Market Monetization (June)
Public Market Monetization (December)
share to linkedin
share to x
$100BN+
Assets Under Management1
Listen to Vista’s Patrick Severson talk with Christina Kosmowski, CEO of LogicMonitor, about partnering together on strategic M&A to move quickly and stay ahead of the competition.
Sources and disclosures
Assets under management (“AUM”) as of 09/30/2023. Vista’s AUM generally represents the net asset value (“NAV”) of assets Vista manages based on US GAAP plus unfunded commitment amounts as of the measurement date. NAV refers to the fair value of the assets of a fund less the liabilities of a fund. VPS’ AUM includes $100MM investment from VEPF V. Vista Credit Partners’ AUM generally represents: (1) the fair market value of assets held in VCP-sponsored investment vehicles, including vehicles formed for the purpose of facilitating co-investments (collectively, the “Funds”), plus (2) unfunded equity commitments of the Funds, plus (3) amounts available to be borrowed under the Funds’ asset based credit facilities, with each figure calculated as of the aforementioned measurement date, plus (4) the fair market value of certain co-investments for which VCP provides non-discretionary investment advice. Vista's AUM figures do not include assets held in certain employee contribution vehicles.
Vista Equity Partners, 12/31/2023. Note: Inclusive of deals that were closed between 1/1/2023 and 12/31/23, including Co-Invest. This figure excludes deals that were announced but not closed by 12/31/2023. On 02/28/2023, Vista Equity Partners Fund VII, L.P. and affiliated entities made a one-time cash distribution of $1.5 billion to the Fund’s investors. This distribution is the result of closing a non-recourse credit facility supported by future distributions to the Fund related to certain VEPF VII portfolio investments. The Fund’s General Partner is not receiving any performance fees in connection with this distribution.
The 2023 GrowthCap Top Women Leaders in Growth Investing recognition is an annual recognition that was presented 07/26/2023, which included a participation fee for consideration.
Vista Equity Partners, 12/31/2023. Note: Inclusive of deals that were closed between 1/1/2023 and 12/31/23, including Co-Invest. This figure excludes deals that were announced but not closed by 12/31/2023 such as the acquisitions of Energy Exemplar and EngageSmart.
Vista Equity Partners, 12/31/2023. Inclusive of deals that were closed between 1/1/2023 and 12/31/2023. This figure excludes deals that were announced but not closed by 12/31/2023.
The 2022 PEI North America Deal of the Year recognition is an annual recognition that was presented 03/2023.
Vista Equity Partners, 12/31/2023
Vista Equity Partners, 03/31/2023
Vista Equity Partners, 12/31/2022
Vista Equity Partners, 12/31/2022
watch now
watch now
Exiting Apptio to IBM
Hear Vista’s Monti Saroya speak with Sunny Gupta, Co-Founder and CEO of Apptio, about how Vista’s emphasis on value creation positioned the business to exit to IBM.
watch now
Cvent's Journey with Vista
Learn about Cvent’s partnership with Vista and recent sale to Blackstone from Reggie Aggarwal, Founder and CEO of Cvent.
Add-On Acquisitions
15
FounderDirect Credit Investments
We invested
We Built
We Delivered
(reconciliation business)
2023 brought an increasingly complex geopolitical landscape, enduring macroeconomic headwinds and prolonged uncertainty in the financial markets. Yet amid the disruption, Vista continued to generate results, rooted in our disciplined investment approach and proven commitment to value creation.
Throughout the year, the Vista team opportunistically deployed capital across investment strategies while returning more than $8.3 billion.2
Reflecting on the past year and looking ahead in 2024, we are grateful for the opportunity to continue partnering with the world’s leading enterprise software businesses and our global investor base to transform today’s digital economy.
acquired by jamf
Flagship Fund
acquired by Tripleseat
Endeavor Fund