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Vista Equity Partners
Robert F. Smith, Founder & CEO
Overview
AUM$100B
AUM Date2025
Funds12
Bankruptcies5
Notable Funds
Fund VIII ($16B)Foundation Fund IV ($4.5B)
Description
Pluralsight: $3.5B acquisition written to $0. Citrix: $16.5B LBO with $15B debt, then $5.6B continuation fund (selling to yourself). Three consecutive layoff rounds.
Related Deals (11)
| Company | Sector | Year | Multiple | Leverage | Status |
|---|---|---|---|---|---|
| Pluralsight | Software | 2021 | 15x | 6x | restructured |
| Citrix / Cloud Software Group | Software | 2022 | 12x | 6.5x | active |
| TIBCO Software | Software | 2014 | 18x | 7x | active |
| Finastra | Software | 2017 | 12x | 7x | active |
| Cvent | Software | 2016 | 10x | 5.5x | active |
| Datto (now Kaseya) | Software | 2017 | 10x | 5x | exited |
| Ping Identity | Software | 2016 | 10x | 5x | exited |
| Solera Holdings | Software | 2016 | 13x | 6.5x | active |
| Avalara | Software | 2022 | 10x | 5x | active |
| ConvaTec Group | Healthcare / Medical Devices | 2008 | 10x | 5x | exited |
| Misys (now part of Finastra) | Software / Financial Tech | 2012 | 10x | 5x | active |
Hot Potato Deals
Citrix / Cloud Software Group
Massive LBO, $15B debt, repeated refinancings, continuation fund to avoid marking the loss. The definition of 'marked to fantasy.'
$5.6B continuation fund (2025) — selling the asset to itself