Vista Equity Partners LLC raised $16 billion of outside commitments for a new technology fund, with plans to boost it with the firm's own money and account for up to 6% of the fund's total size, The Wall Street Journal reported, citing people familiar with the matter.
According to one of the sources, Vista Equity Partners Fund VII LP has already made four investments, including a majority stake purchase in software company QuickBase Inc. and the $1.9 billion acquisition of health and wellness software provider MindBody Inc.
Software-focused private equity firm Vista secured commitments from U.S. public pension funds, including State of Michigan Retirement Systems, Oregon Investment Council and California Public Employees' Retirement System, according to the Sept. 5 report.
