Street Talk asked Vista if the offer, made in February, is still afoot. We received a “no comment”, both on CriticalArc and fundraising for the Flagship Fund VIII (more on this later). CriticalArc did not respond in time for publication.
Vista cuts a low profile in Australia but has popped up on a few deals including the acquisition of Adelaide-based Energy Exemplar alongside Blackstone in a $1.6 billion deal last year. The Texas-headquartered firm has a long history of enterprise software, data and technology investments, cutting cheques for hundreds of companies, including payments software vendor EngageSmart and insurance software provider Duck Creek, running up an aggregate transaction bill of over $US300 billion. It typically goes for mission-critical companies with high recurring revenue.
Fundraising push
Street Talk also understands Vista is seeking to raise local money for its Flagship Fund VIII – a strategy that’s targeting 18 to 25 high-quality SaaS businesses, primarily in North America, with enterprise valuations between $US750 million and $US10 billion-plus.
As such, it’s launched an Australian unit trust feeder fund – its first time ever – via ROC Partners and a Cayman Island Beta Fund via Morgan Stanley Asia. Both structures have completed a first close, and are looking to close things out in May.
Sources said the underlying Fund VIII has a $US20 billion hard cap and that Morgan Stanley will seek to raise between $US100 million and $US300 million. ROC confirmed to Street Talk that it was providing administration services for the fund.
An ever-increasing number of large offshore players have come to Australia to seek capital from institutions and high net worths. Oaktree Capital Management teamed up with Sydney fundraising outfit Spire Capital last year to launch its Spire Oaktree Special Opportunities Fund to local investors. Global Alternatives Fund has brought 25 feeder funds to its HNW families and has committed north of $1.2 billion to offshore alternative asset managers. It’s understood GAF will be launching its investment with Thoma Bravo Credit later this week.