Vista Equity Partners
Mid/Large Cap
Global software-focused investment firm

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Overall Rank: 6
Category: Mid/Large Cap Growth
Category Rank: 5

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Profile

Vista is a leading global investment firm with more than $100 billion in assets under management as of December 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.


www.vistaequitypartners.com


Awards

2024 Top Women Leaders in Growth Investing, René Stewart, Rachel Arnold

2023 Top Growth Equity Firms

2023 Top 40 Under 40 Growth Investors, Abhay Puskoor, Aaron Gupta

2023 Top Private Debt Firms

2023 Top Software Investors, René Stewart,

2023 Top Private Equity Firms

2023 Women Leaders in Growth Investing, Rachel Arnold, René Stewart

2022 Top 25 Growth Equity Firms

2022 Top 40 Under 40 Growth Investors Adrian Alonso, Ryan Atlas

2022 Top 25 Private Equity Firms

2022 Top Women Leaders in Growth Investing, Rachel Arnold, René Stewart

2021 Top 25 Growth Equity Firms

2021 Top 40 Under 40 Growth Investors, Steven White, Nick Prickel

2021 Top 25 Software Investors, René Stewart

2021 Top 25 Private Equity Firms for Growth Companies

2020 Top 25 Software Investors, Alan Cline

2019 Top 25 Software Investors, Alan Cline

Key People

Robert Smith, Founder, Chairman and CEO

Robert F. Smith is Vista’s Founder, Chairman and CEO. Mr. Smith founded Vista in 2000 and was a pioneer in the enterprise software sector when few others understood the mission-criticality and massive productivity gains that make software such a durable asset. Today, Mr. Smith directs Vista’s investment strategy and decisions, governance and investor relations. Mr. Smith sits on the Investment Committees for Vista’s Flagship, Foundation, Endeavor and Perennial Funds and serves as a member of Vista’s Executive Committee, the firm’s governing and decision-making body for matters affecting its overall management and strategic direction, and Private Equity Management Committee, the firm’s decision-making body for matters affecting Vista’s overall private equity platform.

Mr. Smith’s business achievements and global philanthropic works have been recognized by numerous entities. Among them, Mr. Smith was awarded the Carnegie Medal of Philanthropy, was named one of Forbes’ 100 Greatest Living Business Minds and was recognized as one of TIME’s 100 Most Influential People in the World in 2020.

David A. Breach, President and Chief Operating Officer

David A. Breach is Vista’s President and Chief Operating Officer. He currently sits on Vista’s Executive Committee as well as the firm’s Private Equity Management Private Equity Funds’ Investment Committees.

Prior to joining Vista Equity Partners in 2014 as its Chief Operating Officer, Mr. Breach worked as a Senior Corporate Partner with the law firm Kirkland & Ellis, where his practice focused on the representation of private equity funds in all aspects of their business. While at Kirkland & Ellis, Mr. Breach was a member of its 15-person global executive management committee and was a founding partner of its San Francisco office.

Michael Fosnaugh, Senior Managing Director, Co-Head of Flagship Fund

Mr. Fosnaugh is Co-Head of Vista’s Flagship Funds, the firm’s strategy focused on upper middle-market and large-cap software companies. Additionally, Mr. Fosnaugh serves as a member of Vista’s Executive and Private Equity Management Committees.

Prior to joining Vista, Mr. Fosnaugh worked in the Technology, Media and Telecommunications Group at SG Cowen & Co., where he focused on the software, services and financial technology sectors. While at SG Cowen, Mr. Fosnaugh advised clients on buy-side and sell-side transactions, public and private equity financings and other strategic advisory initiatives.

Monti Saroya, Senior Managing Director, Co-Head of Flagship Fund

Mr. Saroya is Co-Head of Vista’s Flagship Funds, the firm’s strategy focused on upper middle-market and large-cap software companies. Additionally, Mr. Saroya serves as a member of Vista’s Executive and Private Equity Management Committees.

Prior to joining Vista, Mr. Saroya worked as a senior research analyst for JMP Securities, where he provided research for buy-side clients on public on-demand (SaaS) companies. Mr. Saroya previously worked as an associate for the enterprise software/applications team. Before his time with JMP, Mr. Saroya worked for Siebel Systems in a sales capacity for the CRM On Demand division. Prior to Siebel, Mr. Saroya worked for Cisco Systems in various operations roles.

Patrick Severson, Senior Managing Director, Co-Head of Foundation Fund

Mr. Severson is Co-Head of Vista’s Foundation Funds, the firm’s strategy focused on middle-market software companies. Additionally, he serves as a member of Vista’s Executive and Private Equity Management Committees.

Prior to joining Vista, Mr. Severson was a Partner at Warburg Pincus where he spent 12 years investing in and working with software companies at every stage – from startup to buyout. Before his time with Warburg Pincus, Mr. Severson worked at Booz-Allen & Hamilton, where he was a Consultant. Prior to Booz-Allen, Mr. Severson worked at Price Waterhouse, where he focused on media and technology industries.

Martin Taylor, Senior Managing Director, Co-Head of Foundation Fund

Mr. Taylor is Co-Head of Vista’s Foundation Funds, the firm’s strategy focused on middle-market software companies. Additionally, Mr. Taylor serves as a member of Vista’s Executive and Private Equity Management Committees. Previously at Vista, Mr. Taylor drove a variety of cross-fund and cross-portfolio initiatives. He was the initial President of Vista Consulting Group where he was instrumental in building and scaling the Firm’s value creation infrastructure, formalizing Vista’s portfolio engagement model and developing many of Vista’s best practices.

Prior to Vista, Mr. Taylor served as a Corporate Vice President at Microsoft, where he spent over 13 years helping manage corporate strategy, sales, product marketing and various segment-focused teams in North America and Latin America.

Rachel Arnold, Senior Managing Director, Co-Head of Endeavor Fund

Ms. Arnold is Co-Head of Vista’s Endeavor Funds, the firm’s purpose-built small cap investment strategy that targets high-growth enterprise software companies with $10-$40 million in Annual Recurring Revenue. Additionally, she serves as a member of Vista’s Executive and Private Equity Management Committees. Ms. Arnold was named one of GrowthCap’s Top Women Leaders in Growth Investing in 2022, 2023 and 2024, Buyouts’ Women in Private Equity Class of 2022, and WSJ Pro PE’s Women to Watch in 2023. 

Prior to joining Vista, Ms. Arnold held executive positions at four Vista portfolio companies. Her roles have included interim CEO at Bonterra (formerly Social Solutions), Senior Vice President of Engineering, Product Management and Marketing at Mitratech, Vice President of Product Management and Strategy at MicroEdge, and running Business Development and Channel Programs at SRC Software. 

René Yang Stewart, Senior Managing Director, Co-Head of Endeavor Fund

Ms. Stewart is Co-Head of Vista’s Endeavor Funds, the firm’s he firm’s purpose-built small cap investment strategy that targets high-growth enterprise software companies with $10-$40 million in Annual Recurring Revenue. Additionally, Ms. Stewart serves as a member of Vista’s Private Equity Management Committee. Ms. Stewart was named one of GrowthCap’s Top Women Leaders in Growth Investing in 2022, 2023 and 2024 as well as one of GrowthCap’s Top 25 Software Investors in 2021 and 2023.

Prior to joining Vista, Ms. Stewart worked at Yahoo! in the Corporate Finance group, focusing on mergers and acquisitions and business development opportunities for the company. Before her time at Yahoo!, Ms. Stewart worked at Lehman Brothers in the Global Technology group.

David Flannery, Senior Managing Director, President of Vista Credit Partners

David Flannery is President of Vista Credit Partners, Vista’s credit platform focused on providing comprehensive suite of alternative financing solutions to highly developed enterprise software, data and technology-enabled companies. Additionally, Mr. Flannery serves as a member of Vista’s Executive Committee.

Prior to joining Vista, Mr. Flannery was a partner with Blackstone’s GSO Capital. He was Co-Head and Joint Portfolio Manager of the Capital Solutions Funds and a member of the Distressed Credit Investment Committee.

Key Investments

Apptio: Exited 2023
Sector: Software

Leading provider of technology business management solutions for large enterprises, mid-market customers and the public sector.

Avalara: Invested 2022
Sector: Software

SaaS solution for indirect tax compliance to streamline registration, calculations and returns.

BigTime: Invested 2022
Sector: Software

Industry-leading time tracking, billing and project management software.

Cvent: Exited 2023
Sector: Software

Enterprise event management platform with solutions for both the events and meetings value chain.

Datto: Exited 2022
Sector: Software

Complete business and technology cybersecurity solutions suite for managed and IT service providers. 

Fusion Risk Management: Invested 2019
Sector: Software

Leading provider of cloud-based software solutions for business continuity, integrated risk management, incident management, and IT disaster recovery and crisis.

Gainsight: Invested 2022
Sector: Software

Leading provider of customer success software.

KnowBe4: Invested 2021
Sector: Software

Enterprise cybersecurity training and solutions that address the human element of security.

LogicMonitor: Invested 2018
Sector: Software

Leading SaaS-based performance monitoring platform for enterprise IT, managed service providers and small and mid-sized businesses.

Ping Identity: Exited 2022
Sector: Software

Next-generation identity and access management software for global enterprises.

Resilinc: Invested 2023
Sector: Software

Leading provider of cloud-based risk management and resiliency solutions that provide deep real-time supply chain visibility.

SecureLink: Exited 2022
Sector: Software

Enterprise software platform for third-party remote support in secure, regulated industries. 

Tripleseat: Invested 2017
Sector: Software

Cloud-based software platform for event planning and management.

CEO Reviews

Simon Paris, CEO, Finastra

“The Vista network is a training ground for executives who are at the top of their game but want to be pushed even higher. The opportunity is endless.”

Nick Mehta, CEO, Gainsight

“Gainsight’s mission is to be living proof you can win in business while being human-first. With Vista, I saw an alignment of values and an opportunity to advance our mission.”

Andrew Waitman, CEO, Assent

“The funding and partnership with Vista allows us to build upon our commitments, scale with purpose and add exceptional talent to our already remarkable team.”

Travis Knipe, CEO, StarRez

“What sets Vista apart from other investment firms is the emphasis on professional growth with an eye toward developing talent at an enterprise level.”