Agents of
Innovation
TO OUR STAKEHOLDERS
In 2025, AI accelerated at an unprecedented rate, ushering in a new era of technological change.
We helped many of our companies deploy Al through the Vista Agentic Al Factory — supported by our partnerships with leading code and cloud providers and the deep expertise of our Value Creation Team. Together, we believe these resources enable us to systematically scale Al-led transformations across our portfolio, embedding advanced technologies that enhance product capabilities, operational efficiency and customer value.
After 25 years of experience investing in enterprise software, we’ve developed the Operational IntelligenceSM to deliver this impact. O.I. as we call it, is time-tested intelligence that identifies opportunity, operationalizes processes and scales growth. We’ve done so through every major technological shift – from on-prem to SaaS, from SaaS to cloud-native, and now agentic AI. With each chapter, our Operational Intelligence grows.
As we look to a future defined by the agentic enterprise, Vista continues to focus on positioning our portfolio to lead this next phase of innovation.
Capital at
Work
AUM
Capital Deployed
Capital Returned
$100BN+
$13BN+
$11BN+
Private Equity
Private Credit
In 2025, Vista deployed nearly $11 billion through our private equity strategy and returned over $9 billion to investors.2 We established strong momentum with our
private wealth solutions offering, which helps wealth managers and their clients
access the untapped opportunity in enterprise software. In our current portfolio,
we announced over 20 add-on acquisitions to accelerate AI adoption and unlock
new opportunities for growth.3
Vista Credit Partners demonstrated continued strength in 2025 with several
meaningful realizations. The platform deployed over $2 billion across funds while
maintaining a strong origination pipeline in both the sponsor and non-sponsor
markets, including through our dedicated FounderDirect channel.4 Additionally, our
evergreen credit strategy reached an exciting milestone, surpassing $1 billion in assets under management.5
2025 Year in Review
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Announced Transactions
2025
We believe Vista’s approach to value creation puts us at the forefront of innovation. Over 100 domain experts and 300+ software-focused investment and operating professionals work side-by-side with our portfolio companies to drive impactful outcomes across go-to-market strategy, product development, organizational design and AI enablement.
In the era of AI, value creation is evolving. Recognizing this, we’ve expanded our framework to include the Agentic AI Factory, a co-development engine that integrates with partners like AWS, Anthropic, Google and Microsoft to accelerate AI-driven product deployment. This AI enablement engine, combined with our annual hackathons and over 65 knowledge-sharing events, creates a compounding advantage.
While we’re still in the initial stages of the agentic journey, we’re beginning to see early wins. Today, 100% of majority-owned Vista portfolio companies are leveraging AI in core operations and approximately 30 have agentic products in market.
Select a category and hover over logos for more information.
CATEGORY
COMPANIES
the Future
Shaping
Robert F. Smith
on AI, Private Equity & Software Investing
WATCH NOW
Enabling AI
Across the Portfolio
90+
Companies
Employees
100K+
Customers
2.5MM+
Users
750MM+
Across the portfolio:
As enterprise software enters its next chapter, Vista’s investment professionals, operating executives and Value Creation Team remain a force multiplier, equipping our companies to lead with speed and scale.
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SimplePractice launches Note Taker
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Resilinc launches
Agentic AI Platform
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Poppulo launches
Poppulo AI
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LogicMonitor launches Edwin AI
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AlertMedia launches
AI Assistant
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Gainsight launches
Atlas AI
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Gatekeeper launches
LuminIQ
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Gnosis Freight launches
CLM platform with AI
As Vista celebrates 25 years of disciplined investing and operational excellence in enterprise software, we remain focused on the opportunity ahead — one shaped by the paradigm shift AI is driving across industries. With deep sector expertise and a proven history of leading through tech shifts, we’re not only prepared for this moment, we’re built for it.
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. The metrics regarding select aspects of the company's operations were selected by Vista on a subjective basis. Such metrics are provided solely for illustrative purposes to demonstrate elements of the company's business, are incomplete, and are not necessarily indicative of the company's performance or overall operations. 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 global technology investor that specializes in enterprise software. Vista’s private market strategies seek to deliver differentiated returns through a proprietary and systematic approach to value creation developed and refined over the course of 25 years and 650+ transactions. Today, Vista manages a diversified portfolio of software companies that provide mission-critical solutions to millions of customers around the world. As of September 30, 2025, Vista had more than $100 billion in assets under management. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on YouTube, @Vista_Equity_Partners.
Artificial intelligence technology models (“AI”), including generative artificial intelligence and similar technologies (“Gen AI”), can pose risks to Vista and the Portfolio Companies. AI is an emerging and rapidly evolving technology, and there can be no guarantee that Vista will continue to deploy the same strategy with respect to AI, and Vista’s policies and procedures could change, even materially, over time. Operational Intelligence refers to Vista’s longstanding practice of pursuing operational excellence in its investments, including through Vista’s best practices and the use of Vista’s Value Creation Team.
This document may contain forward-looking statements (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts and are based on current expectations, estimates, projections, opinions and/or beliefs of Vista. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. In addition, no representation or warranty is made with respect to the reasonableness of any estimates, forecasts, illustrations, prospects or returns, which should be regarded as illustrative only, or that any profits will be realized. Actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty is made as to future performance or such forward-looking statements.
Certain of the information contained herein, particularly in respect of market data, economic and other forecasts and Portfolio Company related data, is from third-party sources. Similarly, this document discusses general activity or industry or sector trends and should not be construed as research or investment advice. While Vista believes such sources to be reliable, none of the Vista Funds, Vista nor any of their respective affiliates nor employees have updated any such information through the date hereof or undertaken any independent review of such information. Vista does not make any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of any of the information contained herein (including but not limited to economic, market or other information obtained from third parties), and it expressly disclaims any responsibility or liability therefore.
SOURCES & DISCLOSURES
David A. Breach
rachel arnold
dan parant
How Vista Equity Partners Scaled to $100BN
AI, Private Equity & Small-Cap Tech
US PE Giant Vista Launches Tech-Focused Evergreen Fund
‘Normalized’ Tech Market Favors Those ‘Who Can Truly Add Value’
patrick severson
IPO Market Momentum, AI in Software and Market Outlook
ashley macneill
Enterprise Software Take-Private Deals Benefit From Stock Market Volatility
Monti saroya
Engineering timelines have been accelerated.
Support and go-to-market functions are seeing double-digit productivity improvements.
AI-driven automation is reducing costs while maintaining or improving customer satisfaction.
•
•
•
Sources & Disclosures
These figures include the aggregate capital deployed and capital returned across Vista’s private equity and private credit strategies.
Vista Equity Partners, 12/31/2025. Note: Inclusive of deals that were closed between 1/1/25 and 12/31/25, including Co-Invest. This figure excludes deals that were announced but not closed by 12/31/2025.
Vista Equity Partners, 12/31/2025. Note: Inclusive of deals that were announced between 1/1/25 and 12/31/25, including Co-Invest. This figure excludes deals that were publicly announced by 12/31/2025.
Vista Credit Partners, 12/31/2025.
AUM as of September 30, 2025, Vista’s AUM generally represents the net asset value (“NAV”) of assets Vista manages based on U.S. 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. 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 internal data as of 12/31/2025. Case studies presented herein are for informational purposes only and are intended to illustrate Vista's experience in leveraging generative AI within in its portfolio, and the profile and types of investments previously pursued by Vista. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Further, references to the investments included in the illustrative case studies should not be construed as a recommendation of any particular investment or security. The investments listed should not be assumed to have been profitable. Past performance is not an indication of future results. A complete list of Vista portfolio companies can be found on Vista’s website.
All information as of 12/31/2025 unless otherwise specified.
credit transactions
ADD-ON acquisitions
MonetizationS and divestments
platform investments
Vista Credit Funds
FounderDirect
Foundation Fund
Acquired by Menlo Security
Flagship Fund
Acquired by Cloud Software Group
Flagship Fund
Acquired by Securonix
Flagship Fund
Acquired by Gainsight
Foundation Fund
Acquired by Poppulo
Foundation Fund
Acquired by AlertMedia
Flagship Fund
Acquired by Cvent
Foundation Fund
Acquired by Bonterra
Flagship Fund
Acquired by Gainsight
Flagship Fund
Acquired by Quickbase
Foundation Fund
Acquired by Granicus
Flagship Fund
Acquired by Jamf
Foundation Fund
Acquired by TigerConnect
Endeavor Fund
Acquired by OfficeSpace
Foundation Fund
Acquired by TRG Screen
Flagship Fund
Acquired by Salesloft
Foundation Fund
Acquired by LogicMonitor
Flagship Fund
Acquired by Cloud Software Group
Flagship Fund
Acquired by iCIMS
Flagship Fund
Acquired by Lucid
Monetization
Flagship Fund
Monetization
Foundation Fund
Monetization
Flagship Fund
Monetization
Flagship Fund
Divestiture I
Flagship Fund
Monetization
Flagship Fund
Endeavor Fund
Platform Investment
Endeavor Fund
Platform Investment
Flagship Fund
Platform Investment
Foundation Fund
Platform Investment
Foundation Fund
Platform Investment
Endeavor Fund
Platform Investment
Flagship Fund
Platform Investment
Foundation Fund
Acquired by Joblogic
Foundation Fund
Acquired by Joblogic
credit transactions
ADD-ON acquisitions
MonetizationS and divestments
platform investments
credit transactions
ADD-ON acquisitions
MonetizationS and divestments
platform investments
credit transactions
ADD-ON acquisitions
MonetizationS and divestments
platform investments
Endeavor Fund
Platform Investment
Flagship Fund
Acquired by Central Square
Flagship Fund
Acquired by OneAdvanced
Vista Credit Funds
FounderDirect
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Announced Transactions
credit transactions
ADD-ON acquisitions
Monetization and divestments
platform investments
credit transactions
ADD-ON acquisitions
Monetization and divestments
platform investments
credit transactions
ADD-ON acquisitions
Monetization and divestments
platform investments
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AlertMedia launches
AI Assistant
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AlertMedia launches
AI Assistant
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AlertMedia launches
AI Assistant
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AlertMedia launches
AI Assistant
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AlertMedia launches
AI Assistant
AlertMedia launches
AI Assistant
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AlertMedia launches
AI Assistant
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Flagship Fund
Platform Investment
Divestiture II
Flagship Fund
Monetization
Flagship Fund
Perennial Fund
Acquired by Ellucian
Foundation Fund
Platform Investment
Divestiture
Flagship Fund
Partial Monetization
Flagship Fund
Foundation Fund
Acquired by Menlo
Flagship Fund
Acquired by iCIMS
1
1
6
$13BN+
1