Vista Equity Partners Fund VIII, L.P. Recommendation Report
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Hamilton Lane
Vista expects to complete 18 to 25 investments with an average initial equity check of approximately $750 million, representing a
moderate step up from the prior fund
The General Partner is typically agnostic to investment type, having invested in leveraged buyouts and take-private situations as
well as recapitalizations, PIPEs and carve-outs
Investment Strategy (cont.)
In addition, Vista may identify public companies at attractive valuations relative to the company's intrinsic value; in such cases,
Vista may acquire minority toehold positions in those public companies through open market share purchases
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The General Partner typically seeks to utilize these public positions as a starting point to ultimately acquire the company in a
take-private transaction, which may be exited through open market sales when Vista feels the company has achieved fair
value, or may be exited when the target company is acquired by another buyer
Vista has developed a strong brand name and specialized expertise in the software space, enabling strong inbound deal flow
The General Partner's network of relationships include intermediaries such as investment bankers and brokers as well as
current and former software company executives, board of directors and industry consultants who have access to opportunities
The General Partner's sourcing efforts are further augmented by its dedicated business development and research team who
proactively profile, rank and develop relationships through a proprietary database that includes many enterprise software, data and
technology-enabled solutions companies within its target market
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The General Partner has demonstrated a willingness to pay meaningfully higher multiples in order to acquire high-quality
businesses; however, this is generally in line with market rates for its target sector
Vista has maintained a relatively moderate approach to leverage across its prior funds
The General Partner aims to utilize appropriate leverage on a case-by-case basis, evaluating each opportunity and determining
the prudent amount of leverage at acquisition, with the amount varying across business profiles and their underlying end markets
Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices
November 2022 | Proprietary and Confidential
Vista Equity Partners Fund VIII, L.P. | Page 16View entire presentation