Vista Equity Partners Fund VIII, L.P. Recommendation Report
Hamilton Lane
Investment Considerations
The General Partner will maintain
cohesion as its leadership evolves
Vista will position itself as an
institutionalized firm that can limit
go-forward headline risk
The General Partner will manage its
growing asset base and dedicate
adequate resources to the flagship fund
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November 2022 | Proprietary and Confidential
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Executive Summary (cont.)
Robert Smith has gradually decreased his involvement and is no longer making
investment decisions, and Brian Sheth has departed Vista; therefore, the General
Partner will need to maintain cohesion under its next generation of leadership
In August 2021, the General Partner appointed David Breach, formerly COO & CLO,
as President & COO of Vista to lead the General Partner alongside Mr. Smith
Additionally, Vista continues to give more autonomy to the Co-Heads of each of its
funds, providing more structure and leadership at the top of the organization
The General Partner has experienced meaningful headline risk in recent years due to
personal actions by its founder as well as departures and organizational changes
In an effort to manage complexity with regard to headline risk, Vista has given more
responsibility to Mr. Breach to help manage organizational issues
Additionally, in 2020, Vista established an Executive Committee and a Private Equity
Management Committee to help streamline the management of its business units
and product lines as well as broader organizational decisions
Vista has scaled its platform by substantially increasing AUM across numerous
product lines, resulting in a larger, more complex firm
While the General Partner has grown increasingly complex, its products are
complementary and are expected to benefit from each other in terms of sourcing,
perspective on industry trends in the market and value-add practices
Additionally, Vista has an adequately staffed investment team and well-resourced
broader organization that is able to support the growth of the platform
Executive Summary | General Partner | Investment Strategy | Track Record | ESG | Appendices
Vista Equity Partners Fund VIII, L.P. | Page 7View entire presentation