About This Fund
Vista Equity Partners has launched a $5.6 billion single-asset continuation fund to extend its ownership of Cloud Software Group, the parent company of Citrix and TIBCO Software. This strategic move allows Vista to maintain its investment beyond the typical private equity holding period, providing liquidity options for existing investors while bringing in new capital. The continuation fund comprises $2.7 billion in new capital from secondary investors, including Coller Capital and Goldman Sachs Asset Management, and approximately $2.2 billion from Vista's existing flagship funds, Vista Equity Partners VII and VIII. The transaction values Cloud Software Group at a 5% discount to its Q1 2024 valuation, offering an attractive entry point for new investors. Cloud Software Group was formed in 2022 through the $16.5 billion merger of Citrix and TIBCO Software, both of which were previously acquired by Vista. The company has since grown to an enterprise value of approximately $26.86 billion, with adjusted pretax earnings increasing by 58% to about $2.92 billion. This growth underscores the firm's strong performance and the rationale behind Vista's continued investment.