Vista Equity Partners closed USD1.1 billion for its second Foundation Fund for small and mid-cap software entities.
The target amount committed included USD1 billion from its limited partners and the remaining USD100 million was from GP. This is according to Vista chairman and chief executive Robert Smith. The second Foundation Fund was closed on October 31, 2013.
Earlier this year, Foundation Fund II's initial target was set at USD500 million but it was closed on USD525 million. Smith said this fund would have a 30% interest rate if the fund is tripled.
Its first Foundation fund in 2010 had raised a total of USD400 million. The California Public Employees' Retirement System showed information that it generated an 10.1% internal rate of return and a multiple of 1.4 times as of March 31, 2013.
Vista is currently raising a debut debt fund with a USD600 million target. Although it already had a first close, the amount is yet to be confirmed.
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