Mar 10, 2017

Vista Equity surpasses $10 billion mark for tech fund

Vista co-founder Robert Smith

Vista Equity Partners has secured nearly $10.5 billion in capital commitments for its sixth flagship fund, according to SEC filings. The tech-focused private equity firm, which has primary offices in Texas and California, originally targeted $8 billion for the fund but later increased expectations to $10 billion.

Why it matters: Vista has been moving quickly up the capital stack, transitioning from a mid-market buyout firm to one of the world's largest private equity investors in technology companies. Historical returns have been extremely strong, with Vista on record as talking about how it has never lost money on a control deal. Going forward, the questions are if Vista can manage the speed and size of its scale-up, and if it has been letting leverage multiples get too rich on some of its deals (as some of its rivals argue).

Caveat: The firm has not yet returned requests for comment, but word is that the $10.46 billion does not quite represent a final close for the fund. Expect the final figure to be $10.5 billion on the nose, with Vista still trying to work through final allocations.

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World coronavirus updates: Confirmed cases top 1.2 million

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

The number of novel coronavirus cases surpassed 1.2 million worldwide Saturday night, as Spain overtook Italy as the country with the most infections outside the U.S.

The big picture: About half the planet's population is now on lockdown and the global death toll was nearing 64,800, by Sunday morning, per Johns Hopkins data.

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U.S. coronavirus updates: Death toll surpasses 8,500

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

Recorded deaths from the novel coronavirus surpassed 8,500 in the U.S. early Sunday, per Johns Hopkins data. The death toll in the U.S. has risen over 1,000 every day for the past four days, since April 1.

The big picture: President Trump said Saturday America's is facing its "toughest" time "between this week and next week." Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said U.S. deaths are expected to continue to rise during this period.

Go deeperArrowUpdated 1 hour ago - Health