Vistara Growth, a Vancouver, BC-based firm providing flexible growth capital to technology companies, announced an initial closing at over US$150m for Vistara Technology Growth Fund V, LP, towards its target of US$400m.
The closing, completed in 4 weeks from launch, was anchored by increased commitments from existing limited partners. Led by Randy Garg, Founder and Managing Partner, Vistara is targeting completion of its fundraise during the first half of 2024.
With its Fund V target raise, Vistara expects to be strategically positioned to invest in 18-24 companies across North America at US$10-$30m per investment. The firm has maintained a consistent focus on mid-later stage enterprise software companies across North America seeking flexible and typically less dilutive forms of growth capital such as term debt, convertible debt, and/or structured equity.
The firm also continues to grow its team, now 14 professionals and staff on both the west and east coasts, to support the deployment and management of Fund V.
Since inception in 2015, Vistara has raised over US$500m, primarily from non-institutional sources such as family offices, entrepreneurs, and private foundations, predominantly based in British Columbia. With the ongoing growth of its platform, the firm is now seeking to broaden its investor base by targeting pension funds and other institutional investors, and geographically by launching vehicles for both US and international investors.
Vistara’s strategy has a proven track record across four funds with 34 investments, 15 exits, and zero losses, producing a mid-teens Net Annualized IRR to date across all four funds (including realized and unrealized investments).