Vancouver headquartered growth-stage tech investor Vistara Growth has announced an initial closing at over USD $150 million for Vistara Technology Growth Fund V LP towards its target of USD $400 million.
The Fund V closing was completed in 4 weeks from launch and was anchored by increased commitments from existing Vistara limited partners. Vistara is targeting completion of its fundraise during the first half of 2024.
“We are extremely grateful for the ongoing confidence from a core group of limited partners who have invested increasing amounts throughout our journey, and new ones who have joined along the way,” said Randy Garg, Founder and Managing Partner. ”
Our investors clearly recognize the growing market opportunity for our differentiated investing strategy of providing flexible growth capital to technology companies, and the proven track record of delivering strong realized returns across each of our prior funds.”
Since inception in 2015, Vistara has raised over USD $500 million, 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, Vistara 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 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.
With its Fund V target raise, Vistara expects to be strategically positioned to invest in 18-24 companies across North America at USD $10-$30 million per investment.
Vistara’s investments in the Vancouver tech scene include D3 Security, Nettwerk, Zafin, Syscon (exited), Mobify (exited), and FinCAD (exited).
Vistara 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.