Vancouver-based Vistara Growth has closed its fifth structured-capital fund at $450 million, marking a decade of providing flexible growth financing to technology companies across North America.
The close represents a 66% increase over Fund IV and signals strong investor confidence in alternative, less dilutive capital options for scaling technology firms. Across its funds, Vistara has now raised about US $700 million from family offices, private foundations, wealth managers, and technology entrepreneurs.
Founded by Randy Garg, Vistara specializes in bridging the gap between traditional bank debt and venture equity with debt and convertible debt structures tailored for B2B software and tech-enabled service companies. These structures allow companies to fund expansion while preserving ownership and control for founders and existing shareholders.
“Our experience over the last decade is that high-quality technology companies do not always need to price and give away equity every time they raise capital,” said Garg, Founder and Managing Partner at Vistara. “Growth debt is a sophisticated financing tool for founders and management teams that want to preserve control and keep their options open for future priced equity rounds. Fund V gives us much greater capacity at an important time in the market.”
Fund V has already completed eight investments during its fundraising period, including Clariti Cloud (government technology), Tendo (healthcare software), Authentic8 (cybersecurity), and Kore.ai (enterprise AI). The fund expects to make 15–18 total investments, supporting companies through mergers and acquisitions, runway extensions to profitability, and secondary buybacks.
“We continue to see management teams choosing scalable debt financing structures to match their capital deployment plans,” said Noah Shipman, Partner at Vistara. “Seasoned entrepreneurs and their CFOs view growth debt structures as permanent, strategic capital, not just a tactical tool between equity rounds.”
Since its inception, Vistara has completed 42 investments and 23 exits, all without a single loss—an impressive record underscoring its disciplined approach to risk and alignment with portfolio companies.
With Fund V now actively deploying capital, Vistara is seeking growth-stage technology companies across North America that fit its investment thesis of sustainable, founder-aligned growth.
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