Vista Equity Partners has launched VistaOne, an evergreen investment vehicle aimed at opening up direct access to its private equity platform for eligible non-US private wealth investors.

The launch marks one of the first evergreen software-focused private equity funds tailored to the growing demand from high-net-worth individuals and wealth managers.

VistaOne will offer exposure to Vista’s full suite of private equity strategies—Flagship, Foundation, and Endeavor—through a single-entry structure with quarterly liquidity, low minimums, and one layer of fees. The fund is designed to provide investors with a diversified portfolio across large-, mid-, and small-cap private software companies.

With enterprise software representing a $59tn addressable market by 2027 and 96% of software companies privately held, VistaOne aims to address a major access gap in the sector.

“The launch of VistaOne is a significant step in expanding access to the transformative value creation opportunity in private software,” said David Breach, Co-CEO of VistaOne and President of Vista Equity Partners. “This vehicle provides a compelling solution for long-term investors looking to capture generational growth in areas such as generative AI.”

VistaOne is managed by a dedicated investment and operations team at Vista, alongside experienced private wealth sales professionals who will work closely with intermediaries across eligible jurisdictions.

“This is a differentiated solution that allows investors to access some of the world’s most innovative, high-growth software companies with the backing of one of the most experienced sponsors in the space,” added Dan Parant, Co-President of VistaOne and Global Head of Private Wealth Solutions at Vista.

Vista partnered with S64, a global alternatives fintech specialist, to build the fund and selected Simpson Thacher & Bartlett LLP as legal adviser.