Vista Equity Partners is working with Goldman Sachs to raise about $1bn through a bond issuance backed by stakes in its own private funds, according to sources familiar with the matter cited by Bloomberg.

The transaction will be structured as a collateralised fund obligation (CFO), a securitisation vehicle that bundles stakes in private equity funds into bonds marketed to institutional investors. The deal would give Vista new liquidity options without divesting assets, at a time when fundraising and exits remain challenging across the industry.

The Austin-based firm, which manages over $100bn in assets, has yet to finalise the size of the offering, but discussions suggest the issue could approach $1bn. Both Vista and Goldman Sachs declined to comment.

CFOs have become increasingly common as private fund managers seek innovative ways to unlock capital. Recent issuances have been arranged by Star Mountain Capital, Carlyle’s AlpInvest Partners, GCM Grosvenor, and Dawson Partners, with volumes rising sharply in 2025.

The product has also attracted demand from insurers, who view CFOs as a capital-efficient method to gain exposure to private funds.

Vista’s planned transaction follows a series of structured credit moves by the firm, which has recently taken a more active role in underwriting debt for its own portfolio companies to capture additional fee revenue as deal volumes remain subdued.

The offering, if completed, would further cement Vista’s position among a growing group of private equity firms using securitised structures to generate liquidity while maintaining long-term exposure to their underlying assets.

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