Haveli Investments has raised $4.5bn for its first software buyout fund, marking a major milestone for the private equity firm founded by Vista Equity Partners co-founder Brian Sheth, according to a report by the Wall Street Journal.

The fund, which closed at its hard cap in March, targets both minority and control stakes in enterprise software businesses.

Based in Austin, Haveli was established in 2021 and focuses on software, data, gaming, and adjacent sectors. Its investment strategy includes a mix of structured equity and debt offerings.

The firm secured a $500m commitment from Apollo Global Management in 2022 to support its growth and institutional build-out.

Since its inception, Haveli has pursued an active acquisition strategy. It acquired cybersecurity risk management firm AppViewX, and ZeroFox Holdings, a cybersecurity services provider. Most recently, it agreed to acquire AI database company Couchbase in a $1.5bn all-cash take-private transaction.

In addition to the flagship software fund, Haveli closed a dedicated $833.8m VC fund focused on gaming sector opportunities.

The $4.5bn fund signals strong investor appetite for sector-specialist strategies in enterprise software, even as broader fundraising conditions remain mixed across the private equity landscape.

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