Robert F. Smith‘s private equity firm Vista Equity Partners has reached a major milestone.
The company is closing on more than $20 billion for its eighth flagship fund, per a report from Axios. This is the firm’s largest fund to date, according to the outlet.
The capital will reportedly be allocated to invest majorly in tech and enterprise software companies, and Vista will continue to use AI in its value creation and underwriting strategy, a rep tells ESSENCE.
“You will also hear more about how we have adopted generative artificial intelligence not just as a tool but as a pivotal component of our value creation and underwriting processes,” Smith said per the outlet. “This has enabled us to identify and capitalize on opportunities, including dramatically expanding TAM, product innovation, GTM strategies, with greater precision and speed, ensuring that we stay ahead of the curve in a rapidly evolving market landscape,” he adds.
Along with being a prolific businessman, his philanthropic efforts are just as impressive. As previously reported by ESSENCE, Smith famously paid off the student loan debt for Morehouse students in 2020, and doubled down on his charitable efforts for HBCU attendees.
In 2022, his organization, the Student Freedom Initiative recently announced their partnership with Prudential Financial who is providing $1.8 million in microgrants to HBCU students. According to a news release, Prudential will also provide paid internships and pro bono services to enable improved financial literacy for Historically Black Colleges and Universities (HBCU) families and students.
“Student Freedom Initiative applauds the leadership of Prudential Financial and their support for our shared mission of eliminating barriers of access for underserved communities,” said Robert F. Smith, Chairman of Student Freedom Initiative in a 2022 news release. “By enabling the launch of the HELPS Program, a vital component of our work to address the holistic needs of HBCU students and families, Prudential’s gift will provide long-needed and often overlooked aid and support persistence of those most vulnerable in our community.”