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May 31, 2024
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Thoma Bravo and Vista. End thread.
No one could've put it more accurately.
Groan. Constellation, IGSB... the world isn’t just those two.
Constellation isn't even a fund, is a publicly traded diversified software company that is predominantly a value buyer of small software companies.
IGSB as in the investor group of Santa Barbara? Tell me about a few of the major tech LBOs they've done recently.
Vista and Thoma are the big ones. Lots of other funds are starting to raise some significantly sized growth buyout types of funds, AKKRs, Great Hill, Francisco etc, but nothing as splashy as the first two.
OP said LBO PE... Constellation is a publicly traded conglomerate comparable to Berkshire in that they invest off a hurdle rate. A 2 second look at their financials you can clearly see they're not applying leverage to do that. Not even remotely comparable to TB/Vista in how they invest, just that they also focus on VMS
This is an oversimplification, but basically correct. TB has deployed a shit ton of capital these past couple years
+1 - obviously this is oversimplifying things, but these are the 2 biggest players
Insight Venture Partners has started to do some LBOs. Their SaaS growth investments have done very well.
Silver Lake
This.
Francisco Partners is in the mix as well.
Would be interesting to see how TB and Vista portcos perform in the recession. These guys started to be on everyone's radar 5-7 years ago
We've seen how they performed through the recession. Vista began in '00 and first vintage to mainstream LPs was '07. Returns were phenomenal on both through that time period, so much so that RFS was quoted: "Software is better than first lien debt". They also were very successful at fund raising during that period.
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