Vista Equity LMM fund (Endeavor)
Any insights on Vista's LMM fund? Read they buy 20 to 70% stakes in LMM B2B software companies, anything beyond what's already online would be helpful.
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I think only on their Fund II so early in the game... they're pretending they'll do minority deals but in actuality it's mostly majority recaps of businesses that are too small for the Foundation Fund (next level up) or the Flagship, but not growthy enough for venture. Think $10-40M ARR companies growing 30-80%, break even-ish... comparable to a K1, SGE on the growthier side and maybe even a Marlin or STG type on the lower-end of things.
They're working to establish a bit more of a sourcing culture since I think they've been at a disadvantage there relative to comps. That said they obviously have a significant advantage relative to almost every fund in terms of ability to offer meaningful operational support and around market reach (roll-up theses, but also just sheer visibility into all kinds of companies). So whether or not they're successful in building a true BD engine, they are probably less dependent on identifying and winning opportunities in "the best" companies since they have the sheer force to engineer winners in certain categories.