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Vista Co-Founder Plans Software Comeback With $3 Billion Haveli Fund

(Bloomberg) -- Haveli Investments, the firm founded by former Vista Equity Partners president Brian Sheth, is planning to raise at least $3 billion for a software-dedicated private equity fund, according to people with knowledge of the matter.

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The new vehicle is a follow-up to Austin, Texas-based Haveli’s first fund, Haveli VC Gaming Fund I LP, said the people, all of whom requested anonymity because the plans are private. Formal fundraising hasn’t yet begun, though Haveli has held early-stage talks with prospective investors, some of the people said. The fund’s target could still change.

A Haveli representative declined to comment.

Sheth left Vista in 2020 after co-founder Robert Smith admitted to tax evasion. Sheth served on the boards of Vista companies including Infoblox Inc., Tibco Software, Apptio and Datto, according to a securities filing.

Haveli is “committed to differentiated investing in the technology industry,” according to its website. Its employees include Microsoft Corp.’s former chief environmental officer Lucas Joppa, former Qatar Investment Authority technology investor Sumit Pande, ex-Morgan Stanley banker Ira Cohen and former Goldman Sachs partner Jason Mathews.

Read more: Microsoft Ex-Green Chief Says Climate Needs Private Equity: Q&A

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