Vista Equity Partners, Robert Smith’s private equity firm, is closing on more than $20 billion for its eighth flagship fund, according to a letter sent to investors.

Vista extended fundraising to raise more capital than its initial $17 billion, which began last year. This means the private equity firm has topped $100 Billion in assets under management, showing institutional investors’ interest in big tech takeovers. This is the firm’s largest fund to date.

Vista Equity Partners intends to invest heavily in AI with its new fund. Writing to investors in reference to the firm’s annual general meeting, which kicked off Wednesday night, Smith said, “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.” 

“This has enabled us to identify and capitalize on opportunities, including dramatically expanding TAM, product innovation, and GTM strategies, with greater precision and speed, ensuring that we stay ahead of the curve in a rapidly evolving market landscape,” he adds.

Every year, Vista Equity Partners gathers developers to compete in its North American and Indian Global Hackathons. In the 24-hour event, the participants develop practical and responsible generative AI solutions.

Limited partners were treated to an on-stage conversation between Smith and OpenAI CEO Sam Altman during the event’s opening dinner this week. Like other investors, Vista Equity Partners is making the case that the sheer size of AI’s opportunity needs capital firepower to match.

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About Robert Smith’s Vista Equity Partners

Billionaire investor Robert F. Smith founded Vista Equity Partners in 2000. The American private equity firm invests in software, data, and technology-enabled businesses. 

With more than $100 billion in assets, Vista is one of the best-performing private equity firms, posting annualized returns of 31% since inception. Some of the firm’s portfolio companies include Aderant, Accruent, Brainware, Bulhorn, Centralsquare, Dispatch, Eagleview, Granicus, Gatekeeper, Infoblox, Jamf, and Klarna. 

In 2018, Robert Smith was recognized on Vanity Fair’s New Establishment List, an annual ranking of individuals who have made impactful business innovations. He founded Fund II Foundation in 2014, a philanthropic body that funds efforts to conserve African American culture, promote music education for young people, and rectify human rights abuses. Forbes recognized him as one of the 100 Greatest Living Business Minds in 2017 for his business acumen and leadership skills.

Smith graduated from Cornell University with a chemistry degree and worked at Kraft Foods and Goodyear Tire before completing his MBA at Columbia Business School. In an iconic moment during a commencement speech at Morehouse College in 2019, Smith vowed to wipe out the entire graduating class’s $34 million student debt.