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

Gillian Tan and Preeti Singh, Bloomberg News

Brian Sheth, co-founder and president of Vista Equity Partners, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Tuesday, April 30, 2019. The conference brings together leaders in business, government, technology, philanthropy, academia, and the media to discuss actionable and collaborative solutions to some of the most important questions of our time. Photographer: Patrick T. Fallon/Bloomberg , Bloomberg

(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.

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.

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