Mon, May 12, 8:48 PM (40 days ago)
**VistaOne, L.P. (No Ticker) Q1 2025 Financial Summary** VistaOne, L.P., a Delaware limited partnership, reported its Q1 2025 financials, highlighting its initial operational activities and financial health. The fund, formed on September 30, 2024, focuses on enterprise software, data, and technology-enabled solutions companies. **Financial Health and Performance:** - **Assets and Liabilities:** As of March 31, 2025, VistaOne held $100,000 in cash and cash equivalents, with no liabilities reported. - **Net Assets:** The fund's net assets stood at $100,000, with a net asset value per unit of $25.00. - **Revenue and Expenses:** The fund had not commenced investment operations as of March 31, 2025, thus no revenue or operational expenses were reported. - **Cash Flow:** The fund's cash flow was primarily from the initial seed capital contribution and subsequent unit sales. **Quarterly Performance Discussion:** - **Initial Operations:** On April 1, 2025, VistaOne commenced operations, issuing and selling units to third-party investors and independent directors for $292.1 million. - **Investments:** The fund acquired investments in 12 portfolio companies from Vista and its affiliates, totaling $278.9 million. - **Management Fees and Performance Allocation:** The fund has agreements in place for management fees and performance participation allocation, which will be accrued and paid as operations progress. **Trends and Future Operations:** - **Investment Strategy:** VistaOne plans to generate revenues primarily from private equity investments, with a target allocation of up to 25% of its net asset value in debt and liquid securities. - **Unit Repurchase Program:** The fund intends to adopt a unit repurchase program allowing for quarterly repurchases of up to 5% of its aggregate net asset value. - **Risk Factors:** The fund is subject to financial market risks, including changes in fair values, interest rates, and sector-specific concentration risk. **Uncertainties:** - **Market Risks:** The fund's investments may not have a readily available market price, and valuation methodologies may involve subjective judgments. - **Operational Risks:** The fund's success depends on its ability to leverage Vista's operational and investment capabilities to transform target companies. **Conclusion:** VistaOne, L.P. has initiated its operations with a strong capital base and a clear investment strategy. The fund's performance will be closely tied to its ability to execute its investment strategy and manage market and operational risks.