VistaOne's Assets Skyrocket 566,613% on Strong Investment Gains

TL;DR

**VistaOne's Q2 debut was a home run, with massive capital inflows and unrealized gains proving their private equity strategy is hitting all the right notes.**

AI Summary

VistaOne, L.P. commenced investment operations on April 1, 2025, and reported a net increase in net assets resulting from operations of $29,607,721 for the six months ended June 30, 2025. This was driven by a significant net unrealized gain on investments of $47,190,898, despite a net investment loss of $17,583,177. The company's total assets surged from $100,000 at December 31, 2024, to $566,713,143 by June 30, 2025, primarily due to $516,646,531 in contributions for units issued. Investments at fair value stood at $388,044,057, with a cost of $340,853,159, indicating a substantial appreciation. Cash and cash equivalents also increased dramatically to $177,057,547 from $100,000. Key liabilities include $13,308,905 due to Manager and $7,212,783 for accrued performance participation allocation. The fund primarily invests in enterprise software portfolio companies, with Smartsheet, Inc. representing 22.5% of net assets at $121,452,866.

Why It Matters

VistaOne's rapid asset growth and significant unrealized gains in its initial operating quarter signal strong investor confidence and effective portfolio management in the enterprise software sector. For investors, this indicates potential for high returns, but also highlights the illiquid nature of private equity investments. Employees and customers of VistaOne's portfolio companies, like Smartsheet, Inc. and Jaggaer, LLC, could see increased stability and growth opportunities. In the broader market, this performance underscores the continued strength and attractiveness of private equity in technology, potentially drawing more capital into the competitive software investment landscape.

Risk Assessment

Risk Level: medium — The risk level is medium due to the significant reliance on unrealized gains ($47,190,898) for the net increase in net assets ($29,607,721), which can be volatile. Additionally, the fund's investments are primarily in illiquid private equity, as evidenced by the 'Investments, at fair value' of $388,044,057, which are subject to significant valuation judgment and lack public market liquidity.

Analyst Insight

Investors should closely monitor VistaOne's future filings for continued unrealized gains and the realization of these gains into distributable income. Given the fund's rapid growth and focus on enterprise software, consider this an early indicator of potential long-term value, but be aware of the inherent illiquidity and valuation risks associated with private equity.

Financial Highlights

debt To Equity

N/A

revenue

$2.1M

operating Margin

N/A

total Assets

$566.7M

total Debt

$27.9M

net Income

$29.6M

eps

N/A

gross Margin

N/A

cash Position

$177.1M

revenue Growth

N/A

Key Numbers

• $566.7M — Total Assets (Increased from $100,000 at Dec 31, 2024, reflecting significant capital inflows and investment growth.)
• $29.6M — Net Increase in Net Assets from Operations (Achieved in the first six months of operations, driven by unrealized gains.)
• $47.2M — Net Unrealized Gain on Investments (The primary driver of the net asset increase, indicating strong portfolio performance.)
• $516.6M — Contributions for Units Issued (Demonstrates strong investor demand and capital raising success since April 1, 2025.)
• $388.0M — Investments at Fair Value (Represents the market value of the fund's portfolio, primarily in enterprise software.)
• $177.1M — Cash and Cash Equivalents (Substantial liquidity position at period end, up from $100,000.)
• $17.6M — Net Investment Loss (Offset by unrealized gains, indicating operational expenses exceeded interest income.)
• 22.5% — Smartsheet, Inc. as % of Net Assets (Highlights the concentration of the largest single investment in the portfolio.)
• 20,269,086 — Units Outstanding (Total limited partnership units outstanding as of June 30, 2025, reflecting investor participation.)
• $13.3M — Due to Manager (A significant liability indicating fees and expenses owed to VEPF Management, L.P.)

Key Players & Entities

• VistaOne, L.P. (company) — registrant
• Vista Equity Partners Management, LLC (company) — parent company and manager
• Smartsheet, Inc. (company) — largest portfolio holding
• Jaggaer, LLC (company) — portfolio holding
• SEC (regulator) — regulatory body
• $29,607,721 (dollar_amount) — net increase in net assets from operations
• $47,190,898 (dollar_amount) — net unrealized gain on investments
• $566,713,143 (dollar_amount) — total assets as of June 30, 2025
• $516,646,531 (dollar_amount) — contributions for units issued
• $121,452,866 (dollar_amount) — fair value of Smartsheet, Inc. investment

FAQ

Risk Factors

• Concentration Risk in Enterprise Software [high — market]: The fund primarily invests in enterprise software companies. As of June 30, 2025, Smartsheet, Inc. represented 22.5% of net assets, valued at $121,452,866. Significant exposure to a single industry and company increases vulnerability to sector-specific downturns or issues affecting key portfolio companies.
• Reliance on Unrealized Gains [high — financial]: The net increase in net assets of $29,607,721 for the six months ended June 30, 2025, was driven by a substantial net unrealized gain on investments of $47,190,898. This indicates that realized gains and investment income have not yet offset operational expenses, making the fund's performance heavily dependent on market appreciation of its current holdings.
• New Fund Operations and Scalability [medium — operational]: VistaOne, L.P. commenced investment operations on April 1, 2025. The rapid growth in assets from $100,000 to $566,713,143 in six months, primarily from capital contributions, presents operational challenges in managing a significantly expanded portfolio and investor base.
• Significant Management and Performance Fees [medium — financial]: Liabilities include $13,308,905 due to Manager and $7,212,783 for accrued performance participation allocation as of June 30, 2025. These represent substantial costs that reduce net returns to investors and are a direct consequence of the fund's structure and investment strategy.
• Exemption from Registration [medium — regulatory]: The fund operates under exemptions from registration, such as Section 3(c)(7) of the Investment Company Act of 1940 and the Securities Act of 1933. While this allows for flexibility, it also means investors may have fewer protections than those in registered funds, and compliance with exemption requirements is critical.

Industry Context

VistaOne, L.P. operates within the enterprise software and data solutions sector, a dynamic and competitive market characterized by rapid technological advancements and significant M&A activity. The fund's strategy focuses on acquiring controlling interests in middle-market and larger companies within this space, aiming to leverage Vista Equity Partners' expertise. Key trends include digital transformation, cloud adoption, and the increasing demand for data analytics, which drive growth but also intensify competition and valuation pressures.

Regulatory Implications

As a private investment fund exempt from registration under the Investment Company Act of 1940 (Section 3(c)(7)), VistaOne, L.P. faces specific compliance requirements related to investor qualifications and ongoing reporting. While these exemptions offer operational flexibility, any failure to meet the criteria for these exemptions could lead to significant regulatory scrutiny and potential penalties.

What Investors Should Do

1. Monitor Unrealized Gains vs. Realized Performance
2. Assess Management and Performance Fee Impact
3. Evaluate Portfolio Concentration
4. Understand Fund's Operational Stage

Key Dates

• 2024-09-30: Fund Formation — VistaOne, L.P. was formed as a Delaware limited partnership, establishing its legal structure and governance.
• 2025-04-01: Commencement of Investment Operations — The fund began actively investing, marking the start of its operational and performance history.
• 2025-06-30: Reporting Period End — The 10-Q reports financial performance and position for the six months ended this date, showing significant asset growth and unrealized gains.

Glossary

Net Unrealized Gain (Loss) on Investments

The change in the fair value of investments that have not yet been sold. It reflects the paper gains or losses on the fund's portfolio holdings. (This was the primary driver of the fund's net asset increase, indicating strong market appreciation of its investments.)

Net Investment Loss

The difference between investment income (like interest) and total expenses (including management fees, organizational costs, etc.) when expenses exceed income. (The fund experienced a net investment loss, highlighting that operational costs and fees outpaced the income generated from its investments during the period.)

Fair Value

The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (Investments are valued at fair value, which is crucial for understanding the current market worth of the fund's portfolio and its performance.)

Accrued Performance Participation Allocation

An amount set aside to be paid to the fund manager based on the fund's performance, recognized as a liability before it is actually paid. (This represents a significant liability ($7,212,783) and a cost of doing business tied to the fund's success.)

3(c)(7) Fund

A type of private investment fund exempt from registration under the Investment Company Act of 1940, typically for sophisticated investors who meet certain net worth or investment amount thresholds. (VistaOne, L.P. is structured as a 3(c)(7) fund, impacting its regulatory obligations and investor base.)

Year-Over-Year Comparison

This is the first 10-Q filing for VistaOne, L.P., as the fund commenced investment operations on April 1, 2025. Therefore, direct year-over-year comparisons of metrics like revenue, net income, or margins are not possible. The filing reflects the initial capital raise and investment deployment, showing a dramatic increase in total assets from $100,000 to $566.7 million and the establishment of a significant investment portfolio valued at $388.0 million.

Filing Documents

• d943500d10q.htm (10-Q) — 931KB
• d943500dex33.htm (EX-3.3) — 317KB
• d943500dex102.htm (EX-10.2) — 31KB
• d943500dex311.htm (EX-31.1) — 10KB
• d943500dex312.htm (EX-31.2) — 10KB
• d943500dex313.htm (EX-31.3) — 10KB
• d943500dex321.htm (EX-32.1) — 4KB
• d943500dex322.htm (EX-32.2) — 4KB
• d943500dex323.htm (EX-32.3) — 4KB
• g943500g36v36.jpg (GRAPHIC) — 81KB
• 0001193125-25-179172.txt ( ) — 4896KB
• ck0002044820-20250630.xsd (EX-101.SCH) — 701KB
• d943500d10q_htm.xml (XML) — 639KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 2 Consolidated Statements of Assets and Liabilities as of June 30, 2025 and December 31, 2024 2 Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 3 Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2025 4 Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2025 5 Condensed Consolidated Schedule of Investments as of June 30, 2025 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 19 Item 4.

Controls and Procedures

Controls and Procedures 19 PART II. OTHER INFORMATION 20 Item 1.

Legal Proceedings

Legal Proceedings 20 Item 1A.

Risk Factors

Risk Factors 20 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 3. Defaults Upon Senior Securities 20 Item 4. Mine Safety Disclosures 20 Item 5. Other Information 20 Item 6. Exhibits 21

Forward-Looking Statements

Forward-Looking Statements This report may contain forward-looking statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as "may," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "goal," "intend," "project," "seek," "design to," or the negative of these terms or other comparable terminology. These statements are based upon certain assumptions and analyses made by management on the basis of our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict, including general economic, market, competitive and business conditions, changes in laws or regulations, made by governmental authorities or regulatory bodies, and other regional, national or global economic and political developments. We believe these factors include those described under the section entitled "Risk Factors" in Post-Effective Amendment No. 3 to our Form 10 Registration Statement as filed on June 6, 2025 (as amended, the "Form 10"), as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission ("SEC"), which are accessible on the SEC's website at www.sec.gov. These factors should not be considered exhaustive and should be read in conjunction with other cautionary statements included in this report and our other SEC filings. Actual events or results may differ materially. The forward-looking statements speak only as of the date of this report and you are cautioned not to place undue reliance on these forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) VistaOne, L.P. Consolidated Statements of Assets and Liabilities (Unaudited) June 30, 2025 December 31, 2024 Assets Investments, at fair value (cost of $ 340,853,159 and $ 0 , respectively) $ 388,044,057 $ — Cash and cash equivalents 177,057,547 100,000 Interest receivable 731,377 — Deferred offering costs 857,587 — Due from affiliate 22,575 — Total Assets $ 566,713,143 $ 100,000 Liabilities Due to Manager 13,308,905 — Accrued performance participation allocation 7,212,783 — Accrued servicing fees 7,396,304 — Total Liabilities $ 27,917,992 $ — Commitments and Contingencies (Note 6) Net Assets $ 538,795,151 $ 100,000 Net Assets Consist of Limited partnership units – Class A-B, unlimited units authorized ( 3,035,582 and 0 units issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) $ 79,863,672 $ — Limited partnership units – Class A-D, unlimited units authorized ( 785,642 and 0 units issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) 20,928,507 — Limited partnership units – Class A-I, unlimited units authorized ( 11,680,112 and 0 units issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) 314,530,724 — Limited partnership units – Class A-S, unlimited units authorized ( 4,368,705 and 0 units issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) 112,617,581 — Limited partnership units – Class E, unlimited units authorized ( 399,045 and 0 units issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) 10,854,667 — Limited partnership units – Class V, unlimited units authorized ( 0 and 4,000 units issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) — 100,000 Net Assets $ 538,795,151 $ 100,000 See notes to consolidated financial statements. 2 Table of Contents V

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) 1. Organization VistaOne, L.P. (the "Fund") is a Delaware limited partnership formed on September 30, 2024, and is a private investment fund exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund's investment program is designed to offer eligible individual investors access to the investment strategies of the private equity funds managed by Vista Equity Partners Management, LLC and its subsidiaries and affiliated entities ("Vista"), which primarily focus on acquiring controlling interests in "small cap," middle-market and "mid cap" and upper middle market and "large cap" enterprise software, data and technology-enabled solutions companies and future Vista-managed private equity strategies. The Fund is structured as a perpetual vehicle, with monthly, fully funded subscriptions and periodic repurchase offers. The Fund conducts a continuous private offering of its limited partnership units ("Units") in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended ("1933 Act"), to investors that are both (a) accredited investors (as defined in Regulation D and Regulation S under the 1933 Act) and (b) qualified purchasers (as defined in the 1940 Act and rules thereunder). VistaOne GP, L.P., a Delaware limited partnership, is the Fund's general partner (the "General Partner"). The General Partner delegates the portfolio management function regarding the Fund to VEPF Management, L.P. (the "Manager"). The Manager is a wholly owned subsidiary of Vista that is registered with the Securities and Exchange Commission (the "SEC") as a "relying adviser" through a single "umbrella" registration with Vista. The Fund had its initial acceptance of a subscription for Units by unaffiliated investors and commenced investment operations on April 1, 2025. 2. Summary of Significant Accounting Policies Basis of Presentation The acco

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) Cash and Cash Equivalents Cash and cash equivalents consist of deposits with financial institutions, money market funds and other short-term investments with an initial maturity of three months or less and are carried at cost, which approximates fair value. At times, the Fund may have bank balances in excess of federally insured limits. Accrued Servicing Fees The Fund pays participating brokers or other financial intermediaries a servicing fee in the amount of (a) 0.85 % per annum of the aggregate Transactional NAV for the Class A-S and Class S Units, (b) 0.50 % per annum of the aggregate Transactional NAV for the Class A-B and Class B Units and (c) 0.25 % per annum of the aggregate Transactional NAV for the Class A-D and Class D Units, each based on the Transactional NAV (as defined below) as of the last day of each month, payable monthly. No servicing fee is payable for the Class A-I Units, Class I Units or the Vista Units. Under GAAP, the Fund accrues the cost of the servicing fees for the estimated life of its Units as an offering cost at the time the Fund sells Class A-S, Class S, Class A-B, Class B, Class A-D and Class D Units. Investment Valuation The Fund's investments are valued at fair value monthly and for financial reporting purposes, as of the report date. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. In the absence of observable market prices, the Fund's investments are valued in accordance with the General Partner's policies and based on valuation methodologies applied on a consistent basis as described below and within Note 3. Investment Valuation and Fair Value Measurements within the consolidated financial statements. The methods used to estimate the fair value of the Fund's investments include industry-accepted valuation methodologies such as (i) the mark

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) 3. Investment Valuation and Fair Value Measureme nts Fair Value Inputs and Methodologies The Fund's determination of fair value is based on all available factors and the best information available in the circumstances. Fair value determinations incorporate assumptions that the Fund believes market participants would use in valuing the investments and involves a significant degree of judgement. The General Partner may fair value investments using the market approach, income approach or transaction pric

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