(Bloomberg) -- Vista Equity Partners is almost halfway to raising the $20 billion target it set for its flagship fund, according to people familiar with the situation.

Led by billionaire Robert F. Smith, the eighth iteration of the private equity firm’s main fund has garnered more than $9 billion in investor commitments, said one of the people, who asked not to be identified because the information is private. The early capital pledges for Vista Equity Partners Fund VIII LLP since initial plans surfaced late last year underscores the cache Smith brings to tech dealmaking.

A representative for Vista declined to comment.

A final close for the fund could come at year end, said one of the people. The re-emergence of Vista comes at a bustling time for dealmaking, particularly given the stronghold private equity funds have because of a pullback in public equities.

Based in Austin, Texas, Vista’s prowess for growing software companies has established it among the top tier of private equity firms. While public markets have roiled after pandemic highs, big buyout firms have deployed new strategies -- from early-bird discounts to splitting capital commitments -- in hopes of edging out competitors.  

Smith, a 59-year-old Denver native, was putting in more face time with investors as the firm sought to raise money for the largest buyout fund in its 22-year history, Bloomberg News reported in November. That push ended a relatively quiet period for the firm and Smith, coming after after a federal tax probe in 2020 and the resignation of Vista co-founder Brian Sheth. 

Vista has more than $93 billion in assets under management, according to its website. Vivid Seats Inc. and Solera are among the firm’s notable investments. This month, residential relocation services app Updater Inc. said it had received $215 million in financing from Vista’s credit arm.

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