2024 First Half Update

Vista is a leading global investment firm with more than $100 billion in assets under management as of December 31, 2023. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity.

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This document is intended to provide general information regarding Vista’s investing experience and not for the purpose of soliciting investors for any Vista Fund. Under no circumstances should the information provided be considered an offer to sell, or a solicitation to buy, any security. Such offer or solicitation may only be made to accredited investors and qualified purchasers pursuant to the current offering documents of the relevant Vista Fund. The information provided may not be reproduced or disseminated to any third parties without the written consent of Vista. The past performance of previous Vista Funds and portfolio companies is not necessarily indicative of future results. Investors in Vista Funds may lose investment capital. There can be no assurance that any future Vista Funds or portfolio companies will achieve comparable results. Additional important disclosures can be found here. ©2024 Vista The content of this Newsletter is for general, informational purposes. Vista Equity Partners does not make any representation or warranty of any kind, express or implied, as to the accuracy or completeness of the information contained herein. Under no circumstances should the information presented be considered an offer to sell, or a solicitation to buy, any security. Such offer or solicitation may only be made pursuant to the current offering documents for the relevant Vista Fund (the “Fund”) which may only be provided to accredited investors and qualified purchasers as defined under the Securities Act of 1933 and the Investment Company Act of 1940. While the information provided herein is believed to be accurate and reliable, Vista Equity Partners, its advisors and employees make no express warranty as to its completeness or accuracy. Although the Newsletter may include investment-related information, nothing in the Newsletter is a recommendation that you purchase, sell or hold any security or other investment, or that you should pursue any investment strategy, and no information or Content (as defined below) on the Newsletter is to be relied upon for the purpose of making or communicating investment or other decisions. Nothing in the Newsletter is intended to be, and you should not consider anything on the Newsletter to be investment, accounting, tax, legal or other professional advice. The information provided in this Newsletter may not be reproduced, distributed or communicated, in whole or in part, to any third party without the express written consent of Vista Equity Partners. This Newsletter includes information regarding Vista Equity Partners’ past and present portfolio companies. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Further, references to Vista Equity Partners’ past and present portfolio companies should not be construed as a recommendation of any particular investment or security. The portfolio companies listed should not be assumed to have been profitable. Any past performance information in the Newsletter is not necessarily indicative, or a guarantee, of future results. Certain transactions may not be publicly announced at the time of distribution of this document and are therefore not included. Please view www.vistaequitypartners.com for additional information regarding Vista’s strategies and past and present investments. The Newsletter may contain forward-looking statements (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts and are based on current expectations, estimates, projections, opinions and/or beliefs of Vista. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. In addition, no representation or warranty is made with respect to the reasonableness of any estimates, forecasts, illustrations, prospects or returns, which should be regarded as illustrative only, or that any profits will be realized. Actual events or results or actual performance of the relevant Fund (or any other entity referred to in the Newsletter) may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions. No representation or warranty is made as to future performance or such forward-looking statements. Please see Disclosures at vistaequitypartners.com/disclosures/ for further information.

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Monti Saroya, Senior Managing Director and Co-Head of the Flagship Fund, Vista

From helping to meet the unprecedented challenges of remote learning to being a leader in developing responsible, personalized approaches to AI-assisted learning tools, we are proud of the innovation and growth achieved during our partnership with PowerSchool."

JUNE 2024 Announced TransactionS

Leading on the World Stage

Rachel Arnold, Senior Managing Director and Co-Head of Vista’s Endeavor Fund, was recently a featured speaker at SuperReturn International in Berlin. During her keynote, Rachel provided an overview of the tailwinds rapidly expanding the opportunity set in the small-cap software space and shared Vista’s approach to investing in high growth businesses. After the session, Rachel sat down with SuperReturn’s Emma Walden to go deeper on value creation, generative AI and more. Watch the interview here. Greg Galligan, Senior Managing Director, Vista Credit Partners, also spoke at the event, joining a panel on the sustained opportunity set in private credit. Greg provided insights on private credit’s demonstrated durability across market cycles, the compounding effects of higher-for-longer interest rates, and how Vista Credit Partners is well-positioned to source, diligence and execute on non-sponsored software deals in a highly attractive environment.

GrowthCap’s annual list of the Top Women Leaders in Growth Investing once again included Rachel Arnold and Rene Stewart, who co-lead Vista’s Endeavor Fund. Endeavor is one of the world’s largest women-led tech buyout funds, and under Rachel and Rene’s leadership, the Endeavor team has expanded to include dedicated investment team members, operating partners and business development professionals. Congratulations to Rachel and Rene on this well-deserved recognition. In June, the Vista team celebrated Pride Month and recognized Juneteenth. Both occasions provided an opportunity to reinforce our commitment to building a culture where diversity is not only celebrated but is actively cultivated through various internship programs and partnerships designed to broaden our talent pipeline and provide onramps to opportunity. Click here to read Robert’s thoughts on the history and significance of Juneteenth.

Celebrating Diversity

Vista’s Founder, Chairman and CEO, Robert F. Smith, joined The Conference Board's C-Suite Perspectives podcast to discuss his experience founding and leading Vista and what generative AI means for the future of enterprise software businesses. Robert shared how the power of AI can be harnessed in both the business environment and in communities around the world to increase productivity and promote inclusivity. Listen to the full episode here. David Flannery, Senior Managing Director and President, Vista Credit Partners, appeared on iCapital’s Beyond 60/40 series to share why private credit can be an attractive solution for mature software businesses and how Vista has built a differentiated offering to meet that demand. Watch David’s interview here.

Insights and Ideas

ADD-ON

FLAGSHIP Fund

ADD-ON

Endeavor Fund

Bringing systemic change to companies – not just in their operations and performance – and creating inclusive environments that bring out the best in people will make a major difference in how generative AI ultimately impacts our society."

Robert F. Smith, Founder, Chairman and CEO, Vista

Creating Value Through Innovation

In June, PowerSchool entered into a definitive agreement to be acquired by Bain Capital in a deal valuing the company at $5.6 billion. Vista's Flagship Fund will maintain a minority stake in the go-forward business pending the close of the transaction. Vista originally acquired PowerSchool in 2015 in a carveout from Pearson, and today the global education technology provider supports over 55 million students in more than 90 countries. Over the course of our partnership, PowerSchool has acquired more than 18 businesses, transformed its operations across various functions, and materially expanded its industry-leading product suite. Earlier this year, following a successful pilot at one of Vista’s hackathon events, PowerSchool launched PowerBuddy, an AI-powered assistant that delivers personalized insights for students, teachers, administrators and parents. We extend our congratulations to the entire PowerSchool team on this incredible milestone, and we look forward to the next chapter in our partnership.

PE Monetization Events

PE Platform Investments

PE Add-On Acquisitions

VISTA Credit PARTNERS Investments

1H ANNOUNCED TRANSACTION TOTALS

Generative AI has captured the public zeitgeist – and for good reason. This technology has the potential to fundamentally reshape the global economy by creating new industries and transforming existing ones. In enterprise software, we expect that the long-term impact will be especially profound, with accelerated innovation cycles, increased developer productivity and opportunities to realize meaningful cost savings through process automation. At Vista, we believe that our global ecosystem enables us to move faster and go further – together. Across our 85+ portfolio companies and more than 98,000 global employees, we have locked arms to accelerate innovation and embrace generative AI through hackathons, best practice sharing summits, Vista’s GenAI CEO Council and advantaged partnerships with global technology providers. At the same time, we’ve maintained our commitment to operational excellence as we work to drive profitable growth at scale through the implementation of best practices around talent management, go-to-market, product and tech, business operations, and more. Looking ahead through the remainder of the year, our focus remains where it always has – on investing in enterprise software businesses and helping them unlock their full potential. We’re committed to investing with discipline, creating value through innovation and operational excellence, and delivering consistent results for our partners and stakeholders.

MONETIZATION

Flagship Fund

Investing in Enterprise Software

Creating

Value

Innovation

Through

ADD-ON

Foundation Fund