Strong close reflects rising demand for growth debt and continued investor confidence in Vistara’s decade-long track record

Vistara Growth (“Vistara”) has closed its fifth structured-capital fund at US$321 million (C$450 million), marking 10 years of providing flexible growth financing to technology companies across North America. This final close represents a 66 per cent increase from Fund IV, highlighting confidence in our strategy from longstanding and new investors and the growing appeal of less dilutive capital for growth-stage technology firms. Across its funds, Vistara has now raised approximately US$700 million from a network of family offices, private foundations, wealth management firms, and technology entrepreneurs.

Many growth-stage technology companies find themselves between traditional bank debt and venture equity financing options. Vistara focuses on filling the persistent gap between these sources with its long duration term debt, convertible debt structures and structured preferred equity solutions, partnering with B2B software and tech-enabled service companies seeking capital that aligns with their growth objectives. Vistara provides tailored growth-oriented facilities enabling companies to fund expansion while preserving ownership and control for management and existing shareholders.

“Our experience over the last decade is that high-quality technology companies do not always need to price and give away equity every time they raise capital,” said Randy Garg, Founder and Managing Partner at Vistara Growth. “Growth debt is a sophisticated financing tool for founders and management teams that want to preserve control, and keep their options open for future priced equity rounds. Fund V gives us much greater capacity at an important time in the market, to support flexible use cases such as M&A, extending runway to profitability or exit, or secondary buybacks.”

Fund V has already completed 8 investments during its fundraising period, including Clariti Cloud (government technology), Tendo (health-care software), Authentic8 (cybersecurity) and Kore.ai (enterprise AI), demonstrating the breadth of technology categories where Vistara is active. The fund anticipates closing 15 to 18 total investments, with significant capacity for additional high-quality opportunities.

“We continue to see management teams choosing scalable debt financing structures to match their capital deployment plans,” said Noah Shipman, Partner at Vistara Growth. “Seasoned entrepreneurs and their CFOs view growth debt structures as permanent, strategic capital, not just a tactical tool between equity rounds. We expect this trend to continue as companies finalize their 2026 budgets and for less dilutive forms of capital to take increasing share of overall venture financing in the years to come.”

Across its five funds, Vistara has now completed 42 investments, with 23 exits to date, all while incurring zero losses — a record that demonstrates disciplined risk management and alignment with both investors and portfolio companies. The firm continues to deploy Fund V and is actively seeking technology companies across North America that fit its investment criteria.

About Vistara Growth

Vistara (Sanskrit for “expansion”) provides structured-capital solutions for B2B technology companies across North America. Founded in 2015, Vistara operates at the intersection of venture capital and private credit, offering hybrid structures that combine downside protection with equity upside potential. The firm combines deep technology-sector expertise with disciplined portfolio management and has a track record of delivering top-tier returns with zero principal losses. Vistara was recently ranked No. 5 among private-debt fund families globally by PitchBook.

Forward-looking statements disclaimer

This press release may contain forward-looking statements regarding Vistara Growth, Fund V and related investment strategies. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual results may differ materially from those expressed or implied in these statements due to factors including market conditions, regulatory changes and other risks beyond Vistara’s control. Past performance is not indicative of future results, and there is no assurance that Fund V or future funds will achieve comparable results.

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