(Bloomberg) — Vista Equity Partners has hired Dan Parant as the global head of its private wealth solutions business as it pushes to expand further into the world of private technology investments.
According to a statement reviewed by Bloomberg News, the buying firm, known for its bets on enterprise software, is naming Parant as managing director and will report to Greg Myers, Vista's global head of equity and partner solutions.
Parant is joining Austin-based Vista from KKR & Co., where he was co-head of the firm's Americas private wealth business. Prior to KKR, Parant was a vice president at Neuberger Berman and a member of the alternatives business at Lehman Brothers.
“The majority of technology and enterprise software companies — and therefore investment opportunities in this sector — are in the private markets, where individual investors have historically been under-allocated,” Myers said in the statement. “Dan's experience and expertise will be essential to our continued efforts to provide quality institutional solutions for the private wealth channel.”
Vista had more than $100 billion in assets under management as of Sept. 30, according to the statement. The firm's efforts to deepen access to private technology assets are part of a broader move by alternative asset managers to leverage private wealth.
Individual investors hold around 50% of global assets under management – a figure expected to rise to almost 70% by 2023, according to a February 2023 REPORT from consulting firm Bain & Co. KKR said in a investor presentation last year it expects 30% to 50% of new capital raised by the private equity firm over the next several years to come from private equity.
Vista's last announced deal, the $4 billion take private of customer engagement software provider EngageSmart Inc., closed in January.