Smith is calculated to own about 50% of closely held Vista Equity Partners, according to a March 2021 Form ADV filed with the US Securities and Exchange Commission.Vista had $95 billion of assets under management according to the firm's website in January 2023.
Smith's stake in Vista is valued using the $7 billion valuation implied by Dyal Capital Partners' acquisition of a minority stake in Vista in July 2017. The valuation has been uplifted to reflect growth in Vista's assets under management since that deal.
None of the proceeds from this sale are credited to Smith because his personal take, if any, isn't disclosed. A 60% discount is applied to Dyal's valuation of Vista to reflect compensation costs not accounted for in the deal's structure plus 'key-man risk' that is commonly applied to investment businesses that are largely dependent on a dominant individual investor.
He's calculated to own about half of the firm in this analysis, based on an analysis of ADV filings and stake sales to Dyal.
Smith is also credited with about half of the assets held by the firm's employees, according to a Bloomberg analysis of Vista's private fund reporting section in its ADV form.
A person familiar with Vista who asked not to be identified as the information is private has confirmed that Smith owns a majority stake in the firm.
A representative for Smith declined to comment on his net worth in August 2022.
