Vistara Growth 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% increase from Fund IV. 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.
Vistara focuses on filling the persistent gap growth-stage technology companies face when choosing between traditional bank debt and venture equity financing options 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.
“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,” Randy Garg, founder and managing partner at Vistara Growth, said. “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 eight investments during its fundraising period, including Clariti Cloud (government technology), Tendo (health-care software), Authentic8 (cybersecurity) and Kore.ai (enterprise AI). 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,” Noah Shipman, partner at Vistara Growth, said. “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.”
