Over 100 per cent repeat commitments from prior investors underscore confidence in Vistara’s growth-debt model, strong returns, and zero losses.

Vistara Growth (“Vistara”), a leader in structured capital for capital-efficient technology companies, today announced that Vistara Technology Growth Fund V LP (“Fund V”) has secured more than US$265 million (C$370 million) in commitments through closings to date, on pace for a final close September 30, 2025.

Fund V has been anchored by repeat commitments from prior fund investors totaling more than 100 per cent of their previous investments on a cash basis, alongside commitments from family offices, foundations, entrepreneurs with prior exits, and wealth-management platforms. This mix reflects strong market confidence in Vistara’s differentiated growth-debt model and decade-long record of zero principal losses.

Fund V has already surpassed Fund IV’s total commitments by more than 40 per cent in what remains a challenging fundraising environment for sub-$500M funds — a testament to the strength of the Vistara team, its track record, and the critical gap it continues to fill for growth-stage technology companies.

“Market data shows private credit fundraising surged 60 per cent year over year in Q1 2025 while traditional venture fundraising slowed, and Vistara’s specialty in growth and venture debt squarely aligns with this shift,” said Randy Garg, Founder & Managing Partner of Vistara Growth. “Our investors continue to support a consistent, proven strategy that delivers strong returns across market cycles.”

At a time when global venture exits remain subdued and equity valuations reset, investors are directing capital toward private-credit strategies that can generate strong returns in the still-elevated interest rate environment with the benefit of downside protection. To date, Fund V is well in flight, with eight investments already closed during fundraising, and is seeing robust deal flow as the gap between bank lending and venture capital persists for growth-stage technology companies.

“Entrepreneurs continue to suffer with less access to capital from venture equity and regulated lenders after the collapse of Silicon Valley Bank. Growth debt from private lenders like Vistara is helping fill that gap,” said Noah Shipman, Partner at Vistara Growth. “Venture debt issuance is hitting record highs even as equity deal counts fall, and Vistara Fund V’s own momentum shows founders and investors alike are seeking flexible, less dilutive capital in today’s market.”

Over the past decade, Vistara has built a reputation as a disciplined partner to technology companies, completing 42 investments with 22 successful exits and zero losses. The firm has consistently delivered mid-teens net annualized returns, raised over US$630M across five funds, and delivered more than US$190M in cash distributions (“DPI”) since 2022 — a period of record low liquidity from venture funds. Vistara is ranked #5 globally among private debt fund families by PitchBook, and is the only Canadian-based manager to make the league table rankings.

About Vistara Growth

Vistara (Sanskrit for “expansion”) provides structured capital solutions for capital-efficient 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 tech-sector expertise with disciplined portfolio management and has a track record of delivering consistent returns with zero principal losses. Vistara was recently ranked #5 among private debt fund families globally by PitchBook, the only Canadian-based manager to make the league table rankings.

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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