Robert F. Smith, CEO of  Vista Equity Partners announced that more than $20 billion was raised for its latest fund. It is the largest in history, People of Color In Tech reports.

In a letter to Vista Equity Partners’ investors, ahead of the annual general meeting scheduled for April,  Smith shared how the company is fully committed to "taking advantage of AI tools to boost its portfolio companies’ performances and will do its due diligence around AI-related businesses" for the foreseeable future.

“You will also hear more about how we have adopted generative artificial intelligence not just as a tool but as a pivotal component of our value creation and underwriting processes,” Smith said.

“This has enabled us to identify and capitalize on opportunities, including dramatically expanding TAM, product innovation, GTM strategies, with greater precision and speed, ensuring that we stay ahead of the curve in a rapidly evolving market landscape.”

Before the launch of its last fund, in 2019, Vista Equity Partners closed on $17 billion for its seventh fund, which was “the largest technology-focused private equity vehicle ever raised,” Bloomberg reported.

Smith, a billionaire, and Vista Vista Equity Partners have had a long track record of success.

As of 2023, the firm has $100 billion in assets under management.