Vista Credit BDC Deploys Upsized Facility, Lifting Portfolio to $2.2 Billion
Vista Credit Strategic Lending Corp., a nontraded business development company sponsored by Vista Equity Partners, has increased its leverage by nearly 60% since March, drawing on an upsized credit facility to fund a $300 million jump in its portfolio last month.
The company’s debt-to-equity ratio climbed to 1.05x as of June 30, up from 0.83x a month earlier and 0.66x at the end of March. Total investments at fair value, plus unfunded investment commitments, rose to $2.2 billion in June after holding near $1.9 billion for four straight months.
Net asset value per share stood at $19.131 as of June 30, essentially flat for the month and down from $19.651 in January, a slow decline that predates the recent increase in leverage.
The leverage climb follows a Jan. 30 upsize of Vista Credit’s senior secured revolving credit facility, originally established in September 2025 with ING Capital LLC as administrative agent. Vista Credit added Deutsche Bank AG, New York Branch as a new lender under the facility and increased the aggregate commitment available to the company. The added capacity sat largely undrawn through the spring before the company deployed it into new investments in June.
Vista Credit’s leverage now sits within the range reported by several larger nontraded BDC peers. Ares Strategic Income Fund, which held a portfolio of $21.8 billion as of June 30, reported $12.2 billion of debt outstanding against $10.2 billion of aggregate NAV, or leverage of roughly 1.2x. HPS Corporate Lending Fund’s average debt-to-equity ratio was approximately 1.01x during May, on a portfolio of roughly $24.5 billion. Blue Owl Credit Income Corp. – which absorbed a record quarter of redemptions earlier this year – was running leverage of 0.84x as of May 31, below its disclosed target range of 0.90x to 1.25x. Vista Credit is now running leverage comparable to peers with portfolios roughly 10 times the size of its own.
Vista Credit also raised capital through its continuous private offering, selling 150,533 shares of Class I common stock and 7,841 shares of Class S common stock for total consideration of $3 million, as of July 1. The shares were sold to accredited investors and non-U.S. persons under Regulation D and Regulation S exemptions from registration.
Vista Equity Partners launched Vista Credit Partners in 2013 to expand into credit strategies focused on enterprise software, data and technology-enabled businesses, building on the firm’s core private equity focus on software companies. Vista Credit Strategic Lending Corp. is the perpetual-life BDC through which Vista Credit Partners offers individual investors access to that strategy.
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