Vistara Capital Partners, a Vancouver, British Columbia-based provider of debt and debt-equity financing solutions to mid-late stage technology companies, closed the Vistara Technology Growth Fund III LP, at US$115m (CAD $150m).
Investors include family offices, private foundations, wealth management firms, Export Development Canada (EDC) as its initial institutional investor, and two dozen technology industry executives.
The fund is being deployed into North American, growth-stage technology companies seeking less dilutive financing through flexible growth debt and hybrid debt-equity solutions. Financing is complementary to and often done in partnership with bank lenders and traditional venture capital or growth equity investment.
Vistara has already committed approximately 30 percent of the fund across five companies and will look to invest the balance over the next year.
To support the fund and future developments, Vistara will be opening a Toronto office in the new year, with further expansion planned to support its investment activities across North America.
The firm is led by Randy Garg, Founder & Managing Partner, and Noah Shipman, Partner.