Brian Sheth leaves Vista Equity after Robert Smith's tax troubles
December 1, 2020- Share:
Vista Equity Partners co-founder and president Brian Sheth resigned from the Austin-based private equity firm late last week, effective immediately.
The departure came a little more than a month after fellow Vista co-founder Robert Smith admitted liability and reached a roughly $139 million settlement with the US Department of Justice over an investigation into alleged personal tax fraud. Previous reports had indicated Smith's tax troubles were a factor in Sheth's pending departure, but Sheth said that was not the case in an interview with Forbes. Sheth didn't indicate a different reason for his decision to leave the firm.
"My decision to leave Vista was unrelated to Robert's personal matter, other than wanting to wait to finalize it until after that matter was resolved," Sheth said. "Any statement attributable to me that suggests otherwise is inaccurate."
Smith and Sheth co-founded Vista in 2000 and spent the past two decades establishing the firm as a highly profitable pioneer of software buyouts, building up more than $73 billion in assets under management and turning both founders into billionaires and prominent philanthropists. As part of his departure agreement, Sheth will cash out his minority stake in the firm but retain his share of performance fees in the years to come, according to Forbes. Sheth reportedly plans to eventually return to investing, with a focus on environmentalism and conservation.
The departure came a little more than a month after fellow Vista co-founder Robert Smith admitted liability and reached a roughly $139 million settlement with the US Department of Justice over an investigation into alleged personal tax fraud. Previous reports had indicated Smith's tax troubles were a factor in Sheth's pending departure, but Sheth said that was not the case in an interview with Forbes. Sheth didn't indicate a different reason for his decision to leave the firm.
"My decision to leave Vista was unrelated to Robert's personal matter, other than wanting to wait to finalize it until after that matter was resolved," Sheth said. "Any statement attributable to me that suggests otherwise is inaccurate."
Smith and Sheth co-founded Vista in 2000 and spent the past two decades establishing the firm as a highly profitable pioneer of software buyouts, building up more than $73 billion in assets under management and turning both founders into billionaires and prominent philanthropists. As part of his departure agreement, Sheth will cash out his minority stake in the firm but retain his share of performance fees in the years to come, according to Forbes. Sheth reportedly plans to eventually return to investing, with a focus on environmentalism and conservation.
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