(Bloomberg) -- Vista Equity Partners has hired Dan Parant as global head of its private wealth solutions business as it pushes to expand further into the world of private technology investments.
The buyout firm, known for its bets on enterprise software, is appointing Parant as a managing director and will report to Greg Myers, Vista’s global head of capital and partner solutions, according to a statement reviewed by Bloomberg News.
Parant is joining Austin-based Vista from KKR & Co., where he was co-head of the firm’s Americas private wealth business. Prior to KKR, Parant was a vice president at Neuberger Berman and a member of the alternatives business at Lehman Brothers.
“The majority of technology and enterprise software companies – and therefore investment opportunities in the sector – are in the private markets, where individual investors have been historically under allocated,” Myers said in the statement. “Dan’s experience and expertise will be crucial to our continued efforts to provide institutional quality solutions to the private wealth channel.”
Vista had more than $100 billion in assets under management as of Sept. 30, according to the statement. The firm’s efforts to deepen access to privately held technology assets is part of a broader move by alternative asset managers to tap private wealth.
Individual investors hold about 50% of global assets under management — a figure that’s expected to rise to almost 70% by 2023, according to a February 2023 report by consulting firm Bain & Co. KKR said in an investor presentation last year that it expects 30% to 50% of new capital raised by the private equity firm over the next several years to come from private wealth.
Vista’s last announced deal, the $4 billion take-private of customer engagement software provider EngageSmart Inc., closed in January.