Vistara Growth

Their thesis, in full

Vistara Growth provides flexible growth capital solutions (debt, convertible debt, structured equity and combinations) to mid-to-late-stage B2B software and tech-enabled services companies across North America and select international markets. Cheques of $10M to $50M, with a hybrid debt-equity approach positioned between traditional venture debt and growth equity. Fund V closed at US$321M (C$450M) in November 2025, with 8 of a planned 15 to 18 deals completed as at that close and further deals signed since, including Subject and ConnectPay in 2026. In July 2026, Beedie Capital acquired a 50% ownership interest in Vistara and committed US$125M as anchor investor to the US$500M Vistara Growth Structured Opportunities Fund, which has not yet closed. Vistara serves disciplined founders (scaled or scaling past $10M in revenue, profitability not required) seeking growth capital without the dilution of a traditional equity round.

Questions they usually ask

Have an answer ready for each one before the first call.

1. What is your Rule of 40 and how is it trending quarter over quarter?
2. How sensitive is your model to a 12-month delay in growth spend?
3. What contractual covenants are you comfortable carrying?

Follow-on

Capital can be upsized over the life of the facility as ARR grows, and Vistara often participates in subsequent equity rounds with hybrid tranches.

Who to talk to

• Randy GargFounder & Managing PartnerLinkedIn ↗
• Noah ShipmanPartnerLinkedIn ↗
• John O'DonoghuePartnerLinkedIn ↗
• Neil KenleyPartnerLinkedIn ↗