Robert Smith, America’s richest black person, has seen his net worth climb by about $3 billion since the start of the year, with his personal wealth soon poised to surpass the $12-billion mark.
According to data retrieved from the Bloomberg Billionaires Index, Smith’s net worth has risen substantially by $2.95 billion, from $8.9 billion at the start of 2022 to $11.9 billion at the time of drafting this report.
The performance of his 50-percent stake in Vista Equity Partners, a renowned global investment firm that he established more than two decades ago, can be thanked for the billion-dollar increase in his net worth.
His shareholding in the private equity firm is presently worth $8 billion. He also has an indirect stake worth more than $3.85 billion at the time of writing this report.
This increase in Vista Equity’s valuation, which has resulted in a 33.2-percent year-to-date wealth gain for the African-American billionaire, comes as the private equity company announced 38 transactions in the first half of 2022 and returned $9.8 billion to investors in the previous year.
In the first half of 2022, Vista Equity’s private equity and permanent capital portfolios added 11 new portfolio businesses and completed 18 add-on transactions across the Flagship, Foundation, Endeavor, and Perennial Funds.
The company maintained an excellent pace during the period under review, including the sale of Datto in a $6-billion take-private transaction. It also announced the takeover of Citrix and over 35 more transactions across its private equity, permanent capital, credit, and public investment strategies.
Just three weeks, Vista Equity paid $8.4 billion for Avalara Inc., a leading tax compliance automation supplier for businesses.
The transaction, which received unanimous board approval, is expected to close in the second half of 2022, subject to usual closing conditions such as shareholder and regulatory approval.
