One Private Credit Whale Forced Vista’s BDC to Limit Redemptions

It only took one investor who wanted out to spur a Vista Equity Partners private credit fund to enforce its 5% limit on withdrawals last month.

A Switzerland-based pension fund sought to redeem all of its shares from Vista Credit Strategic Lending Corp. in the first quarter, according to a person familiar with the matter. Partners Capital, a major shareholder in the business development company, says on its website that it has a “bespoke private markets-only mandate for a Swiss pension fund.”

Partners disclosed holding roughly 5.5 million shares, or about 18%, in the Vista fund as of year-end, according ...