Vista Sued by Fund Over Cvent’s $4.6 Billion Sale to Blackstone

A pension fund sued Vista Equity Partners Management LLC over the $4.6 billion sale of Cvent Holding Corp., saying Vista accepted an unfair price in exchange for a sweetheart side deal with Blackstone Inc.

The lawsuit, made public Monday, says the transaction significantly undervalued the events business, which Vista took public about a year earlier for $5.3 billion. But Vista got the chance to roll over $1.25 billion in equity on above-market terms that steered the sale’s proceeds away from public investors, according to the complaint.

“The Vista-dominated board initially balked” at the price, changing its tune only when ...