Vista, Stonepeak Offer Equity Stakes to Their Most Vital Backers

More large private equity firms are offering key institutional backers stakes in their overall businesses as they seek to raise cash and strengthen relationships during a prolonged deal slump.

Vista Equity Partners, Stonepeak and General Catalyst have each made such proposals in recent weeks to some of their most important investors, according to people with knowledge of the matter, who asked not to be identified because the discussions are private.

Representatives for Vista and Stonepeak declined to comment. General Catalyst didn’t respond to requests for comment.

The offers won’t necessarily result in a deal.

Blue Owl Capital and ...