Robert F. Smith, who bypassed Oprah Winfrey in 2018 as the richest Black person in the U.S., announced that his tech-focused buyout firm, Vista Equity Partners, has surpassed $100 billion in assets under management.

Smith founded Vista Equity in 2000, investing in businesses that use technology to promote economic equity, ecological responsibility, and diversity and inclusion.

Vista Equity is best known for buying out software companies, fixing them up, and maximizing profits.

“Since Vista was founded over two decades ago, we’ve expanded to 650+ team members operating around the world, built a comprehensive library of enterprise software best practices and much more,” Smith wrote on LinkedIn.

He said his company has been committed to supporting the communities in which its team members live and work, creating opportunities for traditionally underrepresented individuals. 

“As we look to the future, the values Vista has honed over the years will remain its North Star: a commitment to continuous improvement, a culture of inclusion and an unwavering belief that every role is critical for our collective success,” Smith wrote.

The $100 billion milestone for assets under management was preceded in June by Vista’s sale of software maker Apptio to IBM for $4.6 billion. Smith more than doubled his initial $1.9 billion investment in 2019 through his buyout firm.

On Sept. 29, Forbes listed Vista Equity Partners as No. 9 of the 10 top U.S. private equity firms of 2023 based on assets under management at the end of the third quarter.

“These investment firms operate in some of the most dynamic sectors in the economy, particularly technology, and they foster innovation that has a deep impact across the economy,” wrote Rebecca Baldridge, an investment professional and financial writer.

Here is the Forbes’ list of 10 top U.S. private equity firms of 2023 ranked by assets under management:

Blackstone: $1 trillion
Apollo: $598 billion
KKR: $510 billion
The Carlyle Group: $381 billion
Bain Capital: $165 billion
TPG Capital: $137 billion
Thoma Bravo: $127 billion
Silver Lake: $98 billion
Vista Equity Partners: $96 billion
Insight Partners: $90 billion

Smith founded Vista Equity Partners in 2000 and continues to serve as chairman and CEO. The firm has invested in enterprise software since its inception, pioneering a sector-focused approach to private equity, Baldridge wrote for Forbes.

Baldridge said she picked the Austin, Texas-based company for the top 10 because it invests in enterprise software companies ranging from emerging to large-cap firms, and partners with portfolio companies at every stage in the life cycle to maximize future opportunities. Vista has more than 80 portfolio companies and has been involved in more than 590 transactions since inception.

Smith has overseen more than 300 buyout transactions since founding Vista, which has posted annualized returns of 31 percent since its inception in 2000, Forbes reported.

“We have never lost money in a buyout,” Smith said at Cornell University’s Entrepreneurship Summit in 2017.

In 2019, Smith surprised the graduating class of historically Black Morehouse College during a commencement speech when he promised to pay off the entire class’ student loan debt — an estimated $40 million.