VISTA Disclaimer: BNP Paribas SA – Wealth Management Division (the “Placement Agent”) is acting as a placement agent for Vista Foundation Fund V-B SCSp (the “Fund”) in connection with the offering and sale of the securities of the Fund to current and prospective clients of the Placement Agent and its affiliates (the “Investors”). The Placement Agent is not a current advisory client of VFF Management, L.P. however, an affiliate of Placement Agent may be an investor in one or more funds sponsored by VFF Management, L.P. For providing solicitation and other services with respect to certain Investors who invest in the Fund, the Placement Agent will receive cash compensation in the form of fees generally based on the amount of capital commitments that will ultimately be borne directly or indirectly by VFF Management, L.P. rather than the Fund; however, in certain cases the Fund may bear certain out-of-pocket expenses related to the Placement Agent’s engagement and solicitation of Investors. As a result, the Placement Agent has a material incentive and potential conflict of interest to recommend an investment in the Fund. The Placement Agent also expects, from time to time, to do business with and earn fees or commissions from affiliates of VFF Management, L.P., as well as with other third-party fund sponsors that may have similar or different investment objectives from the Fund, including the provision of advisory and placement services. Accordingly, potential Investors should recognize that the Placement Agent’s participation as placement agent for interests in the Fund will potentially be influenced by its interest in such compensation, including differentials in compensation are offered by VFF Management, L.P. or other sponsors for which the Placement Agent acts as placement agent.
THE PLACEMENT AGENT HAS ENTERED INTO A DISTRIBUTION AGREEMENT WITH THE FUND AND CERTAIN OF ITS AFFILIATES (“VISTA”) THAT PROVIDES FOR CASH COMPENSATION TO THE PLACEMENT AGENT FOR DIRECT OR INDIRECT COMMITMENTS TO THE FUND BY THE LIMITED PARTNERS INTRODUCED BY THE PLACEMENT AGENT THAT INVEST, DIRECTLY OR INDIRECTLY, IN THE FUND. PURSUANT TO SUCH AGREEMENT, VISTA WILL PAY OR CAUSE TO BE PAID CASH COMPENSATION TO THE PLACEMENT AGENT FOR SOLICITING PROSPECTIVE INVESTORS. WHERE PERMITTED UNDER APPLICABLE LAW AND REGULATION, THE PLACEMENT AGENT IS RECEIVING CASH COMPENSATION FOR SOLICITING PROSPECTIVE INVESTORS TO INVEST DIRECTLY OR INDIRECTLY IN THE FUND. DUE TO SUCH COMPENSATION, THE PLACEMENT AGENTHAS AN INCENTIVE TO RECOMMEND AN INVESTMENT IN THE FUND. AN AFFILIATE OF THE PLACEMENT AGENT MAY BE AN INVESTOR IN ONE OR MORE FUNDS MANAGED BY VISTA. THE PLACEMENT AGENT’S CLIENTS, INCLUDING THROUGH INVESTMENT VEHICLES ADVISED BY THE PLACEMENT AGENT, MAY HAVE INVESTED IN PRIOR FUNDS ADVISED BY VISTA. IN ADDITION, IN THEIR PERSONAL CAPACITIES, CERTAIN PERSONNEL OF THE PLACEMENT AGENT MAY BE CURRENT INVESTORS IN THE FUND OR IN OTHER FUNDS MANAGED BY VISTA.
THE PLACEMENT AGENTIS ENTITLED TO RECEIVE THE FOLLOWING CASH COMPENSATION FROM VISTA: (1) A PLACEMENT FEE IN AN AMOUNT EQUAL TO 1% OF THE AGGREGATE CAPITAL COMMITMENTS OF THE FEEDER FUND AND THE DIRECT INVESTORS THAT ARE ACCEPTED BY THE RELEVANT VISTA GP, SUBJECT TO EACH THE FEEDER FUND OR DIRECT INVESTOR FUNDING IN FULL ITS INITIAL CAPITAL CONTRIBUTION WITH RESPECT TO SUCH CAPITAL COMMITMENTS FOLLOWING EACH CLOSING, PAYABLE NO LATER THAN THE 30TH DAY FOLLOWING THE APPLICABLE FUND’S MANAGEMENT COMPANY’S RECEIPT OF ITS FIRST MANAGEMENT FEE PAYMENT FOLLOWING THE FINAL CLOSING DATE OF THE APPLICABLE FUND. (2) A PLACEMENT FEE IN AN AMOUNT EQUAL TO 0.5% OF THE AGGREGATE CAPITAL COMMITMENTS OF THE FEEDER FUND AND THE DIRECT INVESTORS THAT ARE ACCEPTED BY THE RELEVANT VISTA GP, SUBJECT TO EACH THE FEEDER FUND OR DIRECT INVESTOR FUNDING IN FULL ITS INITIAL CAPITAL CONTRIBUTION WITH RESPECT TO SUCH CAPITAL COMMITMENTS FOLLOWING EACH CLOSING, TO BE PAID IN TWO (2) EQUAL SEMI-ANNUAL INSTALLMENTS WITH RESPECT TO EACH SUCH FUND IN WHICH FEEDER FUNDS AND/OR DIRECT INVESTORS INVEST, BEGINNING ON THE FIRST ANNIVERSARY OF THE FINAL CLOSING DATE OF EACH FUND, AND EACH INSTALLMENT SHALL BE PAYABLE NO LATER THAN THE 30TH DAY FOLLOWING THE APPLICABLE FUND’S MANAGEMENT COMPANY’S RECEIPT OF SUBSEQUENT MANAGEMENT FEE PAYMENTS.
WHERE PERMITTED UNDER APPLICABLE LAW AND REGULATION, THE PLACEMENT AGENT RECEIVES A FEE IN RETURN FOR THE COMMITMENTS OF INVESTORS IT INTRODUCED TO THE FUND. AS SUCH, THE PLACEMENT AGENT HAS AN INCENTIVE TO ENDORSE AND MAKE POSITIVE STATEMENTS ABOUT VISTA, THE FUND AND THEIR EMPLOYEES AND AFFILIATES. IN ADDITION, THE PLACEMENT AGENT HAS AN INCENTIVE TO MAKE POSITIVE STATEMENTS ABOUT VISTA AND THE FUND IN ORDER TO MAINTAIN GOODWILL IN CONNECTION WITH CURRENT AND FUTURE RELATIONSHIPS WITH VISTA, THE FUND AND THEIR EMPLOYEES AND AFFILIATES.
DUE TO SUCH COMPENSATION, THE PLACEMENT AGENT HAS AN INCENTIVE TO RECOMMEND AN INVESTMENT IN THE FUND. ANY POTENTIAL CONFLICT OF INTEREST THAT COULD RESULT FROM THIS INCENTIVE IS MANAGED BY THE PLACEMENT AGENT UNDER A FRAMEWORK OF PROCEDURES AND POLICIES DEPLOYED TO MANAGE POTENTIAL CONFLICTS OF INTERESTS, IN COMPLIANCE WITH ITS APPLICABLE LAWS AND REGULATIONS. IN ADDITION TO THE POTENTIAL CONFLICT OF INTEREST RELATING TO COMPENSATION, THERE ARE POTENTIAL CONFLICTS OF INTEREST THAT MAY ARISE INVOLVING THE PLACEMENT AGENT
INVESTORS SHOULD BE AWARE THAT WHILE BNP PARIBAS SA – WEALTH MANAGEMENT DIVISION ACTING THROUGH ITS WEALTH MANAGEMENT DIVISION BRANCHES AND SUBSIDIARIES IS OFFERING INVESTORS THE OPPORTUNITY TO PARTICIPATE IN PRIVACCESS XV – SOFTWARE BUYOUT V , WHICH HAS BEEN FORMED BY BNP PARIBAS SA - WEALTH MANAGEMENT DIVISION TO INVEST IN CERTAIN VISTA FUNDS (THE “VISTA FUNDS”), NO INVESTOR WILL BE A DIRECT INVESTOR IN THE VISTA FUNDS. IN PARTICULAR, INVESTORS WILL HAVE NO CONTRACTUAL RELATIONSHIP WITH AND NO DIRECT RECOURSE AGAINST VISTA, THE VISTA FUNDS AND/OR ANY OF THEIR AFFILIATES OR ANY DIRECT OR INDIRECT INVESTOR IN THE VISTA FUNDS OTHER THAN PRIVACCESS XV – SOFTWARE BUYOUT V.
THE INFORMATION CONTAINED IN THE MARKETING DOCUMENTATION FOR PRIVACCESS XV – SOFTWARE BUYOUT V RELATING TO VISTA, THE VISTA FUNDS AND THEIR INVESTMENTS HAS BEEN DERIVED AND/OR TRANSLATED BY BNP PARIBAS SA – WEALTH MANAGEMENT DIVISION FROM MATERIALS FURNISHED BY VISTA, PROVIDED, THAT BNP PARIBAS SA – WEALTH MANAGEMENT DIVISION IS OFFERING THE INTERESTS IN PRIVACCESS XV – SOFTWARE BUYOUT V] BASED ON AN UNDERTAKING TO VISTA THAT VISTA SHALL HAVE NO RESPONSIBILITY FOR ANY FINANCIAL PROJECTION OR MODEL (INCLUDING OF THE FINANCIAL PERFORMANCE OF THE VISTA FUNDS) CREATED IN CONNECTION WITH PRIVACCESS XV – SOFTWARE BUYOUT V. VISTA MAKES NO REPRESENTATION REGARDING SUCH INFORMATION OR ANY OTHER INFORMATION SET FORTH IN THE MARKETING DOCUMENTATION FOR PRIVACCESS XV – SOFTWARE BUYOUT V TO THE INVESTORS AND EXPRESSLY DISCLAIMS ANY LIABILITY TO THE INVESTORS THEREFOR. VISTA HAS NO RESPONSIBILITY FOR UPDATING SUCH INFORMATION. THE HISTORICAL INVESTMENT PERFORMANCE OF VISTA PROVIDES NO ASSURANCE OF THE FUTURE PERFORMANCE OF THE VISTA FUNDS.
BNP PARIBAS Wealth Management disclaimer : This confidential document is communicated by the Wealth Management métier of BNP PARIBAS SA a French limited liability company with share capital of EUR 2,468,663,292 whose registered office is located at 16 boulevard des Italiens 75002 Paris, France, registered with the Paris Trade and Companies Registry under number 662 042 449, supervised and authorised as a Bank by the European Central Bank ("ECB") and in France by the French Autorité de Contrôle Prudentiel et de Résolution (“ACPR”) and regulated by the French Autorité des Marchés Financiers (“AMF”) (hereinafter BNP Paribas).
Vista Foundation Fund V-B SCSp is a Luxembourg a special limited partnership (société en commandite spéciale), formed under the laws of the Grand Duchy of Luxembourg and qualifies as an alternative investment fund pursuant to the Luxembourg Law of 12 July 2013 on alternative investment fund managers as amended ( the "AIFM Law"), (the "Master Fund"). Its General Partner is VFF V GP, S.à.r.l. a Luxembourg private limited liability company (société à responsabilité limitée). It is managed by ONE Fund Management S.A., a Luxembourg public limited company (société anonyme) and regulated by the Commission de Surveillance du Secteur Financier (“CSSF”) the Luxembourg financial regulator, appointed pursuant to an alternative investment fund management agreement and any replacement alternative investment manager to the Master Fund for the purposes of AIFM Law and Directive 2011/61/EU.
PrivAccess XV – Software Buyout V is a compartment of PrivAccess XV SICAV-RAIF SCA (hereinafter “Feeder Fund“) a Luxembourg investment company with variable capital, structured under the form of a Multi-Compartment Reserved Alternative Investment Fund, registered as a corporate partnership limited by shares, notified to the CSSF. It is managed by its general partner: PrivAccess General Partner S.à r.l., and Global General Partner SA, which is an Alternative Investment Fund Manager authorised by the Luxembourg CSSF, has been appointed to manage the Feeder Fund.
This material is confidential and intended solely for the use of the person to whom it has been delivered and must not be distributed, published or reproduced, in whole or in part nor may it be quoted or referred to in any document without the prior consent of BNP Paribas. This confidential document is provided solely for the purpose of providing general information and shall not constitute an offer, a solicitation or an investment advice nor shall it form the basis of or be relied upon in connection with any subscription or commitment. In addition, this confidential document and its content shall not in any way be construed as an advertisement, inducement or recommendation of any kind or form whatsoever. For the purposes herein, “BNP Paribas” means BNP PARIBAS SA and its respective affiliates and related corporations.
Although the information provided herein may have been obtained from published or unpublished sources considered to be reliable, and while all reasonable care has been taken in the preparation of this confidential document, BNP Paribas does not make any representation or warranty, express or implied, as to its accuracy or completeness and does not accept responsibility for any inaccuracy, error or omission nor any liability for the use of or reliance on this confidential document or any part of the information contained herein. Past performance is not a reliable indicator of future performance. BNP Paribas is not giving any warranties, guarantee or representation as to the expected or projected success, profitability, return, performance, result, effect, consequence or benefit (either legal, regulatory, tax, financial accounting or otherwise) of any security.
Prior to making any commitment, the investor should take advice from his legal, tax and financial advisors. Subscribers should be in a position to fully understand the features of the subscription and be financially able to bear a loss of their investment and be willing to accept such risk. Save as otherwise expressly agreed in writing, BNP Paribas is not acting as financial adviser of, or in any fiduciary capacity to, the subscriber in any subscription.
This confidential document contains only a summary of certain sustainability related aspects of the Feeder Fund and is not purported to be complete nor does it constitute an offer to invest in the Feeder Fund. It is not intended to be complete and will be qualified in its entirety by reference to the Issuing Document, which should be read in its entirety, in particular as regards the pre-contractual disclosure obligations under the SFDR, including how applicable sustainability risk factors are integrated into the decision-making process and their impact on returns. The descriptions or terms regarding sustainability-related aspects of the Feeder Fund in the Issuing Document shall prevail. See SFDR Sustainability-Related Disclosures (i) in the Issuing Document which has been communicated to you before your potential commitment into the Feeder Fund and which will remain available after your commitment into the Feeder Fund on the page https://services-uk.sungarddx.com/LogOn/128060, and (ii) in the SFDR Sustainability-related Disclosures which are available before your potential commitment into the Feeder Fund on the pages https://mywealth.bnpparibas.lu/content/dam/wealth/common/ggp/Website_Sustainability-Related_Disclosures-PrivAccess_XV-Software_Buyout.pdf andhttps://mywealth.bnpparibas.lu/content/dam/wealth/common/ggp/Website_Sustainability-Related_Disclosures-Summary-FR-IT-DE-SP-NL.pdf which will remain available after your commitment into the Feeder Fund on the page https://services-uk.sungarddx.com/LogOn/128060,”.
Any document containing additional information concerning the Feeder Fund and in particular the Issuing Document, the annual reports (which are made available to the investors on a regulatory basis after its investment in the Feeder Fund), the subscription document and the Master Fund documentation are available in English upon request from your relationship manager and from PrivAccess General Partner S.à r.l. (contact details below). If you want more information, especially on the structure of the Feeder Fund and the risks associated with an investment in this Feeder Fund, we advise you to read these documents.
PrivAccess General Partner S.à r.l. – 50, avenue J.F. Kennedy,
L-1855 Luxembourg – Grand-Duchy of Luxembourg
contact@ggp.bnpparibas.com – 00 352 4242 2000
The summary of investor rights is available here or on the page https://wealthmanagement.bnpparibas/lu/en/global-general-partner/Summary-of-investors-rights.html.
An investment in the Feeder Fund should be conditioned upon the previous reading and understanding of its Issuing Document and its Subscription Agreement, which are available in English only, and – in relation to the offer to non-professional investors in Italy, Germany and Belgium - its KIDs, which are available in the relevant language; such documents describe the rights and obligations of the investors. Therefore, prospective subscribers should not rely on any other information not contained in such Issuing Document, Subscription Agreement and Key Information Document (KID).
Under no circumstances will the Feeder Fund, PrivAccess General Partner S.a.r.l, Global General Partner SA, BNP Paribas, the Master Fund, VFF V GP, and ONE Fund Management S.A., pay or reimburse any current or future taxation in the subscribers’ country of origin, residence or domiciliation or wherever subsequent to the subscription, holding, conversion, sale or liquidation of ordinary shares in the Feeder Fund. The subscriber will be responsible for such payment or reimbursement.
No measures have been nor will be taken in any country or territory for the purposes of allowing a public offering of the investment described in this confidential document, or the holding or distribution of any document relating to this investment. These ordinary shares are not recommended by any federal or state securities commission or any other regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this confidential document. BNP Paribas, PrivAccess General Partner S.à r.l, Global General Partner SA, VFF V GP, and ONE Fund Management S.A. are separate legal entities.
This confidential document is not for distribution to US Persons and US Persons are not eligible to apply to become Shareholders in the Feeder Fund. The ordinary shares of the Feeder Fund will be offered and sold only outside the United States to persons who are not US Persons, in reliance on Regulation S.
The Feeder Fund has been notified, under the relevant provisions of the AIFMD, for marketing in Italy towards professional investors (as defined in Italy pursuant to art. 6, parr. 2-quinquies and 2-sexies, of the Legislative Decree n. 58/1998 as amended – “TUF” - and its implementing measures) and other categories of investors as identified pursuant to art. 14. 2 of the regulation implementing art. 39 of TUF adopted by the Italian Treasury with Decree n. 30 of 5 March 2015, as amended by Decree n. 19 of 13 January 2022 (and, in particular, pursuant to art. 14.2.b), to non professional investors who – within the context of the provision of investment advisory services – subscribe for or acquire shares of the Feeder Fund for an initial amount not lower than 100,000 Euros (initial amount not lower than 100,000 Euros for this Feeder Fund) (always provided that, by effect of such subscription or acquisition, the total amount of their investments in reserved AIFs does not exceed 10% of their financial portfolio; the initial participation amount is not fractionable).
In relation to the offer to non-professional investors in Italy – the Key Information Document (KID) in Italian of the Feeder Fund have been communicated to you before your potential commitment into the Feeder Fund (and in particular through dedicated URLs) and will remain available after your commitment into the Feeder Fund on the page https://services-uk.sungarddx.com/LogOn/128060 and the information on “Facilities available to retail investors” (both in English and in Italian) are available or on the public page https://wealthmanagement.bnpparibas/lu/en/global-general-partner/Information-about-the-facilities-Italy.html
More globally and in relation to the offer to non-professional investors in Belgium, Germany, Luxembourg and Italy, the Key Information Documents (KID) written in French, Flemish, German, Italian and English have been communicated to you before your potential commitment into the Feeder Fund (and in particular through dedicated URLs) and will remain available after your commitment into the Feeder Fund on the page https://services-uk.sungarddx.com/LogOn/128060
The Issuing Document of the Feeder Fund is also available for investors only on the same page https://services-uk.sungarddx.com/LogOn/128060.
By accepting this documentation, the subscriber agrees to be bound by the foregoing limitations.
BNP Paribas SA (2024). All rights reserved.