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Robert Smith remains America’s richest Black billionaire with $11.9 billion net worth

America’s richest Black billionaire Robert Smith, the founder of one of the biggest tech-focused private equity firms in the United States, Vista Equity Partners, has solidified his place as a big name in the global tech industry.

With a net worth of $11.9 billion, according to the Bloomberg Billionaires Index, Smith is the richest Black billionaire in the United States, and the second-wealthiest Black person in the world, trailing Africa’s richest man Aliko Dangote who is presently worth $19 billion.

In the past year, Smith’s net worth has increased by $2.95 billion, from $8.9 billion on Jan. 25, 2022, to $11.9 billion at the time of this report, making him the 162nd richest man in the world according to data retrieved by Billionaires.Africa.

Smith’s fortune is largely linked to his stakes and private investments in Vista Equity Partners, the global technology investment firm he founded in 2000.

His $11.9-billion fortune is made up of his 50-percent stake in Vista Equity Partners, which is valued at $3.9 billion, and another $8 billion from his personal assets in the private equity firm.

With more than $50 billion in assets and a yearly return of 22 percent since its inception in 2000, Vista Equity Partners has quickly grown into an industry leader and is one of the most active private equity investors in the technology sector.

Under Smith’s leadership, the firm continues to leverage its cash holdings and the recent decrease in the valuation of technology companies to take up stakes in companies with enormous economic potential.

In the first half of 2022, Vista Equity added 11 new portfolio companies and closed 18 add-on transactions across its Flagship, Foundation, Endeavor, and Perennial funds.

Recently, Vista Equity entered into a definitive agreement to acquire Duck Creek Technologies, an innovative provider of intelligent solutions for the property and casualty insurance industry.

The all-cash transaction is valued at $2.6 billion and will see Duck Creek shareholders receive $19 per share, representing a 46-percent premium to Duck Creek’s closing stock price on Jan. 6, 2023, the last full trading day prior to the transaction announcement.

Smith’s success and net worth are a testament to his strategic investments in software and technology companies through Vista Equity Partners. He continues to prove his worth in the industry and is a shining example of the potential for wealth creation in the technology sector.


Source: billionaires.africa

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