Vistara Growth

Vistara provides a combination of growth debt and minority growth equity, often within a single facility. Its growth debt typically takes the form of a long-term, non-amortizing term loan with a payment-in-kind (PIK) interest structure, lasting up to five years. The firm can also participate in or lead equity rounds, including converting prior debt investments.

Vistara focuses on mid-to-late-stage growth technology companies. It seeks firms that have established product-market fit and require capital to scale organic growth, finance acquisitions, or provide shareholder liquidity. The firm is willing to work with both founder-owned, bootstrapped companies and venture-backed businesses.

Founder Randy Garg leads the firm and was inducted into the BC Innovators Hall of Fame in 2025. Key team members include Noah Shipman, John O'Donoghue, Neil Kenley, and Kevin Barber. The firm operates with a lean team of roughly 14 professionals based in Vancouver and Toronto.

Vistara Growth's typical investment size ranges from $10 million to $50 million per company. The firm has deployed hundreds of millions of dollars in total capital since its founding in 2015, targeting leading technology companies across North America.

Vistara Growth invests directly into companies, using a hybrid structure of debt and equity. It does not operate as a fund-of-funds and there is no public evidence of it participating in third-party private equity or venture capital fund commitments. Its focus remains on direct, tailored capital solutions for individual portfolio companies.

Vistara Growth does not publish an explicit sector exclusion list. However, its disclosed portfolio is concentrated in enterprise software, AI/ML, cybersecurity, and digital health, with no public positions in sectors such as hard infrastructure, energy transition, or life sciences. The firm consistently positions itself as a technology-focused investor.

Beyond lending, Vistara structures minority equity investments and can convert its debt positions into equity. The firm also acts as a capital-structure advisor, demonstrated when it helped portfolio company Mobify source a separate low-cost operating facility from a traditional bank. This places Vistara between a pure-play venture bank and a growth equity firm.