VISTRA FUND MANAGEMENT S.A.

Thesis

Vistra Fund Management S.A. is a Luxembourg-based entity specializing in fund administration and management services, acting as a crucial operational and administrative support provider for investment funds, particularly in the private equity, real assets, and private credit sectors. It is a subsidiary of the Vistra Group. The firm's core business is enabling fund managers to establish and operate their funds efficiently and compliantly by offering services such as fund structuring and administration (including AIFs and UCITS), financial reporting, NAV calculations, investor relations, distribution support, and operational transformation. Vistra Fund Management S.A. operates globally, with a presence in over 50 markets, and supports a significant portion of top private equity firms. As of recent data, the firm has approximately $4.6 billion in AUM and manages 18 funds. The broader Vistra Group reports $1 trillion in assets under administration. Unlike traditional investment firms, Vistra Fund Management S.A. does not engage in direct investments and therefore does not have a typical check size per deal; its revenue is generated through service fees.