Private equity firm Vista Equity Partners has notified investors it’s planning to raise a new flagship fund later this year, according to people with knowledge of the matter.

The firm, led by billionaire Robert F. Smith, has yet to set a target for the fund, the people said, asking not to be identified because the matter is private. Formal fundraising efforts may begin toward the end of this year, one of the people said. A spokesman for Vista declined to comment on the firm’s fund formation plans.

The effort will test support for Vista from investors, including pension funds and endowments, following Smith’s admission that he evaded taxes for years and last year agreed to pay $139 million in back taxes, fines and penalties. Co-founder Brian Sheth left Vista in November.

Read more/Source: Bloomberg