Robert Smith’s road to paying off Morehouse graduates’ loans started with his own graduation speaker by nathanvardi
WASHINGTON, DC - AUGUST 23: Portrait of billionaire philanthropist Robert Smith, after an interview by Lonnie G. Bunch III, director of the Smithsonian's National Museum of African American History and Culture, on August 23, 2016 in Washington, D.C.On Sunday, billionaire Robert Smith stood up to give a commencement speech and shocked the graduating class of Morehouse College by pledging to pay off their student loans.
The speaker at Smith’s Columbia graduation was John Utendahl, who founded a pioneering black-run investment bank. Utendahl noticed the young African-American man sitting among the other Columbia Business School graduates. Utendahl sought Smith out after the ceremony and invited him to lunch. Over tuna sandwiches, Utendahl convinced Smith to ditch his other plans and give investment banking a try, helping Smith land a job at Goldman Sachs.
Vista Equity Partners, the private equity firm Smith founded, is now one of the most successful investment firms on the planet. It manages $46 billion in assets and has generated top financial returns that are the envy of Wall Street. Vista invests exclusively in software companies and uses Smith’s carefully designed playbook to manage them. Forbes MagazineWhen Smith started Vista, private equity players mostly avoided investing in software companies because banks would not lend against them.
Vista is well known on Wall Street for returning cash to its investors. Smith’s close partner, Brian Sheth, heads the deal team at Vista and is always on the lookout for a quick exit. Last year, for example, Vista sold marketing automation software company Marketo for $4.75 billion, making $3 billion in just two years.
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