The results are in: Vista Equity Partners is the most aggressive private equity deal sponsor, according to a measure by Xtract Research.
After years of deteriorating quality in so-called covenants — promises in debt agreements that are supposed to restrict corporate borrowers from doing anything that might erode the debt’s value — Xtract began tracking the quality of deals, assigning a score of zero (weak) to 10 (strong), based on risks to collateral and other factors.