Vista Equity Partners has agreed to sell a less-than-20% stake in itself to a consortium led by Neuberger Berman’s private-equity unit Dyal Capital Partners, according to a letter to Vista investors reviewed by The Wall Street Journal.

The deal values Vista, which specialises in software, data and technology-related investments, at nearly $4.3 billion, according to people familiar with the matter. It gives Dyal and the other investors a share in Vista's management and performance fees, one of the people said.