• Jefferies, Campbell Lutyens advising
• CV expected to raise around USD 750m
• Behavioral Health Group among assets to be included from older Vistria funds

The Vistria Group is running a process to raise a multi-asset continuation vehicle (CV) for assets held in older funds, according to five sources familiar with the situation.

The vehicle, which will include multiple assets, is expected to raise around USD 750m, with a final close expected by the end of the year or early in 2026, two of the sources added.

This comes after an initial close for the multi-asset CV was held in September. Partners Group is the lead investor for the CV, said two of the sources.

Vistria is being advised by Jefferies on the transaction, according to the five sources. Two of the sources said that Campbell Lutyens is also advising the Chicago-based financial sponsor as it works to secure further investors ahead of a final close. Campbell Lutyens also appears as the placement agent on a regulatory filing submitted on 17 October for Vistria Agua CV to the Securities and Exchange Commission.

The assets to be transferred are from Vistria’s first and second funds, with the CV intended to provide growth capital to some of its portfolio companies from these vehicles, as well as deliver liquidity to Fund I and Fund II investors. Vistria’s Fund I closed in 2014 with over USD 400m in commitments, while Fund II closed in 2017 on USD 872m, according to a press release.

One of the assets included is Dallas-based Behavioral Health Group (BHG), a provider of outpatient opioid addiction treatment services, said some of the sources. BHG generates around USD 70m EBITDA, these sources added. Vistria invested in BHG in 2018. At that time, it was deploying Fund II.

A chiropractor-related company may also be among the other assets included, added one of the sources. Chiro One is listed as a portfolio company on Vistria’s website. Vistria invested in the business in 2017, via acquiring Medulla, a provider of chiropractic services, which had earlier purchased the assets of Oak Brook, Illinois-based Chiro One.

Vistria closed its Fund V on USD 3bn in January. The firm has almost USD 16bn in total assets under management (AUM) across its various funds and co-investment vehicles. Vistria invests in the healthcare, knowledge and learning solutions, financial services, and housing sectors. As well as private equity, the firm has added credit and real estate strategies.

Vistria, Jefferies and Partners Group declined to comment. Campbell Lutyens did not return requests for comment.