Vista equity (~$4B incl. co-investors) written to zero; lenders (Blue Owl, Ares) took control, 2024
The rise & fall
7 moments Β· 2004β2024
The key moments, with employee sentiment along the way.
2004
π±
2004
Founded in Utah
Aaron Skonnard and co-founders start out teaching developers in classrooms; the online course library comes later.
Wikipedia
2017
π¦
2017
Joins the unicorn club
Developer skilling becomes a subscription business worth more than $1B.
Wikipedia
2021
π
2021
The peak: Vista takes it private for $3.5B$3.5B
The buyout is financed with ~$1.3B of debt priced at rock-bottom pandemic rates β cheap money with an expiry date.
Reuters
2022β23
2022β23
Rates rise, the debt turns toxic
As interest rates climb, the LBO debt grows unserviceable.
Axios
2022β23
π¬
From the inside Β· Glassdoor reviews, 2022β23
Glassdoor reviews traced the squeeze under Vista: employees pointed to a roughly 400-person layoff two weeks before Christmas 2022 β with U.S. engineering roles re-posted in India within days β then another round in 2023, frozen raises and thinner benefits.
2024
π
2024
Equity written to zero β out of the club
In Q1 2024 Vista marks its stake to nothing and creditors led by Blue Owl and Ares take the keys, wiping out roughly $4B that Vista and co-investors had put in.
Axios
Today
βοΈ
Today
Still private β the funds keep marking
BlackRock Credit Strategies Fund marks it at $0.91/share Β· -67% from its peak mark Β· as of Sep 2025
SEC NPORT-P
π¬ entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor β; dated facts carry their source.
How it happened
Pluralsight sells online courses and skill assessments that train software developers and IT teams. It went public in 2018 and was taken private by Vista Equity Partners in a $3.5B deal in 2021; its ~$1.3B of buyout debt, priced at low pandemic-era rates, grew unserviceable as rates rose.
In Q1 2024 Vista wrote its equity to zero and creditors led by Blue Owl and Ares took control, wiping out roughly $4B Vista and co-investors had put in.
Mutual-fund markdowns
4 funds Β· SEC NPORT-P
How U.S. mutual funds fair-value this still-private company in their quarterly SEC filings.
Per-share mark from peak
-67%
BlackRock Credit Strategies Fund
$2.79 β $0.91
as of Sep 2025
Fund
Class
$/sh
From peak
As of
BlackRock Credit Strategies Fund
$0.91
-67%
Sep 2025
Oaktree Diversified Income Fund Inc.
$0.98
-2%
Mar 2026
CION Ares Diversified Credit Fund
$1.00
+0%
Mar 2026
BlackRock HPS Credit Strategies Fund
$1.00
+0%
Mar 2026
Source: SEC EDGAR Form NPORT-P (Level-3 fair-value marks). Per-share marks reflect the fundβs own valuation of a specific share class and arenβt a company-wide valuation. Last refreshed Jun 2026.
Source: Axios; Reuters; Private Equity Wire
Founders
Aaron Skonnard
Co-Founder & CEO (~2004-2024)
Now Investor and Advisor at Skonnard Investments Β· LinkedIn β
Fritz Onion
co-founder
Still there β Cofounder and Content Advisor Β· LinkedIn β
Current roles as self-reported on LinkedIn, retrieved 2026-08-19. See our methodology.
