Vista Equity Partners, the private equity founded by Robert Smith, is closing on more than $20 billion for its eighth flagship fund, according to a letter sent to investors and obtained by Axios.

Vista extended its fundraising to rake in more capital than its initial $17 billion. This is the firm's largest fund to date.

Vista is going big on AI with its new fund.

• "You will also hear more about how we have adopted generative artificial intelligence not just as a tool but as a pivotal component of our value creation and underwriting processes," Smith writes to investors in reference to the firm's annual general meeting, which kicked off Wednesday night.
• "This has enabled us to identify and capitalize on opportunities, including dramatically expanding TAM, product innovation, GTM strategies, with greater precision and speed, ensuring that we stay ahead of the curve in a rapidly evolving market landscape," he adds.
• Limited partners were treated to an on-stage conversation between Smith and OpenAI CEO Sam Altman during the event's opening dinner last night.

Like other investors, Vista is making the case that the sheer size of AI's opportunity needs capital firepower to match.