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Robert F. Smith is the billionaire investor who owns Vista Equity Partners. (Shutterstock)

Six months after Austin billionaire Robert Smith reached a $140 million tax evasion settlement, two leaders at Smith's private equity firm Vista Equity Partners are stepping down, according to Bloomberg.


Senior dealmakers Alan Cline and Rob Rogers, both Austin-based senior managing directors, are stepping down from the firm. Cline will be replaced by Rachel Arnold as co-head of the Vista Endeavor Fund with René Yang Stewart, while Patrick Severson will be taking the co-head of the Vista Foundation Fund next to Marc Teillon.

Both Cline and Rogers have been with the company for around two decades, with Cline joining in 2001 and Rogers coming on in 2002. Just like Vista's founder Smith, both hail from Goldman Sachs Group Inc.

Alongside his position on the Vista Endeavor Fund, Cline was on the investment committee and executive committee. Rogers was co-head of the Vista Foundation Fund and also sat on the private equity management committee. He will step down from those roles but will stay on the Foundation Fund's investment committee, a source told Bloomberg.

Vista has seen others step down after Smith agreed to pay around $140 million to settle a four-year criminal tax investigation, in which Smith managed to avoid prison time. His longtime partner, Vista president Brian Sheth, stepped down a few weeks after the scandal was made public.

Smith is the richest Black man in the nation. Years before Austin emerged as a tech hub, Smith and Sheth, a billionaire himself, relocated their main office to Austin in 2011 and invested millions in tech and software startups across the country.

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Ingredients:

  • 1 1/2 oz of hibiscus-infused Tito's Handmade Vodka
  • 2 oz sparkling water
  • 1 oz fresh lime juice
  • 3/4 oz simple syrup
  • 1 tsp allspice dram
Directions: Add infused Tito's Handmade Vodka, lime juice, and simple syrup to a shaker with ice. Shake and strain into a glass over fresh ice. Top with sparkling water, and garnish with a lime slice. Enjoy!

More people left Los Angeles than moved to the city in 2020, a pattern that can be seen in many California cities. (City of Los Angeles/Twitter)

A week after Texas added two congressional seats and California lost one, state officials reported a population decline in 2020 for the first time in the Golden State's history.

California fell by over 182,000 people from January 2020 to January 2021, dropping almost 0.5% to cap out at around 39.5 million people. It is still the nation's most populous state.

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