Robert Smith joins The Forbes 400 with a $2.5 billion fortune

Story by Harvest Magazine
Written by Teri Washington

Robert F. Smith joins The Forbes 400 with a $2.5 billion fortune and a No.268 spot on the list of the richest Americans.

Robert F. Smith is the second-richest Black person in America, but you’ve probably never heard of him.

The Denver native isn’t an entertainer, athlete, or media personality, but he’s quietly built his $2.5 billion fortune as the chairman and CEO Vista Equity Partners, a private equity firm with approximately $15.9 billion in client assets.

Smith, a self-described computer science geek, earned a chemical engineering degree from Cornell before heading off to Columbia University for a MBA. After working for Goldman Sachs for six years, he decided to do his own thing, and started Vista in 2000. The firm invests in enterprise software companies, and according to Smith’s Forbes cover story it’s made a “killing,” regularly turning out 30 percent returns.

In spite of his enormous wealth and Wall Street track record, Smith admitted still experiencing racism, particularly when he’s trying to appeal to investors. “I still see it when I raise funds,” he told the New York Times last year. “I know that’s the reason certain limited partners don’t back us.” Still, Smith persists, and it shows in his business. Word around the industry is Smith’s firm has never lost money on an investment, and according to the magnate, Vista’s returns “are better than Warren Buffett.”

Smith also became the second richest African-American after only Oprah Winfrey, No. 211, passing up Michael Jordan (Yes, THAT Michael Jordan) No. 1741 on the global Billionaires list. Smith is the founder, chairman and chief executive of Vista Equity Partners, an Austin, Texas, private equity firm with $15.9 billion in client assets.