[wb36]

"Vista has yet to unload some of its biggest bets,"

Translation - the majority of the returns reported here are based on estimated valuations calculated by Vista rather than actual returns resulting from business sales. It goes without saying that 99.99% of the time this means the returns are inflated. It is possible that they've only calculated returns based on companies sold, but unlikely.

So not only can they manipulate the valuation on firms they haven't sold to make their funds look better. Even with that + the ability to fudge IRR numbers, their last few fund returns are not so mind blowing that we should believe these guys have a magic formula.