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Robert Smith Scours Globe for $20 Billion Comeback After Tax Case

His new buyout fund has raised more than $12 billion, but some past clients are reluctant to join after tax case

Robert Smith
Robert SmithPhotographer: Patrick T. Fallon/Bloomberg
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Buyout titan Robert Smith is trying to stage one of the most epic comebacks in US money management: seeking a record $20 billion for a new tech-focused fund at his Vista Equity Partners two years after settling a federal probe into personal tax evasion.

It isn’t proving easy.