Vista Ridge Capital is an independent investment firm providing diversified private capital portfolios to ultra-high net worth families and institutions through investments in private equity and private credit strategies.


Private Equity

Within private equity, we create private equity portfolios that are diversified by subsector and by geography. Investments are in both private equity funds as well as directly in companies through transactions being sponsored by our underlying fund managers. We seek to partner with experience fund managers who have a history of generating superior risk-adjusted returns across multiple fund lifecycles and in a variety of business and economic environments.

We look for investment opportunities in:

  • Buyouts and control investments
  • Growth equity and minority capital
  • Special situations & distressed/turnaround opportunities
  • Venture capital and early stage investments

Our direct investments are generally constrained to buyout transactions though we will selectively consider other opportunities.

Private Credit

Within the private credit asset class, we are a direct investor and largely focus our investments in the specialty finance sector within the US. Our investment vehicles target secured loans, leases and other asset-backed structures generating high current income at attractive risk levels.

Investment types include:

  • Asset-based loans
  • Factoring lines
  • Equipment leases and financing
  • First and second lien senior term loans
  • Loan portfolios that encompass some or all of the above securities

We are also open to working with other specialty finance companies that are focused by geography or industry and that need to syndicate their loans with a long-term capital partner.

We don’t expect our partners to fall neatly into the above categories and welcome inquiries from managers with unique or specialized strategies that promise exceptional returns from all the major economic regions of the world.


We are long-term investors, and as patient capital making long-term commitments, we evaluate not just the opportunity but try to identify areas where we can assist as value-add investors. Once we are comfortable with the team and the strategy, we generally are able to move rapidly through the diligence process and get to a decision point.

Vista Ridge Capital has an open door philosophy and welcome inquiries from managers new to us. We typically spend a significant amount of time getting to know members of the investment teams before making a capital commitment, and are keen on meeting with managers long before they start the formal fundraising process.


Dilip Ratnam

Managing Partner

Dilip is a co-founder and Managing Partner of Vista Ridge Capital Partners. He has over 30 years of private equity, venture capital and operating experience. He previously was a Managing Director with a family of funds investing in private equity and venture capital in the technology sector. Prior to that, he was Managing Director driving the private equity practice at an alternative investment firm. He previously handled corporate development for a Bay-area software company where he completed a number of transactions and participated in taking the company private through an LBO with a large technology buyout firm. He started his investment career at one of the largest corporate venture capital programs in the technology sector.

Dilip currently serves as a member of the Council for the Knight Cancer Institute at the Oregon Health and Sciences University, and as a Trustee of The Library Foundation. He previously served as a Trustee of the Oregon Museum of Science and Industry.

Don Vollum

Managing Partner

Don is a co-founder and Managing Partner of Vista Ridge Capital Partners. He has over 20 years of experience investing in private equity and venture capital funds as well as direct investment experience. He previously served in a management and investment role at a family investment office. He has also served as the Managing Partner of two private equity partnerships investing in technology, life sciences and clean tech companies.

Don is a Trustee of the Portland State University Foundation, the Providence St. Vincent Foundation, and the Columbia River Maritime Museum. He is a past Board Chair of the Oregon Museum of Science and Industry, and previously served as a Trustee of the Catlin Gabel School and as the Board Chair of the Portland Children’s Museum.


Vista Ridge Capital provides its investors with access and exposure to the private capital asset class through two primary investment strategies.

In private equity, we provide our investors with access to a diversified portfolio of experienced managers across all sectors and geographies. Within North America and Europe, our primary investment focus is on smaller and mid-size funds that we believe have the potential to deliver outsize results. In other regions, where the private equity industry is less well-developed, we tend to look for larger, more seasoned managers who have deep roots in their respective economies.

Our private credit investments target the lower middle market in the US. We seek to structure loans that are asset-backed and have significant tangible collateral available as downside protection. Real estate investments are not an area of focus for us.

Quarterly Updates

Jay Fewel 1955-2018

We want to remember the passing of our friend, advisor and mentor, Jay Fewel. We first met Jay when we were in the early stages of developing the concept which became Vista Ridge Capital. At that time, Jay was already a giant in the private equity community, and the...

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Q4 2016

Well, that was interesting! We have been in the middle of several conversations regarding the effect of the incoming Trump administration on a variety of economic and financial issues. Dilip was a panel speaker at a private equity conference in Dallas in December,...

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Q3 2016

Much has been written about the present period of slow economic growth. In the medium to long term, economic growth consists of population growth plus productivity growth. While population growth in the US has slowed a bit in recent years, the main driver for our slow...

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Mailing Address

707 SW Washington St., Suite 1418

Portland, OR 97205