Vista Equity Partners has begun coordinating and underwriting debt transactions for its own portfolio companies, a move that brings the buyout group in line with peers such as KKR and Carlyle, according to a report by Bloomberg citing unnamed people familiar with the matter.

Through its capital markets arm, Vista has recently acted as bookrunner on financings for at least four portfolio companies, including Avalara, Duck Creek Technologies, Cloud Software Group, and Infoblox. The firm secured regulatory approval in June to broker such deals but is not providing capital itself, instead working on a best-efforts basis.

The strategy allows Vista to capture additional fee income — potentially as much as 2% of the debt raised on more complex M&A financings — at a time when private equity exits through IPOs and trade sales remain subdued.

Vista most recently bookran a $760m leveraged loan deal for Infoblox, which funded a shareholder dividend, and helped refinance debt at Cloud Software Group, a business moved into a continuation vehicle earlier this year.

By stepping into debt underwriting, Vista joins other large managers diversifying revenue streams and deepening control over portfolio company financings. KKR’s capital markets unit and Carlyle’s equivalent platform have already been active as bookrunners on debt raises for portfolio assets this year.