Monti Saroya, Senior Managing Director and Co-Head of Flagship Fund for Vista Equity Partners, joined Julie Cooling, Founder and CEO of RIA Channel, at iCapital Connect 2026 to discuss the evolution of AI software and how Vista Equity Partners is positioning enterprise companies for the next phase of agentic AI adoption.
Saroya explains that technology has evolved significantly over the last two decades, transitioning from on-premise software to cloud-based platforms and now to AI-driven systems. He notes that traditional AI, which relies on fixed rule sets, was widely utilized during this period. However, the emergence of large language models, such as ChatGPT, ushered in a new wave of generative AI adoption, which operates probabilistically rather than producing the same output each time.
Saroya notes that the industry is now implementing agentic AI, where AI-powered agents interact directly with software systems. These unique agents are created using different data sets and contextual information embedded within the software. He adds that this context is critical, as it enables agents to understand complex workflows across industries such as insurance, healthcare, and billing. It also provides the necessary security, auditability, and regulatory frameworks to support scale and trust.
From a consumer versus enterprise perspective, Saroya notes that the differences between generative and agentic AI are significant. While consumers can tolerate occasional inaccuracies from chatbots, enterprise firms in industries such as insurance require complete accuracy and auditability from AI agents at all times.
As AI adoption continues, Saroya explains that Vista Equity Partners, a software-focused investment firm, is building enterprise AI systems capable of delivering valuable scale. He notes that AI code generation can improve a firm’s profitability by offsetting the high cost and scarcity of engineering talent. At the same time, agentic AI is unlocking new ways to execute work beyond traditional human users, which Saroya believes could meaningfully augment growth.
For investors, Saroya highlights the importance of identifying the firms capable of shepherding this AI transition. He points to Vista Equity Partner’s internal AI Factory and strategic partnerships, including Microsoft, Google, Anthropic, and OpenAI, as key advantages to help enterprise firms evolve into scalable, next-generation companies.
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