Normally PE funds are know for not writing things down due to a few reasons: - they are private so whose to say what its worth - rolling funds where as one fu

Normally PE funds are know for not writing things down due to a few reasons: - they are private so whose to say what its worth - rolling funds where as one fund closes the new fund that is raising can take in those positions so no need to mark down or try and sell those positions at firesale prices. This is a bit different as this is a "dropdown". Here the company is moving some IP into a new company and using that to get new financing, hence Pluralsight being written down to zero. Existing lenders get less security so this is often used to bring in new lenders money to pay off old lenders and get in new ones at better rates. Vista probably made money here by having their old debt bought out so they may not be to unhappy about this and this isn't a position going to zero as is being reported.