FINANCE Magazin recognized Thoma Bravo Partner Irina Hemmers as one of Germany's leading dealmakers, naming her to its Top Dealmakers in Germany list. Now in its third year, the ranking is part of the publication's FINANCE+ series.
Read the English translation of Irina's feature profile below or on the FINANCE website here. View the complete list of winners here.
* This recognition is the opinion of the third party conferring the recognition and should not be considered an endorsement of Thoma Bravo. Finance Magazin released the feature “Irina Hemmers: Suddenly a Dealmaker” on August 20, 2025. The recognition was based on editorial selection by the outlet. There can be no assurance that other outlets would utilize the same criteria used to determine this recognition or reach the same conclusion.
Translation:
Finance (Online), Published on 20.08.2025, Author: Thomas Holzamer
Irina Hemmers: Suddenly a Dealmaker
Chance and a great deal of curiosity once led Irina Hemmers into the private equity industry. Nearly 25 years later, the top dealmaker heads the European office of Thoma Bravo. Part 7 of our Dealmaker series.
Whether it’s a veterinary practice, a police car, or the cockpit of an airplane – when it comes to their childhood dream jobs, most adults can still recall theirs quite well. It’s hardly surprising that the vast majority change their minds over the years and ultimately pursue a completely different career path. And often, chance leads to a surprising twist that later proves to be a great benefit – for both the individuals and their employers.
Such was likely the case with the decision that led Irina Hemmers into the private equity industry in 2001. Today, nearly 25 years later, Hemmers is a partner at the US private equity investor Thoma Bravo, heads its European office in London, and is considered one of the top dealmakers in Germany as well.
Curiosity Drew Hemmers into Private Equity
As the Austrian native reveals in an interview with FINANCE, her entry into the industry was more a result of curiosity. After studying at the University of Innsbruck and Tulane University in New Orleans, she initially spent three years in management consulting at McKinsey starting in 1996 – a job she enjoyed, but which, as Hemmers describes, usually ended with a PowerPoint presentation for the board.
However, McKinsey offered her the opportunity to complete a Master in Public Administration at Harvard Kennedy School. This came with the desire for a career change: Hemmers wanted to focus on international business. In her final year of study, several private equity firms took notice of her and made offers. “Back then, entering the industry wasn’t mainstream yet,” says the dealmaker.
Out of curiosity, Hemmers finally joined Apax Partners, where she entered the Global Media Investment Team and stayed until 2014. She soon realized that choosing private equity was the right decision. Of course, the first year or two, during which Hemmers worked as a generalist, were challenging. “Consulting prepares you for about 50 percent of the job; the rest comes from on-the-job experience and deep engagement with the topics – including on weekends,” she says.
What fascinated Hemmers even then was the deeper insight into companies’ day-to-day operations. Instead of focusing primarily on financial data and modeling, as she had in consulting, the move to an investment firm shifted her focus to the operational business of the companies in question.
Due Diligence in a Garbage Truck
The experienced dealmaker still remembers her first deal well – the acquisition of a waste management company. “As part of our due diligence, we went out in the garbage trucks and emptied the bins together with the employees,” she recalls. The reason for this unusual move: “To invest in a target with conviction, you need a deep understanding of the company’s business and the people driving it,” Hemmers emphasizes.
It is precisely this passion, Hemmers believes, that makes a good investor. And she has always remained true to this conviction. “That’s not quite as easy with software, of course,” she adds. Nevertheless, the experienced dealmaker still spends about 70 to 80 percent of her time preparing for a deal, getting to know the management and products of her targets in detail.
For this private equity professional, this also includes a fixed ritual before every closing. “For me, it’s a ‘cold-towel exercise’ that you should do before every signing,” she explains. The idea is to free yourself one last time from the emotions that inevitably arise after weeks of review and negotiation just before closing, and to question the chosen strategy once more. “A few years ago, we had a case in the media sector where the deal was actually called off at the last minute because of this exercise—and rightly so, as it turned out,” Hemmers reveals.
Hemmers Joined Thoma Bravo in 2023
After 13 years at Apax, she moved on in December 2014. After stints at Eight Roads, Tele2, and Waterhouse Capital, she joined Inflexion as a partner in June 2018. At the mid-market growth investor, she led the technology investment team.
Hemmers joined the US investor Thoma Bravo, which specializes primarily in the software sector, with the opening of its London office in spring 2023. By November, just a few months after joining, Hemmers had already closed her first deal for the software investor. Thoma Bravo put £341 million on the table for the purchase of Munich-based investor relations service provider EQS. The deal was the US investor’s first acquisition in Germany.
Since the opening of the London office, Thoma Bravo, under Hemmers’ leadership, has already made several investments in Europe, including in German software company USU and Swedish software provider Hypergene.
Thoma Bravo on the Hunt for Targets in the European Midmarket
In addition, at the beginning of this year, Hemmers and her team closed the first European fund – a milestone for the US investor. Thoma Bravo reports that it has already been investing in Europe for around 14 years, completing 16 transactions with a total equity share of €14 billion, but until now, there had been no dedicated fund for the region. With this fund, Thoma Bravo now aims to further expand its presence in Europe and specifically support software companies with expertise and investments in their growth strategies.
With a volume of €1.8 billion, Thoma Bravo says it exceeded its own target for the “Europe Fund.” The software investor did not disclose by how much, but emphasized to FINANCE that the oversubscription demonstrates the “great interest of international investors in German and European tech companies.” The capital raised is to be invested primarily in these companies – especially those from the midmarket.
Hemmers Has Already Closed First Deals with the New Fund
Hemmers and her team have already closed the first deals. “We’ve already invested about a third of the capital in four companies,” reports the Thoma Bravo partner. The money has gone into two German companies and two others in the Netherlands and Scandinavia.
Irina Hemmers draws her energy for the daily hunt for the perfect deal mainly from her private life. Maintaining a good work-life balance is important to her in order to recharge for the workday. Finding this balance in a highly competitive environment like private equity is no easy task. “Of course, it’s not always easy to find time for sports or personal downtime. But you know that if you want to work in private equity, and you accept it consciously,” she says.
Her insight: It’s always a stretch to reconcile private and professional life. Yet, as a mother of four, she can still switch off from work. “In the evenings, my children and their issues make sure of that – it brings you back down to earth very quickly,” she says, laughing.
Info
This article is the seventh part of the new season of our series “Germany’s Top Dealmakers,” in which we introduce you to the movers and shakers behind the most exciting deals in the Federal Republic. Stay tuned! Here you can find the parts from previous seasons as well as all future top dealmakers.
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