MIAMI, NEW YORK and SAN FRANCISCO—Thoma Bravo, a leading software investment firm, today announced a strategic minority investment in SDC Capital Partners (“SDC”), a leading global digital infrastructure investment firm. Thoma Bravo will fund the transaction from its balance sheet.
Founded in 2017 by industry veteran Todd Aaron, SDC specializes in developing and investing in the infrastructure that powers the digital economy. SDC’s commercial and engineering teams develop large-scale data center capacity for hyperscalers in the most important and supply-constrained markets around the world. SDC’s flexible capital solutions also enable it to partner with leading management teams to deliver transformative, next-generation data center, fiber, wireless and cloud-services infrastructure. Since its inception, SDC has completed over 25 investments across North America, South America and Europe.
As one of the world’s largest software-focused investors, Thoma Bravo shares SDC’s philosophy of having a disciplined and specialized investment approach. Through its portfolio of more than 70 leading software companies, Thoma Bravo is one of the largest and most strategic customers of the world’s leading hyperscalers. Thoma Bravo’s relationships can help further strengthen and enable the expansion of SDC’s platform as demand for compute and connectivity continues to accelerate globally.
“Thoma Bravo is one of the world’s most admired investment firms and shares our view on the benefits of a sector-focused and operationally oriented approach,” said Todd Aaron, Founder and Managing Partner of SDC. “Their portfolio provides them a unique, front-line perspective on the opportunities and challenges of digital infrastructure and the implications of AI and cloud computing. We look forward to leveraging their expertise as we continue to grow our platform, drive greater value for our investors and build the digital infrastructure that underpins the global economy.”
“We see firsthand how the rapid growth in AI, cloud computing and advanced technologies is driving unprecedented demand for secure, scalable and resilient digital infrastructure,” said Holden Spaht, a Managing Partner at Thoma Bravo. “Todd has been a leading operator and investor in digital infrastructure for the last 25 years, and SDC’s disciplined asset selection and operational model have delivered for their investors. We see tremendous opportunities in this space and are excited to see SDC accelerate the digital transformation of the global economy.”
Piper Sandler is serving as the exclusive financial advisor and Kirkland & Ellis LLP is serving as legal counsel to Thoma Bravo. Houlihan Lokey is serving as financial advisor and Kirkland & Ellis LLP is serving as legal counsel to SDC Capital Partners.
About Thoma Bravo
Thoma Bravo is one of the largest software-focused investors in the world, with over $181 billion in assets under management as of June 30, 2025. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo's deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in approximately 555 companies representing approximately $285 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, Dallas, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo's website at thomabravo.com.
About SDC Capital Partners
SDC Capital Partners, LLC is a global digital infrastructure investment firm with approximately $7.8 billion of assets under management as of June 30, 2025. SDC invests in data centers, fiber networks, wireless infrastructure, and associated businesses, with a focus on opportunities to leverage its development capabilities and deep operational expertise in partnership with exceptional teams to create value. For more information, visit www.sdccapitalpartners.com.
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