Thoma Bravo’s $24.3B Fund XV is Largest Technology Buyout Fund Ever Raised
Demonstrates Confidence in Thoma Bravo’s Long-term Strategy of Investing in Market-leading Software Companies
CHICAGO, SAN FRANCISCO AND MIAMI—Thoma Bravo, a leading software investment firm, today announced the completion of fundraising for its buyout funds totaling more than $32.4 billion in capital commitments: Thoma Bravo Fund XV, a $24.3 billion fund, Thoma Bravo Discover Fund IV, a $6.2 billion fund and Thoma Bravo Explore Fund II, a $1.8 billion fund (the “Funds”). Each fund surpassed its target, demonstrating the strong support by Thoma Bravo’s diverse network of investors for the firm’s buyout strategies. Thoma Bravo Fund XV represents the largest tech-focused buyout fund ever raised.
“We are honored and grateful for the close partnership formed with our long-term investors, and humbled by their continued support of our organization,” said Orlando Bravo, a Founder and Managing Partner at Thoma Bravo. “This fundraise will enable us to further our strategy of collaborating with management teams to build leading software companies. Having invested in more than 400 companies, we have seen firsthand how our partnership with management teams can turn great innovators into great companies, yielding fantastic results.”
Investments in the Funds will advance Thoma Bravo’s established strategy and partnership-driven approach of applying operational and sector expertise to investments across healthcare IT, security, financial technology, infrastructure and applications. Thoma Bravo Fund XV will target large equity investments; Thoma Bravo Discover Fund IV will target middle-market equity investments; and Thoma Bravo Explore Fund II will target lower middle-market equity investments.
“We are energized by our investors’ strong support of the largest fundraise in Thoma Bravo’s history, and of the largest tech fund ever raised, all against the backdrop of a challenging economic and geopolitical environment,” said Jennifer James, Managing Director, Chief Operating Officer and Head of Investor Relations & Marketing at Thoma Bravo. “We thank our investors for their continued confidence in Thoma Bravo.”
Thoma Bravo has had an active year on both the buy and sell side, with buyout fund investments and realizations representing approximately $38 billion in combined enterprise value. The firm’s buyout funds have invested in more than 400 software companies, and today, the software portfolio includes over 55 companies that generate approximately $20 billion of annual revenue and employ over 75,000 staff globally.
Commitments to the Funds were secured from Thoma Bravo's broad network of investors, including sovereign wealth funds, public pension funds, multinational corporations, insurance companies, fund-of-funds, endowments, foundations and family offices.
Kirkland & Ellis served as legal advisor for the Funds.
About Thoma Bravo
Thoma Bravo is one of the largest private equity firms in the world, with more than $120 billion in assets under management as of September 30, 2022. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging the firm’s deep sector expertise and proven strategic and operational capabilities, Thoma Bravo collaborates with its portfolio companies to implement operating best practices, drive growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings. Over the past 20 years, the firm has acquired or invested in more than 420 companies representing over $235 billion in enterprise value.1 The firm has offices in Chicago, Miami and San Francisco. For more information, visit www.thomabravo.com.
1 Includes control and non-control investments.
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