Software investment firm Thoma Bravo has completed fundraising for Thoma Bravo Fund XV LP, a $24.3 billion fund, Thoma Bravo Discover Fund IV LP, a $6.2 billion fund and Thoma Bravo Explore Fund II LP, a $1.8 billion fund. The three new funds, all of which closed above target, have total capital commitments of $32.4 billion.
Thoma Bravo Fund XV, the largest tech-focused buyout fund ever raised according to the firm, 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.
Limited partners in the new funds include sovereign wealth funds, public pension funds, multinational corporations, insurance companies, fund-of-funds, endowments, foundations and family offices.
“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.”
Thoma Bravo has had an active year on both the buy and sell side, with new investments and exits totaling approximately $38 billion in combined enterprise value.
Thoma Bravo invests in the software and technology sectors with a specific interest in healthcare IT, security, financial technology, infrastructure, and applications. Currently, the firm’s software portfolio includes 55 companies that have approximately $20 billion of annual revenue and more than 75,000 employees. Over the past 20 years, the firm has acquired or invested in more than 420 companies representing more than $235 billion in enterprise value. Today, Thoma Bravo has $120 billion in assets under management with offices in Chicago, Miami, and San Francisco.
“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, a managing director, chief operating officer and the head of investor relations and marketing at Thoma Bravo. “We thank our investors for their continued confidence in Thoma Bravo.”
Kirkland & Ellis provided legal services to Thoma Bravo on this fundraise.
© 2022 Private Equity Professional | December 8, 2022
