Thoma Bravo

Thoma Bravo stands as a preeminent private equity firm, globally recognized for its deep specialization in the software and technology sectors. Headquartered in Chicago, the firm has cultivated a formidable reputation for its distinctive "buy and build" investment strategy, which focuses on acquiring controlling stakes in established, profitable software companies. Thoma Bravo's approach involves a rigorous operational improvement methodology, leveraging its extensive industry expertise to enhance portfolio companies' performance, often followed by strategic add-on acquisitions to drive growth and market consolidation. This highly focused strategy has enabled the firm to consistently deliver strong returns and establish itself as a dominant force in technology private equity.

The firm manages an impressive portfolio, with assets under management (AUM) exceeding $130 billion as of early 2024. This substantial capital base allows Thoma Bravo to execute large-scale transactions, ranging from significant growth equity investments to multi-billion dollar buyouts. For instance, their flagship fund, Thoma Bravo Fund XV, successfully closed at $17.8 billion in commitments in 2022, underscoring the firm's capacity for substantial capital deployment. Their investment philosophy centers on identifying mission-critical software businesses with strong recurring revenue models and opportunities for operational optimization and strategic expansion.

Thoma Bravo's typical investment involves acquiring a majority stake, making their "first cheque" a substantial equity commitment rather than a minority venture capital round. While specific check sizes vary widely based on the target company's valuation and capital structure, their equity investments typically range from hundreds of millions to several billion dollars per transaction. The firm is renowned for its disciplined approach to valuation, its ability to navigate complex transactions, and its hands-on operational engagement with portfolio companies. Their track record includes numerous successful exits and a consistent ability to identify and scale leading software enterprises across various sub-sectors, including cybersecurity, financial technology, and enterprise software.