Thoma Bravo has raised more than $34.4bn across three private equity funds, marking one of the largest software-focused fundraising efforts in recent years and underscoring sustained investor appetite for the firm’s high-conviction buyout strategy.
The fundraise includes $24.3bn for Thoma Bravo Fund XVI, $8.1bn for Discover Fund V, and €1.8bn ($2bn) for the firm’s inaugural Europe Fund, which was previously announced. Each vehicle exceeded its target, with the flagship and Europe funds hitting hard caps and Discover Fund V growing commitments by more than 30% over its predecessor vintage.
The fundraising success comes amid a more selective capital environment, where LPs have concentrated commitments with established managers. Backers included a diverse global mix of sovereign wealth funds, public pensions, insurance firms, corporates, endowments, family offices, and fund-of-funds.
“This fundraise is a testament to the strong relationships we’ve built with our investors over many years,” said Orlando Bravo, Founder and Managing Partner at Thoma Bravo. “It reflects their belief in our ability to generate meaningful results by partnering with leading software companies and helping them scale profitably.”
Thoma Bravo’s strategy centres on control-oriented investments in enterprise software and technology firms, deploying both operational resources and a sector-specialist approach to value creation. The firm’s software portfolio currently includes over 75 companies generating $30bn in annual revenues, supported by a global headcount of 93,000 employees.
The raise follows an active 12-month period for the firm, with combined buyouts and exits representing around $35bn in enterprise value. While Thoma Bravo has historically focused on the US market, its new Europe fund signals a deepening commitment to international dealmaking.
“All three funds far exceeded their targets,” said Jennifer James, Managing Director, COO and Head of Investor Relations & Marketing. “This reflects the depth of our investor partnerships and their continued conviction in our ability to deploy capital effectively across market cycles.”
Thoma Bravo has now raised over $130bn since inception. The firm has invested in more than 535 software companies over the past two decades.
Kirkland & Ellis served as legal counsel on the fund formation.
