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Thoma Bravo amasses USD32.4 billion in record tech-focused buyout fundraise

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Thoma Bravo, the USD120 billion US-based private equity firm specialising in the software and technology sectors, has raised more than USD30 billion in its latest fundraising round – including the launch of the largest ever tech-focused buyout fund.

The firm – which has offices in Chicago, Miami, and San Francisco – announced the completion of fundraising for three new buyout funds, with total capital commitments coming in at USD32.4 billion.

The three new funds are: Thoma Bravo XV Fund, which closed at USD24.3 billion and is the largest tech fund yet raised; Thoma Bravo Discover Fund IV, a USD 6.2 billion fund focused on middle-market equity investments; and Thoma Bravo Explore Fund II, a USD1.8 billion fund which will target lower middle-market investments.

In a statement, the firm said that all three funds had surpassed their fundraise targets, demonstrating “the strong support by Thoma Bravo’s diverse network of investors for the firm’s buyout strategies”.

“We are honoured and grateful for the close partnership formed with our long-term investors, and humbled by their continued support of our organisation,” said Orlando Bravo, 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 first-hand how our partnership with management teams can turn great innovators into great companies, yielding fantastic results.”

The firm said investments in the funds will follow 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.

“We are energised 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 and marketing. “We thank our investors for their continued confidence.”

Thoma Bravo said it has had an active year on both the buy and sell side, with buyout fund investments and realisations representing approximately USD38 billion in combined enterprise value. 

The firm’s buyout funds have invested in more than 400 software companies, and the group’s software portfolio includes over 55 companies that generate approximately USD20 billion of annual revenue and employ over 75,000 staff globally.

The firm said commitments to the funds were secured from its broad network of investors, including sovereign wealth funds, public pension funds, multinational corporations, insurance companies, funds-of-funds, endowments, foundations, and family offices.

Thoma Bravo is one of the largest private equity firms in the world, with more than USD120 billion in assets under management as of the end of September. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Over the past 20 years, the firm has acquired or invested in more than 420 companies representing over USD235 billion in enterprise value. 

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