Software focused private equity firm
Overall Rank: 10
Category: Mid/Large Cap Growth
Category Rank: 8
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Thoma Bravo is one of the largest software investors in the world, with more than US$131 billion in assets under management as of June 30, 2023. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo’s deep sector expertise and strategic and operational capabilities, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20 years, the firm has acquired or invested in more than 450 companies representing over US$250 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, London, Miami, New York and San Francisco.
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Orlando Bravo is a Founder and Managing Partner of Thoma Bravo. He led Thoma Bravo’s early entry into software buyouts and built the firm into one of the top private equity firms in the world. Today, Orlando directs the firm’s strategy and investment decisions in accordance with its principles of partnership, innovation, and performance. Orlando graduated Phi Beta Kappa with a bachelor’s degree in economics and political science from Brown University in 1992 and earned a JD from Stanford Law School and an MBA from the Stanford Graduate School of Business in 1998. He is also the Founder and Chairman of the Bravo Family Foundation, which provides access and opportunities to young adults in Puerto Rico.
Carl D. Thoma is a Founder and Managing Partner at Thoma Bravo. He was a Co-Founder and Managing Director at Golder, Thoma, Cressey, Rauner and its predecessor funds since 1980. He began his career at First Chicago Equity Group where he helped build one of the largest and most active private equity firms in the country. Carl received an MBA from the Stanford Graduate School of Business and a BS degree in accounting and agriculture economics from Oklahoma State University.
Holden Spaht is a Managing Partner at Thoma Bravo. He is responsible for finding and executing new deals, monitoring and growing the portfolio as an active board member, and helping to manage the firm. Holden was a Fulbright Scholar and earned his BA degree in economics at Dartmouth and his MBA at Harvard Business School.
Seth Boro is a Managing Partner at Thoma Bravo. He leads the firm’s infrastructure software and cybersecurity strategy, and he is responsible for finding and executing new deals, growing portfolio companies as an active board member, and helping to manage the firm. Seth earned his MBA from Stanford University and his Bachelor of Commerce degree from Queen’s University School of Business.
Scott Crabill is a Managing Partner at Thoma Bravo. He joined the firm in 2002 to help develop its investment strategy in the software industry. He is responsible for identifying and executing new deals, working closely with portfolio companies as an active board member, and helping to manage the firm. Scott earned a BS degree in industrial engineering from Stanford University and an MBA degree from the Stanford Graduate School of Business.
Jennifer James is Managing Director, Chief Operating Officer and Head of Investor Relations & Marketing at Thoma Bravo. Jennifer leads Thoma Bravo’s business operations strategy, efforts to serve the needs of new and existing investors, and the firm’s industry communications programs. She earned her MBA from Northwestern University and her AB degree in history from Bowdoin College.
Thoma Bravo has experienced exceptional growth over the past 20 years, from less than $5 billion in capital commitments in 2012 to more than $131 billion in assets under management as of June 30, 2023. Today, the firm’s software portfolio includes 75+ companies that
generate over $26 billion of annual revenue.*
In December 2022, Thoma Bravo announced the close of its largest fundraise ever, and one of the largest ever in private equity history, having raised more than $32.4 billion in capital commitments for its three buyout funds. One of these funds, Thoma Bravo Fund XV,
represents the largest tech-focused buyout fund ever raised.** 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. These results are also reflected in the firm’s rankings in Private Equity International’s “PEI 300”, which ranks the world’s largest private equity firms by capital raised. In 2020, Thoma Bravo was ranked #15. This year, Thoma Bravo was included at #4.
*includes control and non-control investments
**according to data from Preqin and PitchBook
|Fund XV||$24.3B||December 7, 2022|
|Discover Fund IV||$6.2B||December 7, 2022|
|Explore Fund II||$1.8B||December 7, 2022|
|Credit Fund II||$3.3B||April 5, 2022|
|Fund XIV||$22.8B||October 26, 2020|
|Flagship Fund XIII||$12.6B||January 29, 2019|
|Discover Fund II||$2.4B||April 26, 2018|
|Flagship Fund XII||$7.6B||September 12, 2016|
|Discover Fund||$1B||February 16, 2016|
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Thoma Bravo has a longstanding commitment to corporate stewardship and takes its commitment to ESG seriously, championing diversity of thought and background, promoting inclusion and partnership, and celebrating entrepreneurship and innovation.
Thoma Bravo’s Head of ESG, Donna Riley Bebb, is responsible for enhancing the ESG function and framework that is integrated across the firm to shape its engagement with key stakeholders.
Thoma Bravo has a strong culture of philanthropy and volunteerism. Employees regularly come together to give back to their communities, giving their time at multiple volunteer events and through other charitable efforts.