Thoma Bravo
Software focused private equity firm
Chicago, IL


Overall Rank: 8
Category: Mid/Large Cap Growth
Category Rank: 7

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Thoma Bravo is one of the largest software investors in the world, with more than $134 billion in assets under management as of September 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 knowledge and strategic and operational expertise, 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 455 companies representing over $255 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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Key People

Orlando Bravo

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 the world’s largest tech-focused buyout firm. 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, and earned his JD from Stanford Law School and his MBA from the Stanford Graduate School of Business. He is also the Founder and Chairman of the Bravo Family Foundation, which provides access and opportunities to young entrepreneurs in Puerto Rico.

Carl Thoma

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 a leading private equity firm. Carl received an MBA from the Stanford Graduate School of Business and a BS in accounting and agriculture economics from Oklahoma State University.

Holden Spaht

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 in economics at Dartmouth and his MBA at Harvard Business School.

Seth Boro

Seth Boro is a Managing Partner at Thoma Bravo. He leads the firm’s infrastructure software and cybersecurity strategy and 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

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 in industrial engineering from Stanford University and an MBA from the Stanford Graduate School of Business.

Jennifer James

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.

Funds Raised

Thoma Bravo has experienced exceptional growth over the past 20 years, from less than $5 billion in capital commitments in 2012 to more than $134 billion in assets under management as of September 30, 2023. Today, the firm’s software portfolio includes 75+ companies that generate over $27 billion of annual revenue.* 

In December 2022, Thoma Bravo announced the close of its largest fundraise ever, having raised more than $32.4 billion in capital commitments for three buyout funds. One of these funds, Thoma Bravo Fund XV, represents the largest tech-focused buyout fund ever raised.** Investments by the funds are positioned to advance Thoma Bravo’s established strategy and partnership-driven approach of applying our deep sector knowledge and operational expertise to investments across healthcare IT, cybersecurity, 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. In 2023, Thoma Bravo was ranked at #4.

*includes control and non-control investments

**according to data from Preqin and PitchBook

Fund Name Size Date
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

Key Investments

BlueMatrix: Invested January 4, 2024
Category: Software

Leading end-to-end content creation and distribution platform for investment research providers.

Exostar: Exited November 20, 2023
Category: Software

Leading cloud-based secure business collaboration software provider serving highly regulated industries including aerospace and defense, healthcare and life sciences, and banking, financial services and insurance.

Adenza: Exited November 1, 2023
Category: Software

Provider of mission-critical risk management, regulatory reporting and capital markets software to the financial services industry.

Syntellis Performance Solutions: Exited August 8, 2023
Category: Software

Leading provider of enterprise performance management (EPM) software, data and intelligence solutions.

Imperva: Exited December 4, 2023
Category: Software

Leading global provider of best-in-class cybersecurity solutions on-premises, in the cloud and across hybrid environments.

LOGEX: Invested March 1, 2023
Category: Software

European healthcare analytics provider.

Coupa Software: Invested February 28, 2023
Category: Software

A leader in Business Spend Management (BSM).

Anaplan, Inc.: Invested June 22, 2022
Category: Software

Provider of a leading cloud-native platform for orchestrating business performance.

Capital Responsibility

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.

The firm 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.