Thoma Bravo said it has raised the largest technology buyout on record with the $24.3 billion close of its Thoma Bravo Fund XV.
Overall the firm has attracted $32.4 billion in capital with the additional close of Thoma Bravo Discover Fund IV at $6.2 billion and Thoma Bravo Explore Fund II at $1.8 billion. Each fund surpassed its target as technology and buyout strategies continue to dominate institutional investor portfolios.
Investors in Thoma Bravo Fund XV include: the Virginia Retirement System ($100 million); State Board of Administration of Florida ($150 million); Minnesota State Board of Investment ($100 million); Arkansas Teachers’ Retirement System ($15 million) and the Washington State Investment Board ($200 million).
For Thoma Bravo Discover Fund IV, investors include the Maine Public Employees’ Retirement System ($45 million); Washington State Investment Board ($200 million); State of Michigan Retirement System ($100 million); Arkansas Teachers’ Retirement System ($15 million); and the New York State Common Retirement Fund ($100 million).
Meanwhile, for Thoma Bravo Explore Fund II investors are: Arkansas Teachers’ Retirement System ($15 million) and State of Michigan Retirement System ($100 million).
“We are honored and grateful for the close partnership formed with our long-term investors, and humbled by their continued support of our organization,” said Orlando Bravo, a founder and managing partner at the $120 billion 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 firsthand how our partnership with management teams can turn great innovators into great companies, yielding fantastic results.”
Software technology remains a uniting theme of all three funds, but each offer a distinctive focus within the capital stack, leaning on Thoma Bravo’s established strategy of offering operational and sector expertise to investments across healthcare IT, security, financial technology, infrastructure and applications. Thoma Bravo Fund XV will target large equity investments; Thoma Bravo Discover Fund IV will target middle-market equity investments; and Thoma Bravo Explore Fund II will target lower middle-market equity investments.
This year the firm has made buyout fund investments and realizations totaling $38 billion in combined enterprise value. The software portfolio includes over 55 companies that generate roughly $20 billion of annual revenue and employ 75,000 staff globally.
