CHICAGO — Thoma Bravo, a leading private equity firm focused on software and technology, has announced the successful completion of a massive $34.4 billion fundraise, strengthening its position as one of the most powerful tech investors globally.
The fundraising round includes three funds:
- Thoma Bravo Fund XVI ($24.3 billion)
- Thoma Bravo Discover Fund V ($8.1 billion)
- Thoma Bravo Europe Fund (approx. €1.8 billion)
All three funds exceeded their targets, with Fund XVI and the Europe Fund hitting their hard caps, and Discover Fund V seeing a 30% increase in investor commitments over its previous version.
Why It Matters
This fundraise demonstrates not only continued confidence in Thoma Bravo’s strategy but also investor resilience amid an uncertain global financial landscape. The firm plans to use the new capital to acquire and scale growth-oriented software companies with strong recurring revenue models.
“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.
“Their support will enable us to continue delivering on the strategy we have executed for more than two decades.”
(Source: Thoma Bravo press release)
A Year of Active Deals
In the past 12 months alone, Thoma Bravo executed buyout and realization deals worth a combined $35 billion in enterprise value. The firm’s software portfolio currently includes 75+ companies generating over $30 billion in annual revenue, and employing more than 93,000 people worldwide.
“All three funds far exceeded their targets,” added Jennifer James, Managing Director and COO.
“It reflects not only the strength of our investor relationships but also their conviction in our ability to navigate complex markets.”
(Source: PR Newswire)
Backed by Global Institutions
The $34.4B in commitments came from a mix of:
- Sovereign wealth funds
- Public pension funds
- Insurance companies
- Multinational corporations
- Endowments and family offices
Kirkland & Ellis LLP served as legal counsel for the fundraise.
What’s Next for Thoma Bravo?
With more than $184 billion in assets under management as of Q1 2025, Thoma Bravo is expected to expand aggressively into European markets while continuing its strong U.S. focus. Their strategy centers on buy-and-build investments, leveraging operational expertise to scale SaaS and cybersecurity companies.
The Chicago office, along with hubs in San Francisco, Miami, New York, Dallas, and London, will coordinate future acquisitions and portfolio scaling operations.
Have you worked with or invested in companies owned by Thoma Bravo? Do you believe mega-funds like this shape the future of tech? Share your thoughts in the comments.
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