Thoma Bravo Mops Up $34.4 Billion in Fundraising

Thoma Bravo, a leading software investment firm, has completed fundraising for its buyout funds totalling more than $34.4 billion in fund commitments.

They include Thoma Bravo Fund XVI, a $24.3 billion fund, Thoma Bravo Discover Fund V, an $8.1 billion fund, and as previously announced the firm’s first dedicated Europe Fund, with approximately $2.05 billion in capital commitments.

The fundraise demonstrated strong support from Thoma Bravo’s diverse network of investors for the firm’s buyout strategies and each fund significantly exceeded its target. Thoma Bravo Fund XVI and the Europe Fund were oversubscribed and achieved their hard caps and Thoma Bravo Discover V experienced an over 30% increase in commitments from its prior vintage.

Orlando Bravo, a Founder and Managing Partner at Thoma Bravo Orlando Bravo, said that this fundraise is a testament to the strong relationships that Thoma Bravo has built with its investors over many years and reflects their belief in its ability to drive meaningful results.

“Their support will enable us to continue delivering on the strategy we have executed for more than two decades – pursuing leading software companies and deploying our strategic and operational expertise to drive innovation and profitable growth,” he said.

Jennifer James, Managing Director, Chief Operating Officer and Head of Investor Relations & Marketing at Thoma Bravo, said that the successful completion of the fundraise underscored the enduring trust the investors have in Thoma Bravo’s approach and team.

“All three funds far exceeded their targets, reflecting not only the strength of our investor relationships but also their conviction in our ability to navigate complex markets. We look forward to continuing to be good stewards of our investors’ capital as we seek to deliver strong outcomes,” Jennifer said.

Commitment from Global Investors

Thoma Bravo has had an active 12 months on both the buy and sell side, with buyout fund investments and realisations representing approximately $35 billion in combined enterprise value.

The firm has invested in more than 535 software companies, and its software portfolio includes over 75 companies that generate approximately $30 billion of annual revenue and employ over 93,000 staff globally.

Commitments to the Funds were secured from Thoma Bravo’s broad network of global investors, including sovereign wealth funds, public pension funds, multinational corporations, insurance companies, fund-of-funds, endowments, foundations and family offices.

Thoma Bravo is one of the largest software-focused investors in the world, with approximately $184 billion in assets under management as of 31 March 2025. 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 approximately 535 companies representing approximately $275 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, Dallas, London, Miami, New York and San Francisco.