Thoma Bravo Secures $34.4B for Software Buyout Funds 

Thoma Bravo, the software-focused private equity firm, has completed a $34.4 billion capital raise across three flagship strategies, one of the largest private equity hauls in recent years. The raise includes $24.3 billion for Thoma Bravo Fund XVI, $8.1 billion for Discover Fund V, and approximately $2 billion (€1.8 billion) for the firm’s inaugural Europe-focused fund. 

All three vehicles exceeded their fundraising targets, with Fund XVI and the Europe Fund reaching hard caps and Discover Fund V increasing 30% from its prior vintage. The results underscore robust investor demand despite headwinds across the broader private markets landscape. 

“Their [investors] 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,” said Orlando Bravo, a founder and managing partner at Thoma Bravo.   

Over the past year, Thoma Bravo has remained highly active, deploying and realizing capital across roughly $35 billion in enterprise value. Recent activity includes an agreement to acquire a stake in Boeing’s Digital Aviation Solutions in a deal valued at over $10 billion. 

To date, the firm has invested in more than 535 software companies. Its current portfolio spans over 75 companies generating a combined $30 billion in annual revenue. Kirkland & Ellis served as legal counsel for the funds.