Thoma Bravo said its most recent Discover fund closed on its $2.4 billion hard cap. Thoma Bravo Discover Fund II will focus on middle market software investments.
CHICAGO and SAN FRANCISCO, April 26, 2018 /PRNewswire/ — Thoma Bravo, LLC, a leading private equity investment firm, announced today that it has completed fundraising for Thoma Bravo Discover Fund II. The fund closed at its hard cap with a total of $2.4 billion in commitments, and will focus on middle market software investments like its predecessor, Thoma Bravo Discover Fund. The oversubscribed fund received strong support from a diverse range of Thoma Bravo’s existing institutional investors, including sovereign wealth funds, public pension funds, multinational corporations, insurance companies, fund-of-funds, endowments, foundations and family offices.
Discover II will be deployed utilizing Thoma Bravo’s buy-and-build investment strategy, and will target investments in application, infrastructure and security software and technology-enabled services. Discover II provides an additional vehicle for investments that are expected to require less equity capital than the larger investments that are the focus of Thoma Bravo’s flagship funds.
“The Discover Fund has demonstrated that Thoma Bravo’s approach of partnering with current management teams to implement our market-leading operating practices and metrics, investing in organic growth through product development and more effective distribution, and making accretive acquisitions is a model that works across size, stage and scale,” said A.J. Rohde, a Partner at Thoma Bravo. “We remain excited about the growing opportunities we see in the software market.”
Since 2003, Thoma Bravo has completed more than 180 software and technology-enabled service acquisitions, representing approximately $49 billion in enterprise value. Thoma Bravo is led by Managing Partners Orlando Bravo, Seth Boro, Scott Crabill, Lee Mitchell, Holden Spaht, Carl Thoma and Partners Jack Le Roy, A.J. Rohde, Robert Sayle and Hudson Smith.
“We appreciate the continued support by our limited partners,” said Orlando Bravo, a Managing Partner at Thoma Bravo. “We thank all of our investors for their commitments to Discover II and look forward to continuing to expand our reach in this dynamic market.”
About Thoma Bravo, LLC Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors. With a series of funds representing more than $20 billion in capital commitments, Thoma Bravo partners with a company’s management team to implement operating best practices, invest in growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business. Representative past and present portfolio companies include Datatel, Digital Insight, Entrust, SonicWall, Network Instruments, Hyland Software, Deltek, Blue Coat Systems, Bomgar, Riverbed, Compuware and SolarWinds. The firm has offices in San Francisco and Chicago. For more information, visit www.thomabravo.com.