- Thoma Bravo targets $750 mln for debut credit fund
- Hires Summit credit exec to help launch strategy
- Joins other tech-focused firms in diversifying into credit
Thoma Bravo recently hired Jack Le Roy from Summit Partners to help launch a credit product as several tech firms diversify their strategies beyond buyouts, according to an SEC filing and a person with knowledge of the situation.
Chicago- and San Francisco-based Thoma Bravo had not updated its website as of Aug. 18. Le Roy was no longer listed on Summit’s website.
Le Roy joined Summit in 2010 and was a founding member of Summit Partners Credit Advisors. Prior to that, he was at Guggenheim Investment Management as a member of the leveraged credit investing team focused on retail, restaurants, food and beverage, technology, media and telecom, according to Le Roy’s bio on an archived version of Summit’s website.
Meg Devine, chief marketing officer at Summit, did not respond to a request for comment, and a spokesman for Thoma Bravo declined to comment.
Thoma Bravo is targeting $750 million for its first credit fund, Thoma Bravo Credit Fund I, according to a Form D filed with the SEC Aug. 4.
Executives named on the SEC filing include Managing Partners Orlando Bravo, Lee Mitchell, Holden Spaht, Seth Boro and Samuel Crabill.
Thoma Bravo closed its 12th flagship fund on $7.6 billion last year as well as its debut lower-middle-market pool on $1.07 billion.
Thoma Bravo launched its debut credit fund as other tech-focused firms also diversify into the strategy. Vista Equity Partners has launched two credit funds and Accel-KKR recently launched Accel-KKR Credit Partners.
Action Item: Reach Orlando Bravo: firstname.lastname@example.org
The San Francisco skyline and the south tower of the Golden Gate Bridge are seen from the Marin Headlands as they rise above the fog in Sausalito, California, on March 21, 2012. Photo courtesy Reuters/Robert Galbraith