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Thoma Bravo Targets $950 Mln for Fund X

Orlando Bravo
Orlando Bravo

Today, we have some fundraising news.

Thoma Bravo is looking to raise $950 million with its latest fund, a source says. With that target, Thoma Bravo Fund X LP is bigger than the PE firm’s prior fund which raised $822.5 million in 2009.

Fund X has been out for about a month, the source says. It’s unclear how marketing is going but Thoma Bravo has made several exits this year from fund IX. Thoma Bravo closed its sale of Flexera Software to the Ontario Teacher’s Pension Plan this month. The PE firm sold Manatron to Thomson Reuters (publisher of peHUB) in July and agreed to sell Excelligence Learning to Sterling Investment Partners.

News of the Thoma Bravo fundraising was reported by Private Equity Analyst last month.

Separately, in late September, I also reported that Summit Partners was near closing its latest growth equity fund at $2.5 billion. Boston-based Summit is also raising a $500 million VC fund. Summit has all the commitments in place for the funds, which are expected to close “imminently,” a different source says.

Also, Summit is raising a $300 million credit fund but that pool is expected to close later this year, probably December or January, the source says. “That’s going very well,” the person says.

Officials for Summit declined comment. Thoma Bravo couldn’t be reached for comment.