Thoma Bravo is the world's largest software-focused investment firm with over $181 billion in assets under management as of September 2025. Founded in 1980, the firm has acquired or invested in approximately 565 software and technology companies representing $285 billion in enterprise value. In June 2025, Thoma Bravo completed a record $34.4 billion fundraise across three funds including its flagship $24.3 billion Fund XVI. The firm focuses on cybersecurity, applications, infrastructure, and healthcare IT software. Recent major transactions include the $12.3 billion take-private of Dayforce (August 2025) and acquisitions of Olo ($2B) and Verint ($2B).
Investment Focus
Investment Thesis
US-based software-focused PE firm, $160bn+ AUM. Buyout and growth equity in B2B software, fintech, cybersecurity, and tech-enabled services. Largest dedicated software investor globally. Typical cheques $500m+. London office expanding European deal activity. Buy-and-improve model: operational transformation through pricing, go-to-market, and product development. Portfolio includes SailPoint, Sophos, Ping Identity. Avoids: early-stage, non-software, consumer tech.
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