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Thoma Bravo, with a growing Miami office, completes $32.4B fundraise – and more

Nancy Dahlberg
Nancy Dahlberg
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By Nancy Dahlberg

It’s been a big month for Thoma Bravo in the Capital of Capital.

The major tech-focused private equity firm based in Miami, Chicago and San Francisco last week announced it has completed fundraising for its buyout funds totaling more than $32.4 billion: Thoma Bravo Fund XV, a $24.3 billion fund, Thoma Bravo Discover Fund IV, a $6.2 billion fund and Thoma Bravo Explore Fund II, a $1.8 billion fund

“This fundraise will enable us to further our strategy of collaborating with management teams to build leading software companies. Having invested in more than 400 companies, we have seen firsthand how our partnership with management teams can turn great innovators into great companies, yielding fantastic results,” said Orlando Bravo, a founder and managing partner at Thoma Bravo, in a statement.

The funds invest across healthcare IT, security, financial technology, infrastructure and applications. Commitments were secured from the firm’s broad network of sovereign wealth funds, public pension funds, multinational corporations, insurance companies, fund-of-funds, endowments, foundations and family offices.  Thoma Bravo Fund XV represents the largest tech-focused buyout fund ever raised, the firm said.

Thoma Bravo, one of the world’s largest private equity firms with over $120 billion in assets under management, last year opened its office in Miami — its third major office – to “serve as the firm’s first foothold on the East Coast, providing a gateway to other national and global markets,” Thoma Bravo said at the time.

On Monday, the publicly held Coupa Software announced that it has agreed to be acquired Thoma Bravo in an all-cash transaction valued at $8 billion. Thoma Bravo’s software portfolio includes over 55 companies that generate $20 billion of annual revenue and employ over 75,000 staff globally.

In an opening session at the La Casa conference on Nov. 30 with Miami Mayor Francis Suarez, Thoma Bravo Partner Tara Gadgil said the Miami office is growing rapidly and it was an easy sell for partners such as her to relocate. “How’s tomorrow? I’ll be there.”

About the firm, she said, “Software powers everything… We have always been focused on ROI and revenue growth and we are in an incredible position at Thoma Bravo to help those growth at all costs companies make that shift.” Gadgil said she was attracted to the firm in 2016 by the firm’s culture and focus on tech.

Gadgil called the FTX news unfortunate and said that it is important for “all of us to create an environment that is safe for a web3 and blockchain economy.” She also said the firm is still “very excited” about the future, particularly firms on the cutting edge of what’s next.

“There’s a shift in the market right now. The opportunities for investment in the next 2 to 3 years will be exponential.”

Follow Nancy Dahlberg on Twitter @ndahlbergbiz and email her at [email protected]

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