Thoma Bravo
Private equityChicago · Series B–Late Stage · 11 people tracked
Also known as THOMA BRAVO, L.P.
Investment thesis
Thoma Bravo positions itself as the world's largest software-focused investment firm, concentrating on enterprise and application software businesses. It pursues control and non-control investments as well as add-on acquisitions, working to scale software companies into larger, multi-product platforms across sectors such as construction software, B2B payments, fitness, and governance/risk/compliance. The firm applies operational expertise to help software companies grow, expand product offerings, and increase enterprise value over time.
Source: firm website, verified Aug 3, 2026.
Team · 11 people
from the firm's website & public directories
What they invest in
from 9 of 12 portfolio companiesEnterprise Software ×7SaaS ×5AI & Machine Learning ×4Cloud Computing ×3Data & Infrastructure ×3Fintech ×2Gaming ×1Healthtech ×1
HQs:United States×6
Investments · 12 tracked
founders shown can be your intro path
Aisera develops agentic AI systems for enterprises that proactively anticipate needs and solve repetitive tasks, freeing teams to focus on strategic decisions and complex problem-solving.
AI & Machine LearningEnterprise SoftwareSaaSSanta Clara, US
Abhi Maheshwari(Chief Executive Officer)Jared Lucas(Chief People Officer)inDejan Deklich(Chief Development Officer)Rahul Guha(VP of Product Management)inUtkarsh Contractor(Field Chief Technology Officer)inBen Lu(Chief Financial Officer)in
Imply provides a commercial platform built around Apache Druid, an open-source database designed for real-time analytics on large datasets.
Cloud ComputingData & InfrastructureEnterprise SoftwareSaaS
Fangjin Yang(Co-Founder and Chief Executive Officer)Gian Merlino(Co-Founder and Chief Technology Officer)Vadim Ogievetsky(Co-Founder and Chief Experience Officer)Eric Tschetter(Chief Officer, Emerging Solutions)
Minneapolis, US
J.D. ARDELL(Director)THOMAS GOODMANSON(Executive Officer, Director)MICHAEL HOFFMANN(Director)SUSAN GRASSEL(Executive Officer)KIM NIMSGER(Director)JAMES HAGAN(Director)
Board seatSeth Boro· per SEC Form D · filed Oct 2021
Itasca, US
ERIK AKOPIANTZ(Director)CHRIS ANDERSEN(Executive Officer)ANDREW ALMEIDA(Director)JOHN CHARLES GOODMAN(Director)NABIL HAMADE(Director)MARK GRUZIN(Director)
Board seatSeth Boro· per SEC Form D · filed Dec 2025
Coupa provides an AI-native platform for business spend management, covering procurement, finance, and supply chain operations for enterprises.
AI & Machine LearningEnterprise SoftwareFintechSaaS<UNKNOWN>, US
Jonathan Ebinger(Director)Scott Thompson(Director)Bryan Stolle(Director)Roger Siboni(Director)Jon Stueve(Executive Officer)Rob Bernshteyn(Executive Officer, Director)
Starburst provides a data analytics platform built on Trino that allows organizations to query and analyze data across distributed sources and cloud environments with built-in governance, security controls, and query optimization.
AI & Machine LearningCloud ComputingData & InfrastructureEnterprise Software
Justin Borgman(Founder & CEO)Kamil Bajda-Pawlikowski(Co-founder)Martin Traverso(Chief Technology Officer)
Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.
Fund performance · per public LP disclosures · 38
as of Jun 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| Thoma Bravo Europe Fund, L.P.LPs: California Public Employees' Retirement System, Sjätte AP-fonden (AP6) | 2025 | — | — | 1.12x | 0.00x |
| Thoma Bravo Discover Fund V LPLPs: California State Teachers' Retirement System, Los Angeles County Employees Retirement Association, Michigan Municipal Employees' Retirement System +8 more | 2024 | — | — | 0.00x | — |
| Thoma Bravo Fund XVILPs: California State Teachers' Retirement System, Oregon Public Employees Retirement System, Teachers' Retirement System of the City of New York +7 more | 2024 | — | — | 1.00x | 0.00x |
| Thoma Bravo Co-Invest Opportunities XV-1, L.P.LPs: Teachers' Retirement System of the City of New York | 2022 | — | 16.1% | 1.46x | 0.00x |
| Thoma Bravo Discover Fund IV, L.P.LPs: Washington State Investment Board, Michigan Municipal Employees' Retirement System, Empire State Development – New York Ventures +8 more | 2022 | — | 21.3% | 1.34x | 0.20x |
| Thoma Bravo Fund XVLPs: Empire State Development – New York Ventures, California Public Employees' Retirement System, California State Teachers' Retirement System +17 more | 2022 | — | 14.2% | 1.40x | 0.09x |
| Thoma Bravo Growth Fund, LPLPs: Empire State Development – New York Ventures | 2022 | — | — | 0.79x | 0.00x |
| Thoma Bravo XVLPs: New York City Employees' Retirement System, New York City Police Pension Fund | 2022 | — | 15.0% | 1.38x | 0.00x |
| Thoma Bravo XV Co-InvestLPs: New York City Employees' Retirement System, New York City Police Pension Fund, New York City Fire Department Pension Fund +1 more | 2022 | — | 16.1% | 1.46x | 0.00x |
| Thoma Bravo, LLCLPs: New York City Fire Department Pension Fund, Pension Reserves Investment Management Board, University of Texas Investment Management Company | 2022 | — | 18.7% | 1.38x | 0.04x |
| Thoma Bravo Growth ILPs: The Regents of the University of California | 2021 | — | -6.0% | 0.83x | 0.04x |
| Thoma Bravo Discover Fund III, L.P.LPs: Florida State Board of Administration, Los Angeles County Employees Retirement Association, Los Angeles City Employees' Retirement System +2 more | 2020 | — | 10.6% | 1.47x | 0.06x |
| Thoma Bravo Discover IIILPs: Washington State Investment Board, Florida State Board of Administration, California State Teachers' Retirement System +7 more | 2020 | — | 11.4% | 1.47x | 0.05x |
| Thoma Bravo Explore FundLPs: Los Angeles City Employees' Retirement System, University of Texas Investment Management Company | 2020 | — | 23.4% | 1.75x | 0.27x |
| Thoma Bravo Fund XIV, L.P.LPs: Oregon Public Employees Retirement System, Florida State Board of Administration, Los Angeles County Employees Retirement Association +1 more | 2020 | — | 3.8% | 1.12x | 1.12x |
| THOMA BRAVO XIV LPLPs: California Public Employees' Retirement System, Empire State Development – New York Ventures, The Regents of the University of California +15 more | 2020 | — | 6.2% | 1.23x | 0.32x |
| Thoma Bravo Disc IILPs: Teachers' Retirement System of Oklahoma | 2018 | — | 21.3% | 2.18x | 1.11x |
| Thoma Bravo Discover Fund IILPs: Michigan Municipal Employees' Retirement System, California State Teachers' Retirement System, Florida State Board of Administration +2 more | 2018 | — | 21.9% | 2.18x | 1.11x |
| Thoma Bravo Fund XIIILPs: Empire State Development – New York Ventures, The Regents of the University of California, California State Teachers' Retirement System +11 more | 2018 | — | 21.2% | 1.96x | 1.01x |
| Thoma Bravo Fund XIII PELPs: Maine Public Employees Retirement System | 2018 | — | 57.5% | 1.79x | 0.52x |
| Thoma Bravo Fund XIIIrLPs: Orange County Employees Retirement System | 2018 | — | 23.0% | 1.90x | 0.95x |
| Thoma Bravo Disc ILPs: Teachers' Retirement System of Oklahoma | 2016 | — | 34.4% | 3.11x | 2.64x |
| Thoma Bravo Discover Fund LPLPs: Florida State Board of Administration | 2016 | — | 34.4% | 3.08x | 2.64x |
| Thoma Bravo Fund XIILPs: Empire State Development – New York Ventures, California State Teachers' Retirement System, Florida State Board of Administration +9 more | 2016 | — | 14.9% | 1.92x | 1.53x |
| Thoma Bravo Fund XII PELPs: Maine Public Employees Retirement System | 2016 | — | 18.8% | 1.76x | 0.27x |
| Thoma Bravo XIILPs: Teachers' Retirement System of Oklahoma | 2016 | — | 14.9% | 2.18x | 1.68x |
| Thoma Bravo Special Opportunities Fund IILPs: Florida State Board of Administration, California State Teachers' Retirement System, Maine Public Employees Retirement System +1 more | 2015 | — | 15.7% | 2.19x | 1.63x |
| Thoma Bravo Special Opportunities Fund II PELPs: Maine Public Employees Retirement System | 2015 | — | 20.6% | 2.18x | 1.01x |
| Thoma Bravo Special Opportunities Fund Il LPLPs: Florida State Board of Administration | 2015 | — | 16.7% | 2.21x | 1.19x |
| Thoma Bravo Fund XILPs: Florida State Board of Administration, California State Teachers' Retirement System, Maine Public Employees Retirement System +3 more | 2014 | — | 26.0% | 2.67x | 2.36x |
| Thoma Bravo Fund XI PELPs: Maine Public Employees Retirement System | 2014 | — | 31.8% | 3.03x | 1.71x |
| Thoma Bravo XILPs: Teachers' Retirement System of Oklahoma | 2014 | — | 26.0% | 3.63x | 3.14x |
| Thoma Bravo Special Opportunities Fund I LPLPs: Florida State Board of Administration, California State Teachers' Retirement System | 2013 | — | 33.6% | 3.98x | 3.98x |
| Thoma Bravo Special Opportunities Fund LPLPs: Florida State Board of Administration | 2013 | — | 33.7% | 3.90x | 3.26x |
| Thoma Bravo Fund X LPLPs: Florida State Board of Administration, California State Teachers' Retirement System, Teachers' Retirement System of Oklahoma | 2012 | — | 38.0% | 4.04x | 3.79x |
| Thoma Bravo XLPs: Teachers' Retirement System of Oklahoma | 2012 | — | 37.8% | 3.10x | 2.94x |
| Thoma Bravo Fund IX LPLPs: Florida State Board of Administration | 2008 | — | 48.1% | 4.08x | 4.08x |
| Thoma Bravo Overage Fund, L.P.LPs: Florida State Board of Administration | 2001 | — | 35.5% | 4.19x | 3.13x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- What stage does Thoma Bravo invest at?
- Thoma Bravo invests at the Series B, Series C, Growth, Late Stage stages.
- What sectors does Thoma Bravo focus on?
- Thoma Bravo focuses on Cybersecurity, Enterprise Software, Fintech, SaaS, Sector Agnostic.
- Where is Thoma Bravo located?
- Thoma Bravo is headquartered in Chicago, US.
Media · Podcasts & interviews
featuring the teamOrlando Bravo sits down with Thoma Bravo co-founder Carl Thoma #podcast #investing #technology
Thoma Bravo · Orlando Bravo
FII Priority Miami 2025: Orlando Bravo - Founder & Managing Partner, Thoma Bravo
FII Institute · Orlando Bravo
Why Thoma Bravo founder Orlando Bravo thinks software is oversold
Orlando Bravo · cnbc.com
Watch CNBC's full interview with Thoma Bravo CEO Orlando Bravo
Orlando Bravo · cnbc.com
Orlando Bravo, Founder and Managing Partner of Thoma Bravo: Take the Risks Meant for You
Stanford Graduate School of Business · Orlando Bravo
Thoma Bravo Co-Founder and Managing Partner Orlando Bravo | Bloomberg Talks
Bloomberg Podcasts · Orlando Bravo
Images
Co-investors · 7
Tusk Ventures provides regulatory, communications, and strategic advisory services to startups, helping them navigate compliance, expand into new markets, and reduce regulatory risk.
Optum Ventures is a venture capital firm that invests in entrepreneurs building companies to transform healthcare.
Insight Partners is a venture and growth-stage software investor featuring a large portfolio of technology companies across multiple sectors and regions.
Emergence Capital is a venture capital firm that partners with founders building B2B software companies, from early-stage cloud and SaaS pioneers to AI-native innovators.
Chicago Ventures is an early-stage venture capital firm that partners with founders in industries it views as overlooked, writing high-conviction checks and taking board seats.
Roosh Ventures is the venture capital arm of Roosh Investment Group, providing tailored R&D, operational support, and access to a global network of experts. The firm leverages portfolio companies and advisors with deep expertise in AI/ML, gaming, fintech, marketing, adtech, and mobile apps to accelerate startup growth.
Generation Investment Management is a sustainability-focused investment firm that integrates sustainability research into traditional financial analysis across public and private equity strategies.
Firms observed investing alongside Thoma Bravo, from public investor directories. Shared companies are the overlap with Thoma Bravo's recorded portfolio.
Similar investors
3TS Capital Partners is a European technology-focused venture growth investment adviser whose funds provide expansion and buyout capital to high-growth SMEs in technology, media, communications and technology-enabled services across the DACH, CEE and Nordic regions.
Accel is a venture capital firm that partners with exceptional founding teams, positioning itself as a first partner to startups globally.
August Capital is a venture capital firm that invests in a small number of companies, providing hands-on support to entrepreneurs building their businesses.
Bessemer Venture Partners is a venture capital firm that partners with entrepreneurs from early stages through every stage of growth, publishing investment roadmaps across multiple technology sectors.
DCVC (Data Collective) is a venture capital firm that backs founders building companies which apply technology to major challenges across areas such as energy, biotech, agriculture, and machine learning.