🦊/Investors

Thoma Bravo

Private equityoperating company · company profile

Chicago · Series B–Late Stage · 15 people tracked

Also known as THOMA BRAVO, L.P.

Find your way into Thoma Bravo

1,536 people in our graph share verified history with the Thoma Bravo team — schools, employers, funds. One of them is your warm intro.

Kyle Dohertyunlockedknows Ross Devor · together at Morgan Stanley (overlapped)
×2knows the team · via Morgan Stanley
×3knows the team · via Insight Partners
knows the team · via The University of Chicago Booth School of Business
×3knows the team · via Wesleyan University
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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 Sep 15, 2026.

Stage
Series B–Late Stage
HQ
Chicago, IL, US
Instruments
Equity
Founded
2016
Last 12 months
4 investments
AUM
$182.9B
Tracked investments
45
Unicorns
5
IPOs
1
Acquisitions
5

Team · 15 people

from the firm's website & curated & public directories
Carl D. Thoma· Founder and Managing Partner
A.J. Rohde· Senior Partner
Holden Spaht· Managing Partner
Abby Farr· Vice President, Communications and Marketing

Handles communications and marketing as a Vice President, serving as the firm's media contact.

P. Holden Spaht· Executive Officer
Samuel Scott Crabill· Executive Officer

Founder mafia

4 people who came through Thoma Bravo went on to found or lead other companies.

What they invest in

from 40 of 45 portfolio companies

SaaS ×30Enterprise Software ×28AI & Machine Learning ×16Cybersecurity ×10Fintech ×8Cloud Computing ×5HR Tech ×4Data & Infrastructure ×3

HQs:United States×24France×2Singapore×1

Investments · 45 tracked

founders shown can be your intro path

By year:2026 · 12025 · 42024 · 12023 · 12022 · 112021 · 523 dated

SailPoint Technologiessailpoint.comin𝕏NASDAQ: SAIL

SailPoint offers an identity security platform that unifies identity, data, and security intelligence to enable organizations to govern access dynamically across human and non-human identities in response to real-time risk and business context.

AI & Machine LearningCybersecurityEnterprise SoftwareSaaSAustin, US

Mark McClain(Chief Executive Officer & Founder)in

Co-investorsElsewhere PartnersEscalate Capital PartnersGolub GrowthSilverton PartnersSyn Ventures Seed Management Llc

Aiseraaisera.comin𝕏Aug 2022✓ verifiedAcquired

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)inJared Lucas(Chief People Officer)inDejan Deklich(Chief Development Officer)inRahul Guha(VP of Product Management)inUtkarsh Contractor(Field Chief Technology Officer)inBen Lu(Chief Financial Officer)in

Co-investorsIcon VenturesMenlo VenturesTrue VenturesWorld Innovation LabAIX VenturesNorwest Venture Partners+7 more

Bottomlinebottomline.comin𝕏✓ verifiedAcquired

Bottomline provides connected payment and cash management solutions for financial institutions and businesses globally, including AP automation, payouts, receivables automation, fraud detection, and digital banking capabilities.

CybersecurityEnterprise SoftwareFintechSaaSPortsmouth, US

Craig Saks(President & Chief Executive Officer)Paul Fannon(Chief Growth & Sales Officer)Eve Aretakis(Chief Revenue Growth & Operations Officer – Paymode)Mandy Miller(Chief Revenue Growth & Operations Officer – Banking & Corporate Solutions)Gareth Priest(Chief Product Officer)Johannes Ruetschi(SVP, Product Development and Architecture)

Implyimply.ioin𝕏✓ verified

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)inVadim Ogievetsky(Co-Founder and Chief Experience Officer)inEric Tschetter(Chief Officer, Emerging Solutions)in

Co-investorsAndreessen HorowitzBessemer Venture PartnersKhosla VenturesTiger Global ManagementGeodesic Capital

LANDesklandesk.com✓ verified

LANDESK develops IT systems management software, including its LANDESK Management Suite (now Ivanti Endpoint Manager), serving IT operations and endpoint management needs.

CybersecurityEnterprise SoftwareSaaS

Co-investorsVector CapitalWP Global Partners

PCMIpcmicorp.comin𝕏✓ verified

PCMI provides AI-powered software that automates the administration of F&I products, warranties, and service contracts for TPAs, OEMs, and automotive dealers worldwide.

AI & Machine LearningEnterprise SoftwareInsurTechSaaS

Mark Nagelvoortin

Co-investorsEquality Asset Management

Worldwide Expresswwex.comin𝕏✓ verified

Worldwide Express is a third-party logistics (3PL) provider serving businesses of all sizes with shipping, freight, and fulfillment solutions across the United States and Mexico.

Logistics & Supply ChainSaaSDallas, US

David Kiger(Founder)in

Co-investorsAea Investors

Flexeraflexera.comin𝕏Dec 2025

Flexera provides Flexera One, a technology management platform that gives enterprises visibility and control over AI, SaaS, cloud, software, and hardware spend and assets.

Cloud ComputingEnterprise SoftwareSaaSItasca, US

JAMES RYAN(Executive Officer, Director)Mike Jerich(President & CEO)El Lages(Chief People and Culture Officer)Chris Andersen(Chief Financial Officer)inBecky Trevino(Chief Product Officer)inBob McCarter(Chief Technology Officer)

Board seatSeth Boro· per SEC Form D

Co-investorsArrowroot CapitalKaiser Permanente VenturesNumeta CapitalTA AssociatesMistral Venture Partners

Almagetalma.euinAug 2022 · $130M

Alma provides buy-now-pay-later instalment payment solutions for e-commerce and physical retailers, letting shoppers split purchases into instalments online, in-store, or via payment links while merchants receive guaranteed upfront payouts.

E-commerceFintechRetail TechNeuilly-sur-Seine, FR

Louis Chatriot(Founder)inFintech Retail Tech Louis Chatriot(Founder)Guillaume Desloges(Co-Founder & COO)in

Co-investorsInsight PartnersIsaiISAI GestionKima VenturesPICUS CAPITALRoosh Ventures+6 more

Almamyalmafi.comAug 2022 · $130MDefunct

A mobile banking application that incorporates game-like mechanics and offers users the chance to win prizes, including a $1 million jackpot distributed weekly.

FintechGamingSeattle, US

Agni Bhattacharya(Founder)inAllison Bellows(Founder)in

Co-investorsY CombinatorInsight PartnersOptum VenturesPrimary Venture PartnersSound VenturesTusk Venture Partners

Almahelloalma.comin𝕏Aug 2022 · $130M

Alma provides practice management and insurance billing software solutions for behavioral health providers, helping them manage sessions and payments.

HealthtechMental HealthSaaSSan Francisco, US

Harry Ritter(Founder)in

Co-investorsAble PartnersBoxGroupFirst Round CapitalOptum VenturesPrimary Venture PartnersTusk Venture Partners+3 more

Almatryalma.comin𝕏Aug 2022 · $130M

Alma is a modern immigration law firm serving both companies and individuals, where attorneys handle US visa and green card cases such as O-1, H-1B, and EB-2/EB-1 petitions.

AI & Machine LearningHR TechLegalTechSaaSPalo Alto, US

Shuo Chen(Founder)inAizada Marat(Co-founder)inAssel Tuleubayeva(Co-founder)in

Co-investorsBling CapitalMVP VenturesConvictionNew Enterprise Associates (NEA)NFXVillage Global+8 more

Almaalmapay.cominAug 2022 · $130M

Alma is a payment platform that enables merchants in Europe to offer installment payment options to customers, both online and in-store.

FintechRetail TechSaaSFrance, FR

Co-investorsAglae VenturesWind VentureYolo InvestmentsBoxGroupInsight PartnersOptum Ventures+4 more

Almaalma.foodAug 2022 · $130M

Alma is a nutrition coach and food tracker app for iOS that allows users to log meals via voice, photo, or text and tracks calories, macros, and 25+ nutrients.

ConsumerHealthtech

Co-investorsMenlo VenturesBoxGroupInsight PartnersOptum VenturesPrimary Venture PartnersRainfall Ventures+2 more

Almaalma.euAug 2022 · $130M

alma provides IT-focused project management services, defining project goals and milestones with clients and delivering tailored solutions through a single point of contact.

Enterprise SoftwareSaaS

Co-investorsCathay InnovationBoxGroupInsight PartnersOptum VenturesPrimary Venture PartnersRainfall Ventures+2 more

AppOmniappomni.comin𝕏Jun 2022 · $70M

AppOmni provides SaaS Security Posture Management (SSPM) software that secures enterprise SaaS and AI-driven applications to prevent data breaches, using threat research and continuous monitoring.

AI & Machine LearningCybersecurityEnterprise SoftwareSaaSSan Francisco, US

Brian Soby(Co-Founder)inBrendan O'Connor(Chief Strategy Officer and Co-Founder)Bridget Gleason(CRO and Chief Customer Officer)inTina Hawk(Chief People Officer)in

BoardAriel Tseitlin(Director)inPatrick Heim(Director)

Co-investorsCisco InvestmentsClearSkyInner Loop CapitalProsperity7 VenturesScale Venture PartnersSilicon Valley Data Capital+3 more

Apryseapryse.comin𝕏

Apryse provides an SDK and toolkit for building, viewing, editing, converting, and extracting data from documents across 100+ file formats, including PDF, Office, and CAD files.

Developer ToolsEnterprise SoftwareSaaS

Cassidy Smirnow(Chief Executive Officer)inKen Saunders(Chief Financial Officer)inKate Annis(Chief Marketing Officer)inAndrew Varley(Chief Product Officer)inJosh Coffey(Chief Technology Officer)inRachelle Carpenter(Chief People Officer)in

Co-investorsSilversmith Capital Partners

Aspireaspireapp.comin𝕏Jun 2021 · $200M

Aspire provides corporate account and card solutions for businesses with complex operations, offering relationship management and an online platform for employee spending oversight.

Enterprise SoftwareFintechSaaSSingapore, SG

Andrea Baronchelli(Founder/CEO)inGiovanni Casinelli(Founder)inGiacomo Ficari(Co-Founder (former Co-CEO))inJoel Leong(Co-Founder & Chief Strategy Officer)inSG Andrea Baronchelli(Founder/CEO)Stefano Pellegrino(Co-Founder (former Vietnam country head))in

Co-investorsBeacon VCCrane Venture PartnersHummingbird VenturesInsignia Ventures PartnersLightspeed Venture PartnersPICUS CAPITAL+13 more

Aspireaspire.ioinJun 2021 · $200M

Aspire is an influencer marketing platform that helps brands build communities of ambassadors, influencers, and affiliates to promote products at scale.

Creator EconomyE-commerceMarketing TechSaaS

Thomas Frostin

Co-investorsAspenwoodCota CapitalStructural CapitalBattery VenturesBessemer Venture PartnersFasanara Capital+9 more

Azul (Linkazul.comin𝕏Dec 2025

Azul provides cloud application and DevOps solutions, particularly focused on cloud cost management and DevOps analytics for enterprise customers.

Cloud ComputingDeveloper ToolsEnterprise Software

Co-investorsLead Edge CapitalPartners for GrowthPartners for Growth (PFG)GS FuturesMitsubishi UFJ CapitalSpiral Capital+3 more

Epturaeptura.comin𝕏

Eptura provides an integrated platform for workplace and asset management, serving facility teams, real estate managers, and enterprise operations.

Enterprise SoftwarePropTech

Co-investorsGolub GrowthJMI Equity

Everbridgeeverbridge.comin𝕏

Everbridge provides critical event management and organizational resilience software that helps organizations keep people safe and operations running during emergencies and disruptions.

AI & Machine LearningCybersecurityEnterprise SoftwareSaaSGlendale, US

Cinta Putra(Director)inDave Wagner(CEO)David Rockvam(Executive Vice President & Chief Financial Officer)inJohn Di Leo(Executive Vice President & Chief Operating Officer)inDavid Alexander(Chief Marketing Officer)inCara Antonacci(Chief People Officer)in

Co-investorsDraper Associates

ForeFlightforeflight.comin

ForeFlight builds aviation software for pilots, offering flight planning and related tools.

ConsumerEnterprise SoftwareMobility & TransportationSaaSHouston, US

Tyson W.(Founder)inAdam Houghton(Founder)in

Co-investorsSilver Lake Partners

HubSyncinApr 2023 · $100M

Alexandria, US

John McGowan(Executive Officer, Director)

Illumioillumio.comin𝕏Oct 2025 · $225M

Illumio provides a breach containment platform powered by AI security graphs that enables Zero Trust security across hybrid, multi-cloud environments.

AI & Machine LearningCloud ComputingCybersecurityEnterprise SoftwareSunnyvale, US

Andrew Rubin(Co-founder)inPJ Kirner(Co-founder)in

BoardSteve Herrod(Director)Alan Cohen(Executive Officer, Director)inJoe Lonsdale(Director)inJohn M. Jack(Director)in

Co-investors8VCAccelAndreessen HorowitzDCVC (Data Collective)Glynn Capital ManagementHarmony Partners+8 more

Impervaimperva.comin𝕏Acquired

Imperva provides cybersecurity solutions to protect customers from cyberattacks across applications, data, and identities during digital transformation.

CybersecurityEnterprise SoftwareSan Mateo, US

Shlomo Kramer(Co-Founder, President & CEO (early years))inAmichai Shulman(Co-Founder & CTO)inMickey Boodaei(Co-Founder)inPam Murphy(CEO)inChris Hylen(President & CEO)Charles Goodman(Interim CEO)in

Co-investorsAccelAspect VenturesCore Ventures GroupDigi VenturesForgePoint CapitalSAV (Scale Asia Ventures)+6 more

Motusmotus.comin𝕏Oct 2021

Motus Reimburse automates employee vehicle reimbursement for companies, offering localized tax-advantaged rates, standard mileage reimbursement, or fixed monthly allowances with compliance and safety features.

Enterprise SoftwareHR TechMobility & TransportationSaaS

Gregg Darish(Founder)in

Co-investorsTeamworthy VenturesPermira

NetCitadelin𝕏Oct 2024Acquired

Proofpoint provides cybersecurity and compliance software that protects organizations' people, data, cloud environments, and email from advanced cyber threats.

AI & Machine LearningCybersecurityEnterprise SoftwareSaaS

Ashan Willy(CEO)Sumit Dhawan(Chief Executive Officer)Rémi Thomas(Chief Financial Officer)Kim Sullivan(Chief People Officer)Mayank Choudhary(EVP and GM, Information Protection, Cloud Security & Compliance Products Group)Tom Corn(EVP and GM, Threat Protection Group)

Co-investorsCrane Venture PartnersDag VenturesElevate VenturesFrazier Healthcare PartnersGamutGlynn Capital Management+12 more

Oloolo.comin𝕏

Olo provides a software platform for restaurant brands to manage online and catering ordering, payments, guest data, and marketing across multiple locations.

Enterprise SoftwareFintechFoodTechMarketing TechSaaSNew York, US

Noah Glass(Founder)in

Co-investorsBattery VenturesEndeavor CatalystRRE VenturesTiger Global Management

Paradoxparadox.aiin𝕏Dec 2021 · $200MAcquired

Paradox is an AI-powered recruiting assistant that automates hiring tasks and enhances the candidate experience across the entire recruitment lifecycle, from job posting and application through scheduling and feedback collection.

AI & Machine LearningHR TechSaaSScottsdale, US

Aaron Matos(Executive Officer, Director)Adam Godsonin

BoardCHRISTOPHER S. GAFFNEY(Director)JOHN G. HAYES(Director)

Co-investorsBrighton Park CapitalFusion VCGeodesic CapitalPerot JainSapphire VenturesStripes+4 more

Personeticspersonetics.comin𝕏

Personetics provides AI-driven analytics and personalization technology for banks and financial institutions, generating predictive insights and financial guidance delivered to bank customers.

AI & Machine LearningFintechSaaS

Co-investorsLightspeed Venture PartnersMiddlegame VenturesMouro CapitalNycaNyca PartnersViola Ventures+1 more

Qlikqlik.comin𝕏May 2025

Qlik provides a data integration and analytics platform, including an agentic AI framework, that helps enterprises turn their data into insights and actions for business decisions.

AI & Machine LearningData & InfrastructureEnterprise SoftwareSaaS

Co-investorsAccelIndustrifondenJerusalem Venture Partners (JVP)Lighthouse Network Ventures Llc

Riskonnectriskonnect.comin𝕏

Riskonnect provides integrated risk management software and consulting services for enterprises across healthcare, financial services, and other industries, covering areas such as claims management, compliance, business continuity, and ESG reporting.

AI & Machine LearningEnterprise SoftwareInsurTechSaaSChicago, US

Jim Wetekamp(Chief Executive Officer)in

Co-investorsArrowroot CapitalLevel EquityTA Associates

Starburststarburst.ioin𝕏Feb 2022

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 SoftwareBoston, US

Justin Borgman(Founder & CEO)inKamil Bajda-Pawlikowski(Co-founder)Matt Fuller(Vice President, AI/ML Products)inMartin Traverso(Chief Technology Officer)in

Co-investorsIndex VenturesAlkeon InnovationAndreessen HorowitzB Capital GroupB4 CapitalEthos VC+4 more

Thoma Bravothomabravo.comin𝕏

Thoma Bravo is a software-focused private equity investment firm that acquires and invests in enterprise software and technology companies.

CybersecurityEnterprise SoftwareSaaS

Orlando Bravo(Founder and Managing Partner)inCarl D. Thoma(Founder and Managing Partner)in

Co-investorsRex Health VenturesRiverwood Capital

TRM Labstrmlabs.comin𝕏Feb 2026 · $70M

TRM Labs offers an online certification course on blockchain investigations and crypto forensics for professionals who need to trace cryptocurrency transactions across multiple blockchains.

AI & Machine LearningCrypto & Web3CybersecurityEdTechEnterprise SoftwareFintechGovTechSan Francisco, US

Esteban Castaño(Founder)inRahul Raina(Founder)inSujit Raman(Chief Legal Officer)inAri Redbord(Global Head of Policy)inTom Armstrong(Head of Compliance Advisory)

Co-investorsAlumni VenturesB Capital GroupB4 CapitalBasecamp FundBessemer Venture PartnersCastle Island Ventures+12 more

Veriforceveriforce.comin𝕏

Veriforce provides supply chain risk management and safety solutions to help global companies reduce workplace injuries and fatalities among workers in high-hazard environments.

B2B MarketplacesConstruction TechEnterprise SoftwareLogistics & Supply ChainSaaS

Co-investorsInflexionSummit Partners

Verintverint.comin𝕏

Verint is a leader in customer experience (CX) automation, providing an open platform and AI-powered bots to enterprise customers.

AI & Machine LearningEnterprise SoftwareSaaSMelville, US

Peter Fante(Executive Officer)inDouglas Robinson(Executive Officer)inElan Moriah(Executive Officer)inDavid Rhodes(CEO)Teresa Anania(Chief Customer Officer)inFrank Ciccone(Chief Revenue Officer Americas)in

Co-investorsEnterprise Equity

Visit eqs.comeqs.com

EQS provides a governance software platform covering compliance, data privacy, ESG/sustainability, and investor relations, offered as modular "cockpits" for risk management, whistleblowing, third-party due diligence, policy management, and regulatory disclosure.

Enterprise SoftwareGovTechSaaS

Achim Weick(Founder)in

Vivian Healthvivian.comin𝕏Apr 2022

HealthTrust Workforce Solutions is a healthcare staffing and recruitment platform that connects clinical professionals with travel and local contract positions at hospitals and healthcare facilities nationwide.

B2B MarketplacesHealthtechHR TechMarketplaces

Co-investorsSouth QuadCollaborative Fund

WWEX Groupwwexgroup.comin𝕏

WWEX Group, now part of ShipStation Global, operates a freight and parcel logistics network combined with AI-driven shipping software, covering parcel, LTL, truckload, and global shipping in one platform.

AI & Machine LearningLogistics & Supply ChainSaaS

Co-investorsRidgemont Equity

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

Calabrio ParentAbcfitnessListenUNKNOWN

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.

Exits · 6

1 IPOs · 5 acquisitions · showing 1

SailPoint TechnologiesNASDAQ: SAIL

Portfolio news

latest coverage across their companies

Fund performance · per public LP disclosures · 38

as of Jun 2025
FundVintageCommittedNet IRRTVPIDPI
Thoma Bravo Europe Fund, L.P.LPs: California Public Employees' Retirement System, Sjätte AP-fonden (AP6)20251.12x0.00x
Thoma Bravo Discover Fund V LPLPs: California State Teachers' Retirement System, Los Angeles County Employees Retirement Association, Michigan Municipal Employees' Retirement System +8 more20240.00x
Thoma Bravo Fund XVILPs: California State Teachers' Retirement System, Oregon Public Employees Retirement System, Teachers' Retirement System of the City of New York +7 more20241.00x0.00x
Thoma Bravo Co-Invest Opportunities XV-1, L.P.LPs: Teachers' Retirement System of the City of New York202216.1%1.46x0.00x
Thoma Bravo Discover Fund IV, L.P.LPs: Washington State Investment Board, Michigan Municipal Employees' Retirement System, Empire State Development – New York Ventures +8 more202221.3%1.34x0.20x
Thoma Bravo Fund XVLPs: Empire State Development – New York Ventures, California Public Employees' Retirement System, California State Teachers' Retirement System +17 more202214.2%1.40x0.09x
Thoma Bravo Growth Fund, LPLPs: Empire State Development – New York Ventures20220.79x0.00x
Thoma Bravo XVLPs: New York City Employees' Retirement System, New York City Police Pension Fund202215.0%1.38x0.00x
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 more202216.1%1.46x0.00x
Thoma Bravo, LLCLPs: New York City Fire Department Pension Fund, Pension Reserves Investment Management Board, University of Texas Investment Management Company202218.7%1.38x0.04x
Thoma Bravo Growth ILPs: The Regents of the University of California2021-6.0%0.83x0.04x
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 more202010.6%1.47x0.06x
Thoma Bravo Discover IIILPs: Washington State Investment Board, Florida State Board of Administration, California State Teachers' Retirement System +7 more202011.4%1.47x0.05x
Thoma Bravo Explore FundLPs: Los Angeles City Employees' Retirement System, University of Texas Investment Management Company202023.4%1.75x0.27x
Thoma Bravo Fund XIV, L.P.LPs: Oregon Public Employees Retirement System, Florida State Board of Administration, Los Angeles County Employees Retirement Association +1 more20203.8%1.12x1.12x
THOMA BRAVO XIV LPLPs: California Public Employees' Retirement System, Empire State Development – New York Ventures, The Regents of the University of California +15 more20206.2%1.23x0.32x
Thoma Bravo Disc IILPs: Teachers' Retirement System of Oklahoma201821.3%2.18x1.11x
Thoma Bravo Discover Fund IILPs: Michigan Municipal Employees' Retirement System, California State Teachers' Retirement System, Florida State Board of Administration +2 more201821.9%2.18x1.11x
Thoma Bravo Fund XIIILPs: Empire State Development – New York Ventures, The Regents of the University of California, California State Teachers' Retirement System +11 more201821.2%1.96x1.01x
Thoma Bravo Fund XIII PELPs: Maine Public Employees Retirement System201857.5%1.79x0.52x
Thoma Bravo Fund XIIIrLPs: Orange County Employees Retirement System201823.0%1.90x0.95x
Thoma Bravo Disc ILPs: Teachers' Retirement System of Oklahoma201634.4%3.11x2.64x
Thoma Bravo Discover Fund LPLPs: Florida State Board of Administration201634.4%3.08x2.64x
Thoma Bravo Fund XIILPs: Empire State Development – New York Ventures, California State Teachers' Retirement System, Florida State Board of Administration +9 more201614.9%1.92x1.53x
Thoma Bravo Fund XII PELPs: Maine Public Employees Retirement System201618.8%1.76x0.27x
Thoma Bravo XIILPs: Teachers' Retirement System of Oklahoma201614.9%2.18x1.68x
Thoma Bravo Special Opportunities Fund IILPs: Florida State Board of Administration, California State Teachers' Retirement System, Maine Public Employees Retirement System +1 more201515.7%2.19x1.63x
Thoma Bravo Special Opportunities Fund II PELPs: Maine Public Employees Retirement System201520.6%2.18x1.01x
Thoma Bravo Special Opportunities Fund Il LPLPs: Florida State Board of Administration201516.7%2.21x1.19x
Thoma Bravo Fund XILPs: Florida State Board of Administration, California State Teachers' Retirement System, Maine Public Employees Retirement System +3 more201426.0%2.67x2.36x
Thoma Bravo Fund XI PELPs: Maine Public Employees Retirement System201431.8%3.03x1.71x
Thoma Bravo XILPs: Teachers' Retirement System of Oklahoma201426.0%3.63x3.14x
Thoma Bravo Special Opportunities Fund I LPLPs: Florida State Board of Administration, California State Teachers' Retirement System201333.6%3.98x3.98x
Thoma Bravo Special Opportunities Fund LPLPs: Florida State Board of Administration201333.7%3.90x3.26x
Thoma Bravo Fund X LPLPs: Florida State Board of Administration, California State Teachers' Retirement System, Teachers' Retirement System of Oklahoma201238.0%4.04x3.79x
Thoma Bravo XLPs: Teachers' Retirement System of Oklahoma201237.8%3.10x2.94x
Thoma Bravo Fund IX LPLPs: Florida State Board of Administration200848.1%4.08x4.08x
Thoma Bravo Overage Fund, L.P.LPs: Florida State Board of Administration200135.5%4.19x3.13x

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).

IPO stake values · per SEC filings

Value of this firm's stake in each portfolio company at its IPO price, from the prospectus principal-stockholder table.

CompanyOwnedIPO priceAt IPOStake value
SailPoint Technologies86.2%$23.00Feb 2025$11B

Source: SEC S-1 / 424B prospectus filings. Stake value = shares beneficially owned × the initial public offering price, as disclosed — a market value at IPO, not a return multiple (the firm's original cost is not disclosed).

Frequently asked questions

How many investments has Thoma Bravo made?
Thoma Bravo has 45 tracked investments, 6 of which have exited, including 6 dated in the last 24 months.
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.
Does Thoma Bravo lead rounds?
Thoma Bravo has led 21 of the 25 rounds where its role is on record.
Who does Thoma Bravo co-invest with?
Thoma Bravo most often shares deals with Accel, Aspect Ventures, Battery Ventures, among 10 tracked co-investors.

Media · Podcasts & interviews

featuring the team

Watch CNBC's full interview with Thoma Bravo's Holden Spaht

Holden Spaht · cnbc.com

Orlando 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

Inside Thoma Bravo: Holden Spaht & Brian Jaffee on Building Performance Through Mentorship

Thoma Bravo · Holden Spaht

Watch CNBC's full interview with Thoma Bravo founder Orlando Bravo

Orlando Bravo · cnbc.com

Why Thoma Bravo founder Orlando Bravo thinks software is oversold

Orlando Bravo · cnbc.com

Images

Thoma Bravo photoThoma Bravo photoThoma Bravo photoThoma Bravo photo

Co-investors · 7

Insight Partners

Insight Partners is an investment firm focused on accelerating revenue and profit growth in software companies, providing capital and operational support through its Insight Onsite team.

Both backed · 1
$120M – $350M
Tusk Venture Partners

Tusk Ventures provides regulatory, communications, and strategic advisory services to startups, helping them navigate compliance, expand into new markets, and reduce regulatory risk.

Both backed · 1
$750K – $2M
Roosh Ventures

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.

Both backed · 1
Optum Ventures

Optum Ventures is a venture capital firm that invests in entrepreneurs building companies to transform healthcare.

Both backed · 1
Emergence Capital Partners

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.

$500K – $10M
Chicago Ventures

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.

$250K – $1M
Generation Investment Management

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.

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