Chicago · Growth–Late Stage · 13 people tracked
Also known as THOMA BRAVO, L.P.
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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 29, 2026.
Team · 13 people
from the firm's website & curated & public directoriesFounder mafia
5 people who came through Thoma Bravo went on to found or lead other companies.
What they invest in
from 44 of 48 portfolio companiesSaaS ×32Enterprise Software ×31AI & Machine Learning ×18Fintech ×11Cybersecurity ×10Cloud Computing ×5Data & Infrastructure ×4HR Tech ×4
HQs:United States×26France×2Singapore×1
Investments · 48 tracked
founders shown can be your intro pathBy year:2026 · 12025 · 52024 · 12023 · 12022 · 142021 · 72018 · 130 dated
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-investorsBoxGroupElsewhere PartnersEscalate Capital PartnersGolub GrowthSilverton PartnersSyn Ventures Seed Management Llc+1 more
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 VenturesCisco Investments+8 more
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)
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(Founder)Gian Merlino(Founder)inVadim Ogievetsky(Founder)inEric Tschetter(Chief Officer, Emerging Solutions)in
Co-investorsAndreessen HorowitzBessemer Venture PartnersKhosla VenturesTiger Global ManagementGeodesic Capital
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
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
Co-investorsEquality Asset ManagementFirst Analysis
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
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 AssociatesWI Harper GroupMistral Venture Partners
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
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)inGuillaume Desloges(Founder)Harry Ritter(Founder)Louis Chatriot(Founder)Louis Chatriot Guillaume Desloges(Founder)
Co-investorsY CombinatorAglae VenturesBoxGroupForerunner VenturesFounders FutureGR Capital+9 more
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 PartnersRainfall Ventures+3 more
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
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
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
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
Alma is building an AI-native computer interface designed around user intent and context rather than traditional apps, windows, and files.
AI & Machine LearningConsumerDeep Tech
Co-investorsPeak XV Partners
Anchorage Digital is a global cryptocurrency platform providing institutions with custody, staking, trading, governance, and settlement services, along with security infrastructure.
Crypto & Web3Enterprise SoftwareFintechNew York, US
Diogo Mónica(Founder)inNathan McCauley(Founder)in
Co-investorsAndreessen HorowitzGICa16z cryptoAmplify PartnersBlockchain CapitalDelta Blockchain+28 more
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(Founder)inBrendan O'Connor(Founder)inBridget 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+4 more
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
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(CEO)inGiovanni Casinelli(Founder)inGiacomo Ficari(Founder/Co-CEO)inJoel Leong(Founder)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+28 more
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 FrostinEric Lam(Founder)Shuhan Bao(Founder)Suhaas Prasad(Founder)
Co-investors515 VenturesAspenwoodCota CapitalPear VCStructural CapitalBattery Ventures+14 more
Azul provides cloud application and DevOps solutions, particularly focused on cloud cost management and DevOps analytics for enterprise customers.
Cloud ComputingDeveloper ToolsEnterprise Software
Gil Tene(Founder)Scott Sellers(Founder)Shyam Pillalamarri(Founder)
Co-investorsLead Edge CapitalPartners for GrowthPartners for Growth (PFG)GS FuturesMitsubishi UFJ CapitalRedpoint Ventures+4 more
Eptura provides an integrated platform for workplace and asset management, serving facility teams, real estate managers, and enterprise operations.
Enterprise SoftwarePropTech
Paul Statham(Founder)
Co-investorsGolub GrowthJMI EquityHighland Europe
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
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-investorsABS VenturesDraper AssociatesSecond Alpha PartnersSilver Lake Partners
Figment is an independent provider of staking infrastructure, offering non-custodial staking, reward tracking, API integrations, and slashing protection to institutional clients such as asset managers, exchanges, wallets, foundations, and custodians.
Crypto & Web3Data & InfrastructureEnterprise SoftwareFintech
Lorien Gabel(Founder)inAndrew Cronk(Founder)Matt Harrop(Founder)Ryan Funduk(Founder)
Co-investors10SQ Capital (TenSquared)10T Fund3cubed VenturesAppWorks VenturesArchetypeB Capital Group+23 more
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
Hypergene provides a cloud-based platform for financial planning and analysis (FP&A) and project and portfolio management (PPM), covering strategic planning, budgeting, forecasting, analysis, and reporting.
Enterprise SoftwareFintechSaaS
Co-investorsMonterro Growth
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(Founder)inPJ Kirner(Founder)in
BoardSteve Herrod(Director)Alan Cohen(Executive Officer, Director)inJoe Lonsdale(Director)inJohn M. Jack(Director)in
Co-investors8VCAbbhi CapitalAccelAliya Capital PartnersAndreessen HorowitzBlue Owl Capital+13 more
Imperva provides cybersecurity solutions to protect customers from cyberattacks across applications, data, and identities during digital transformation.
CybersecurityEnterprise SoftwareSan Mateo, US
Shlomo Kramer(Founder)inAmichai Shulman(Founder)inMickey Boodaei(Founder)inPam Murphy(CEO)inChris Hylen(President & CEO)Charles Goodman(Interim CEO)in
Co-investorsAccelAspect VenturesCore Ventures GroupDigi VenturesForgePoint CapitalSAV (Scale Asia Ventures)+5 more
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
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
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 VenturesRRE VenturesWellington ManagementCore CapitalEndeavor CatalystTiger Global Management
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 CapitalFelicis VenturesFusion VCGeodesic CapitalLVenture GroupPerot Jain+6 more
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+2 more
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
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
Sophos provides managed detection and response (MDR) services that use machine learning and behavioral analysis to identify threats and coordinate rapid incident response for enterprise customers.
AI & Machine LearningCybersecurityEnterprise SoftwareSaaSUS, US
Jan Hruska(Founder)in
Co-investorsEncomenda VCTA AssociatesInvestcorp
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 SoftwareSaaSBoston, US
Justin Borgman(Founder)inKamil Bajda-Pawlikowski(Co-founder)Matt Fuller(Founder)inMartin Traverso(Chief Technology Officer)in
Co-investorsCoatue ManagementIndex VenturesAlkeon InnovationAndreessen HorowitzB Capital GroupB4 Capital+4 more
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)Liza Lebovitz(Head of Recruiting)
Co-investors10T FundAlumni VenturesB Capital GroupB4 CapitalBasecamp FundBessemer Venture Partners+36 more
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
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
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-investorsCollaborative FundSouth Quad
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 ParentAbcfitnessListen
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 1SailPoint TechnologiesNASDAQ: SAIL
Portfolio news
latest coverage across their companies.jpg)
Sophos · blog.equityzen.com · Sep 22, 2026
WWEX Group · wwexgroup.com · Jun 1, 2026
TRM Labs · finsmes.com · Feb 4, 2026
Verint · prnewswire.com · Dec 9, 2025
Figment Networks · finsmes.com · Oct 7, 2025
Hypergene · hypergene.com · Sep 3, 2025
Qlik · qlik.com · May 8, 2025
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).
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.
| Company | Owned | IPO price | At IPO | Stake value |
|---|---|---|---|---|
| SailPoint Technologies | 86.2% | $23.00 | Feb 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 48 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 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 22 of the 27 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 12 tracked co-investors.
Media · Podcasts & interviews
featuring the teamWatch CNBC's full interview with Thoma Bravo's Holden Spaht
Holden Spaht · cnbc.com
Thoma Bravo managing partner Orlando Bravo at Semafor World Economy
Semafor Events · Orlando Bravo
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
Images
Co-investors · 7
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.
Tusk Ventures provides regulatory, communications, and strategic advisory services to help disruptive startups navigate regulation, and has historically invested in early-stage companies facing complex regulatory environments.
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.
Optum Ventures is a healthcare-focused venture capital firm affiliated with UnitedHealth Group's Optum platform, investing in emerging healthcare and digital health companies across the US and globally.
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.
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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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.
Lightspeed Venture Partners is a global venture capital firm that backs founders from Seed through Series F and beyond, emphasizing deep, immersive partnerships with the companies it invests in.
Menlo Ventures is an early-stage venture capital firm backing transformative technology companies, with a strong current emphasis on artificial intelligence across enterprise, healthcare, and consumer markets.


















































































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