Thoma Bravo Raises $7.6 Billion for Software, Technology Buyouts

Thoma Bravo raised $7.6 billion for its latest fund to continue a buying spree in software and technology.

The Chicago-based private equity firm reached the maximum amount it was seeking for its 12th main fund, according to a statement Monday. The pool is more than twice the size of its predecessor, which closed on $3.65 billion in 2014.

Thoma Bravo has struck more than a dozen deals in the past year, including acquisitions of the publicly traded companies Qlik Technologies Inc., Imprivata Inc. and SolarWinds Inc. Its 11th fund was generating a 7.5 percent annualized return after fees as of Dec. 31, according to data compiled by Bloomberg, placing it in the top-performing quartile of funds from 2014.

“The software industry is entering a new phase of secular growth as it expands into all segments of the economy,” Orlando Bravo, one of the firm’s managing partners, said in the statement. “Significant industry trends, including changes in software companies’ business models and the current dissatisfaction with the public equity markets, have created a new opportunity for private equity.”

Thoma Bravo, which has offices in Chicago and San Francisco, manages more than $17 billion in investor capital. The firm and buyout peer GTCR were formed in 1998 when Golder Thoma split into two companies.

Blackstone Group LP, the largest private equity manager, finished raising $18 billion for its most recent fund last year. TPG completed a $10.5 billion private equity fundraising in May, Warburg Pincus got $12 billion last year and Apollo Global Management LLC gathered $18.4 billion in 2014.

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