Thoma Bravo Secures $34.4 Billion for New Funds, Cementing Its Status as Software PE Giant

In a significant move that underscores its dominance in the private equity (PE) landscape, Thoma Bravo has successfully raised $34.4 billion across three new funds. This achievement not only highlights the firm’s robust investor confidence but also solidifies its position as a leading investor in the software sector.

Breaking Down the Fundraising Triumph

The $34.4 billion fundraising encompasses:

• Thoma Bravo Fund XVI: $24.3 billion

• Thoma Bravo Discover Fund V: $8.1 billion

• Thoma Bravo Europe Fund: €1.8 billion (approximately $2 billion)

Notably, Fund XVI stands as the largest global private equity fund closed in 2024 or 2025, surpassing industry giants like Blackstone and EQT.

Navigating a Challenging PE Landscape

While the broader PE industry grapples with high interest rates and geopolitical uncertainties, Thoma Bravo’s successful fundraising sets it apart. The firm has demonstrated resilience by completing its fundraising within a standard one-year period, a feat many peers have struggled to achieve.

A testament to its strategic prowess, Thoma Bravo recently sold its stake in Adenza to Nasdaq for $10.5 billion, yielding a 35% annualized return. Since early 2023, the firm’s flagship and Discover funds have returned over $30 billion to investors.

Strategic Investments and Future Outlook

Thoma Bravo continues to actively pursue acquisitions, including a recent agreement to purchase part of Boeing’s Digital Aviation Solutions for over $10 billion . With a portfolio of over 75 software companies generating approximately $30 billion in annual revenue, the firm employs more than 93,000 staff globally.

This fundraising milestone not only reinforces Thoma Bravo’s leadership in software-focused investments but also signals a robust future trajectory in the PE sector.