Thomabravo

Thoma Bravo’s software focus, operational intensity and top-quartile returns make it a cornerstone in CatalyX portfolios.

Thomabravo

Thomabravo

Company

2026

Date

Private Equity

Category
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Thoma Bravo started life in 1980 as part of the Golder Thoma lineage and has since become the definitive enterprise-software specialist in private equity, overseeing about $184 billion in assets across flagship, mid-market Discover, Europe and credit vehicles. The firm’s latest fundraising sprint closed in May 2025 at $34.4 billion, including a $24.3 billion Flagship XVI—evidence that LP demand remains as sticky as the recurring SaaS revenues the strategy targets.

Performance justifies the appetite. Thoma Bravo’s recent flagship funds sit firmly in top-quartile IRR terrain, while a Private Equity International “performance watch” notes Fund XIII tracking a net IRR north of sixteen percent and a 1.6× net TVPI only midway through its life. Such consistency rests on an operating model that pairs majority control with a “buy-and-build” playbook; portfolio companies report faster ARR expansion and materially lower churn once the firm’s go-to-market engineers and pricing teams embed on site.

The strategy is visibly thematic. Cyber-security, DevOps and fintech infrastructure account for more than thirty billion dollars of deployed capital, headlined by take-privates of Proofpoint, SailPoint and, most recently, Darktrace—deals that underscore both conviction and the ability to move quickly on mispriced public assets. At the same time, managing partner Orlando Bravo has steered over thirty billion dollars into AI-ready security platforms, arguing that generative-AI proliferation makes secure software the new digital utility.

For CatalyX, backing the next Thoma Bravo vintage locks in three advantages. It channels investor capital straight into the high-growth software backbone of the modern economy, with none of the index drift typical of diversified mega-funds. It delivers a manager whose cycle-tested track record—dating back to the dot-com bust—has translated operational excellence into durable out-performance. And it aligns neatly with our impact lens: the firm’s focus on mission-critical software that reduces cyber-risk, streamlines compliance and supports remote work creates tangible, measurable value beyond financial return.