Performance watch: Thoma Bravo’s PE funds

Thoma Bravo is reportedly seeking $16.5bn for Fund XIV, which, if successful, would be at least 30% larger than its 2018-vintage Fund XIII.

Thoma Bravo is one of the world’s most active software investors; the firm’s prior performance suggests its bullishness on this sector has been justified.

The San Francisco-headquartered firm is reportedly seeking $16.5 billion for Fund XIV, which, if successful, would be at least 30 percent larger than the $12.6 billion raised for its 2018-vintage Fund XIII, according to PEI data.

Since 2003, Thoma Bravo has generated a 3.7x gross money multiple and 49.6 percent gross internal rate of return on realised investments, according to documents prepared for Pennsylvania State Employees’ Retirement System and seen by Private Equity International. It has been responsible for 260 software acquisitions, representing around $78 billion of enterprise value as of 30 June.

The interactive chart below shows the firm’s previous fund performances. The bubbles are sized proportionately to the size of the fund; toggle between the tabs to see how they have fared by net internal rate of return and multiple on invested capital.

Thoma Bravo did not return a request for comment.