Thoma Bravo closes on $3.65bn hard-cap

The firm closed its Fund XI in roughly four months, holding a 'one and done' close.

Thoma Bravo has closed its Fund XI on its $3.65 billion target, according to a statement.

Fund XI was oversubscribed and exceeded its $2.5 billion target in a single close after four months in market. The fund will follow the same investment strategy as Thoma Bravo’s prior funds, investing in the software and technology-enabled services sectors. The firm invests between $50 million and $300 million in companies with more than $20 million in earnings before interest, taxes, depreciation and amortization, according to its website. Limited partners in the fund include the Arkansas Teacher Retirement System and Maine Public Employees Retirement System, according to Private Equity International’s Research and Analytics division.

“The team’s investment track record coupled with the close partnerships we have established with our investors led to a smooth fundraising process,” managing partner Orlando Bravo said in the statement.

In 2014, Thoma Bravo has acquired cloud-based technology service company Global Healthcare Exchange and investment management firm Segall Bryant & Hamill. The firm expects to close its $930 million acquisition of TravelClick in the second quarter, according to a prior statement.

Last year, Thoma Bravo made three platform investments, including acquiring Intuit’s financial services division for $1.03 billion and internet and mobile cloud testing and monitoring company Keynote Systems for $385 million, PEI reported. 

Thoma Bravo’s prior fund raised $1.7 billion, on a $950 million target, in 2012, according to PEI data. The firm sealed four exits last year, including the sale of information technology business Network Instruments to JDS Uniphase Corporation for $200 million and digital banking company Digital Insight for $1.65 billion in December. The firm also sold fleet management software company Roadnet for an undisclosed sum in November, PEI reported.

Thoma Bravo was founded in 1998 when Golder Thoma & Company split into two firms, GTCR Golder Rauner and Thoma Cressey Equity Partners – which was eventually renamed Thoma Bravo. The firm is led by six managing partners and one partner, Robert Sayle who was promoted from principal in February.

Thoma Bravo has offices in Chicago and San Francisco and manages around $7.5 billion in private equity commitments.