Thoma Bravo continues hiring streak with 3 additions

The software and technology-focused firm has hired a partner from HGGC to work on the Thoma Bravo Discover Fund.

Thoma Bravo is continuing its hiring streak with the addition of three new faces, two scooped up from private equity firms and the third from the prestigious Wharton School.

According to a statement from the firm, which focuses exclusively on software and technology, Hudson Smith will join Thoma Bravo as a partner, while Matt Gilbert and AJ Jangalapalli will join the firm as vice presidents. All three men are based in the firm's San Francisco headquarters, according to their LinkedIn profiles.

Smith joined the private equity firm as partner from Palo Alto-based HGGC. At HGGC, Smith directed technology investments. He has also worked as a consultant at Bain & Co., and as an investment banker at mid-market bank Lincoln International.

Smith will begin his new position working on the Thoma Bravo Discover Fund, which closed on $1.07 billion, above its $1 billion hard-cap, in February, to source and manage lower mid-market software investments.

The PE firm established Discover Fund in 2015 to partner with smaller, growing companies in the software sector. The fund's investor base includes the Alaska Retirement Management Board, which committed $5.4 million; the Arkansas Teacher Retirement System, which committed $30 million; the Florida State Board of Administration, which committed $50 million; and the Massachusetts Pension Reserves Investment Management Board, which committed $60 million, according to PEI data.

Matt Gilbert and AJ Jangalapalli joined Thoma Bravo as vice presidents from Summit Partners and from the MBA programme at the Wharton School, respectively. Gilbert work in the firm's capital market group, while Jangalapalli joins the investment team. Jangalapalli was formerly a senior associate at JMI equity, leading valuation and diligence processes in the technology and business services sectors, and an investment banking analyst at Deutsche Bank.

A source familiar with the matter told Private Equity International the three additions are part of the firm's hiring spree in the past 18 months that began as a reaction to the opportunities it sees in the software and technology sectors.

The firm is still raising its Thoma Bravo Fund XII, which it  began fundraising in January targeting $7 billion, a source said. 

According to PEI data, Thoma Bravo manages about $8.74 billion in assets and has offices in San Francisco and Chicago.