Thoma Bravo raises $2.4bn

The US-based private equity firm closes latest software-focused fund at hard-cap.

Thoma Bravo Discover Fund II has held a final close at its $2.4 billion hard-cap. The mid-market software fund will deploy a buy-and-build strategy to invest in application, infrastructure and security software and technology-enabled services, following the same strategy as its predecessor.

The oversubscribed fund’s investor base includes Arkansas Teacher Retirement System, Florida State Board of Administration, New York State Teachers’ Retirement System, and Massachusetts Pension Reserves Investment Management Board.