At least six institutional investors have backed all three of Thoma Bravo‘s latest funds, which raised a collective $22.8 billion, including the final close on the largest-ever tech-focused private equity fund.
The Chicago and San Francisco-headquartered firm raised $17.8 billion for Thoma Bravo Fund XIV, $3.9 billion for Thoma Bravo Discover Fund III and $1.1 billion for Thoma Bravo Explore Fund, according to a statement. All three funds closed on their hard-caps and were oversubscribed.
Of the six LPs, Mass PRIM provided the most capital, committing more than $500 million across the three funds.
Fundraising took around nine months and was conducted almost completely virtually, a source familiar with the matter told Private Equity International.
Orlando Bravo, founder and managing partner, said in the statement: “These three new funds position us to continue executing on our investment approach of buying high-quality software companies with experienced management teams, loyal customers and strong product offerings, to accelerate their growth and innovation.”