Thoma Bravo has acquired a strategic minority stake in SDC Capital Partners, the global digital infrastructure investment firm founded by industry veteran Todd Aaron. The transaction was funded directly from Thoma Bravo’s balance sheet.

SDC, which manages $7.8bn in assets as of June 2025, specialises in building large-scale data centre capacity for hyperscalers and investing in fibre, wireless, and cloud infrastructure. Since its launch in 2017, the firm has completed more than 25 investments across North America, South America, and Europe.

“Thoma Bravo is one of the world’s most admired investment firms and shares our view on the benefits of a sector-focused and operationally oriented approach,” said Todd Aaron, Founder and Managing Partner of SDC. “Their portfolio provides them a unique, front-line perspective on the opportunities and challenges of digital infrastructure and the implications of AI and cloud computing.”

Holden Spaht, Managing Partner at Thoma Bravo, added: “We see firsthand how the rapid growth in AI, cloud computing and advanced technologies is driving unprecedented demand for secure, scalable and resilient digital infrastructure. Todd has been a leading operator and investor in digital infrastructure for the last 25 years, and SDC’s disciplined asset selection and operational model have delivered for their investors.”

Thoma Bravo, one of the world’s largest software-focused private equity firms with $181bn under management, said the partnership will help strengthen SDC’s platform as demand for digital infrastructure accelerates globally.

Advisers on the deal included Piper Sandler and Kirkland & Ellis for Thoma Bravo, with Houlihan Lokey and Kirkland & Ellis advising SDC.

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