Thoma Bravo has closed $34.4bn across three buyout vehicles, marking one of the largest software-focused private equity fundraises to date.

The firm raised $24.3bn for Thoma Bravo Fund XVI, $8.1bn for Discover Fund V, and €1.8bn (approximately $1.95bn) for its inaugural Europe Fund. Each vehicle exceeded its fundraising target, with Fund XVI and the Europe Fund hitting hard caps, and Discover Fund V increasing by more than 30% from its predecessor.

The funds attracted commitments from over 535 global investors, including sovereign wealth funds, public pension funds, insurance companies, endowments, and family offices. Kirkland & Ellis served as legal counsel on the fundraise.

“This fundraise is a testament to the strong relationships we’ve built with our investors and their confidence in our strategy,” said Orlando Bravo, Founder and Managing Partner. “Their support enables us to keep driving innovation and profitable growth across leading software businesses.”

Jennifer James, Managing Director, Chief Operating Officer, and Head of Investor Relations & Marketing, added: “All three funds far exceeded their targets, underscoring our investors’ conviction in Thoma Bravo’s ability to perform across cycles.”

The close follows a highly active year for Thoma Bravo, with buyouts and exits totalling around $35bn in combined enterprise value. The firm’s current portfolio spans over 75 companies generating $30bn in annual revenue and employing more than 93,000 people worldwide.

As of March 2025, Thoma Bravo manages approximately $184bn in assets, maintaining offices in San Francisco, New York, Miami, Chicago, Dallas, and London.

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