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Thoma Bravo Debuts Lower Middle-Market Focused Discover Fund

February 16, 2016, 07:39 AM
Filed Under: Industry News

Thoma Bravo, LLC, a leading private equity investment firm, has completed fundraising for Thoma Bravo Discover Fund (“Discover”). The fund – which will focus on lower middle-market software investments – closed with $1.074 billion of commitments, reaching its hard cap.

Thoma Bravo will invest Discover with a continued emphasis on its successful investment strategy in the software and technology enabled services sectors. The fund provides an investment vehicle for opportunities requiring less equity capital than the larger opportunities that are the focus of Thoma Bravo’s flagship funds.

Thoma Bravo’s most recent flagship fund, Fund XI, closed at $3.66 billion and began investing in 2014. In 2015, Fund XI was supplemented by a $1.065 billion Special Opportunities Fund II. Those funds have focused on companies at the upper end of the software middle market.

Thoma Bravo is led by managing partners Seth Boro, Orlando Bravo, Scott Crabill, Lee Mitchell, Holden Spaht and Carl Thoma; as well as partners A.J. Rohde and Robert Sayle.

“Although earlier Thoma Bravo funds made many investments of the size targeted by the Discover Fund, the increasing scale of companies in the consolidating software and technology sectors has resulted in larger funds and larger investment sizes,” explained Rohde, who is heading up the investment team for Discover. “The Discover Fund is intended to allow our firm to continue to partner with great management teams at smaller, growing companies that can benefit from our process and our deep experience in software.”

Discover’s first investment – Infogix, Inc. – was announced on January 5. The company is a leader in end-to-end data analysis tools and boasts several Fortune 1000 companies as clients.

Thoma Bravo is a leading private equity investment firm building on a 30+ year history of providing equity and strategic support to experienced management teams and growing companies. The firm seeks to create value by collaborating with company management to improve business operations, invest in growth initiatives and make accretive acquisitions. Thoma Bravo invests with a particular focus on application and infrastructure software and technology enabled services. The firm currently manages a series of private equity funds representing more than $9 billion of equity commitments.

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