# Thoma Bravo: portfolio, investments and team > Thoma Bravo is a private equity based in United States. 6 investments on record, 1 in the last 12 months, latest Feb 2026. Source: https://millionrounds.com/fund/thoma-bravo (Millionrounds; every figure on the page links to its filing or article) United States · [Investor](https://millionrounds.com/investors) # Thoma Bravo Last cheque observed Feb 2026; 6 cheques on record. Email Deploying now New fund $24B, Aug 2026 Private equity Growth Buyout Software Follow Thoma Bravo and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fthoma-bravo) Deploying now **100%** of best year **1** **cheques in 12 months**, 6 on record Since the last cheque **270** days **00** hrs **00** min **00** sec Median round **$70M** Rounds led **1 of 6** Sole investor **3 rounds** Exits **2 from the portfolio** Mostly in **United States, 100%** Pitch Thoma Bravo ## Thoma Bravo highlights - 01 1 cheques in the last 12 months - 02 Mostly Growth and Venture: 67% of its rounds - 03 Sole investor in 3 rounds, median $50M - 04 2 exits from the portfolio ## What they do > Thoma Bravo, the world's largest software-focused investment firm, manages over $172 billion in assets for approximately 80 global software companies. From their own website - **Type:** Private equity - **Cheque size:** Not stated - **Stages:** Growth Buyout - **Sectors:** Software - **Based in:** Chicago, United States - **Cold pitches:** Not stated ## The record Every round we can evidence, newest first **6 appearances** - **2026** 1 round - **Feb** **[TRM Labs](https://millionrounds.com/company/trm-labs)** Series C · US · TechStartups **$70M** With 10 others - **2023** 1 round - **Jul** **[Bluesight](https://millionrounds.com/company/bluesight)** Growth · US · Kaiser Permanente Ventures **Undisclosed** *Led* - **2014** 1 round - **Aug** **[SailPoint Technologies](https://millionrounds.com/company/sailpoint-technologies)** Growth · US **Undisclosed** Sole investor - **2013** 1 round - **Jan** **[SRS](https://millionrounds.com/company/srs)** Venture · US · sg.finance.yahoo.com **Undisclosed** Sole investor - **2007** 1 round - **Sept** **[Atritech](https://millionrounds.com/company/atritech)** Series D · US **$22M** With 5 others - **2006** 1 round - **Jan** **[Aptean](https://millionrounds.com/company/aptean)** Venture · US · managingautomation.com **$50M** Sole investor An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor. ## The team Named by the firm itself, on a filing, its Form ADV or its company registration **12 named** AL **Amy Luella Coleman Redenbaugh** Managing Director, Chief Financial Officer i Form ADV CD **Carl Dee Thoma** Managing Partner / Limited Partner i Form ADV GT **Gerald Thomas Nowak** Managing Director, Chief Administrative and Legal Officer i Form ADV JJ **Jennifer James Alper** Managing Director, Chief Operating Officer, Head of Investor Relations & Marketing i Form ADV JL **Justin Lioi** Senior Vice President of Sole Member of the General Partner i Filing they signed LM **Lee Mark Mitchell** Managing Partner / Limited Partner i Form ADV OM **Orlando M. Bravo** Managing Partner / Limited Partner i Form ADV PH **P. Holden Spaht** Managing Partner of the Manager i Filing they signed PH **Paul Holden Spaht** Managing Partner / Limited Partner i Form ADV SS **Samuel Scott Crabill** Managing Partner / Limited Partner i Form ADV SJ **Seth Joseph Boro** Managing Partner / Limited Partner i Form ADV SA **Steven Anthony Schwab** Senior Director, General Counsel and Chief Compliance Officer i Form ADV We also hold **59** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them. ## What the register says From the firm's own filings with the SEC, which it must file accurately by law **$183B** assets it manages Oct 2026 **16+** funds on file numbered funds in its name **Registered** investment adviser full reporting to the SEC - **Legal name:** Thoma Bravo, L.P. - **SEC number:** CRD 157041 Funds on its Form ADV **115** private funds, **$137B** in gross assets · filed Nov 2024 Private equity **112** Hedge **3** - Thoma Bravo Fund XV-A, L.P. *Private equity* 317 investors $17B - Thoma Bravo Fund XIV-A, L.P. *Private equity* 224 investors $11B - Thoma Bravo Fund XV, L.P. *Private equity* 207 investors $9.2B - Thoma Bravo Fund XIII-A, L.P. *Private equity* 170 investors $9.0B - Thoma Bravo Fund XIII, L.P. *Private equity* 183 investors $8.5B - Thoma Bravo Fund XIV, L.P. *Private equity* 186 investors $8.0B - Proofpoint Co-Invest Fund, L.P. *Private equity* 128 investors $6.1B - Thoma Bravo Fund XII, L.P. *Private equity* 138 investors $4.4B - Project Alpine Co-Invest Fund, L.P. *Private equity* 128 investors $4.3B - Thoma Bravo Fund XII-A, L.P. *Private equity* 76 investors $3.9B And 105 more on the filing. Who backs their funds ## 6 LPs on record in Thoma Bravo's funds - **Committed:** $8.6B - **Funds:** 21 - **Vintages:** 2012 to 2025 The institutions that put money into its funds, which the firm then invests in companies. Source: the pension's own report, latest Jun 2026. - [**California Public Employees' Retirement System (CalPERS)** 5 funds *$2.4B*](https://millionrounds.com/fund/california-public-employees) Fund Vintage Committed Thoma Bravo Fund XVI 2025 $350M Thoma Bravo Europe Fund 2025 $113M Project Quail Opportunities 2022 $1.0B Thoma Bravo Fund XV 2022 $348M Thoma Bravo Fund XIV 2021 $600M - [**California State Teachers Retirement System** 13 funds *$2.1B*](https://millionrounds.com/fund/california-state-teachers-retirement-system) Fund Vintage Committed Thoma Bravo Fund XVI 2025 $250M Thoma Bravo Discover Fund V 2025 $150M Thoma Bravo Fund XV 2022 $300M Thoma Bravo Discover IV 2022 $100M Thoma Bravo Fund XIV 2021 $300M Thoma Bravo Discover Fund III 2021 $100M Thoma Bravo Fund XIII 2019 $300M Thoma Bravo Discover Fund II 2018 $100M and 5 more - [**Regents of the University of California** 7 funds *$1.4B*](https://millionrounds.com/fund/regents-of-the-university-of-california) Fund Vintage Committed Thoma Bravo XV 2022 $300M Thoma Bravo Discover IV 2022 $100M Thoma Bravo Growth I 2021 $200M Thoma Bravo XIV 2020 $350M Thoma Bravo Discover III 2020 $100M Thoma Bravo Fund XIII 2018 $325M Thoma Bravo Discover II 2018 $75M - [**Washington State Investment Board** 6 funds *$1.3B*](https://millionrounds.com/fund/washington-state-investment-board) Fund Vintage Committed Thoma Bravo Fund XVI 2025 $400M Thoma Bravo Discover Fund V 2025 $200M Thoma Bravo Discover Fund IV 2022 $200M Thoma Bravo Fund XV 2022 $200M Thoma Bravo Fund XIV 2021 $200M Thoma Bravo Discover Fund III 2021 $100M - [**Oregon Public Employees Retirement Fund** 3 funds *$750M*](https://millionrounds.com/fund/oregon-public-employees) Fund Vintage Committed Thoma Bravo Fund XVI 2024 $250M Thoma Bravo Fund XV 2022 $250M Thoma Bravo Fund XIV 2021 $250M - [**Minnesota State Board of Investments** 5 funds *$625M*](https://millionrounds.com/fund/minnesota-state-board-of-investments) Fund Vintage Committed Thoma Bravo Fund XVI 2024 $150M Thoma Bravo Fund XV 2021 $100M Thoma Bravo Fund XIV 2020 $150M Thoma Bravo Fund XIII 2018 $150M Thoma Bravo Fund XII 2016 $75M ## What they claim to have backed From their own portfolio page (on their website) **1** of 2 we have independently watched raise [Dayforce](https://millionrounds.com/company/dayforce) Listen Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded. ## Exits from the portfolio Companies it backed that were later bought or listed **2 in all** **[SRS](https://millionrounds.com/company/srs)** Bought by [Thoma Bravo](https://millionrounds.com/fund/thoma-bravo) **Undisclosed** Jan 2013 **[Atritech](https://millionrounds.com/company/atritech)** Bought by [Boston Scientific](https://millionrounds.com/fund/boston-scientific) **$375M** Jan 2011 An exit counts when it came after the firm's first round in the company. From historical deal records. ## Companies it bought Acquisitions by the firm itself **[MedeAnalytics](https://millionrounds.com/company/medeanalytics)** **Undisclosed** Sept 2015 **DigiCert** **Undisclosed** Aug 2015 **[iPipeline](https://millionrounds.com/company/ipipeline)** **Undisclosed** Aug 2015 **[Riverbed Technology](https://millionrounds.com/company/riverbed-technology)** **$3.5B** Apr 2015 **[PowerPlan](https://millionrounds.com/company/powerplan)** **Undisclosed** Feb 2015 **Compuware** **$2.5B** Sept 2014 **[Sparta Systems](https://millionrounds.com/company/sparta-systems)** **Undisclosed** Jul 2014 **[TravelCLICK](https://millionrounds.com/company/travelclick)** **$930M** May 2014 **Global Healthcare Exchange** **Undisclosed** Feb 2014 **Segall Bryant & Hamill** **Undisclosed** Feb 2014 **Empirix** **Undisclosed** Oct 2013 **Digital Insight** **$1.0B** Jul 2013 New fund on file **$24B** raised in Aug 2026 From its SEC filing, not a journalist: a firm that has just raised has money to deploy. ## The cheque Growth Buyout Median round joined **$70M** the round, not its cheque Alone, median **$50M** Led 1 of 6 rounds **17%** - **Sole investor:** 3 rounds - **Last cheque:** Feb 2026 - **Exits:** 2 from the portfolio Rounds by stage said on their site - Growth said *2* - Venture *2* - Series C *1* - Series D *1* - Buyout said *-* Cheques by month Led Joined Dec 2023 Nov 2026 **Pitching Thoma Bravo?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque. Add to your CRM *→* ## Recently backed The latest companies Thoma Bravo put money into. [**TRM Labs** $70M · Feb 2026](https://millionrounds.com/company/trm-labs)[**Bluesight** Jul 2023](https://millionrounds.com/company/bluesight) ## On podcasts 6 episodes naming Thoma Bravo in the title, and 4 more that mention it. - [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 30 Apr 2026 · 1h 26m 20VC: Anthropic Raises $45BN but Falls Short on Compute | OpenAI Crushes with GPT5.5 and Codex: Back in the Game? | China Blocks Manus $2BN Deal to Meta | Thoma Bravo Hand Back Medallia Keys to Creditors | Why Google is a Bigger Buy Than Ever Before Mentions [Google](https://millionrounds.com/fund/google-assistant-investments)[Thoma Bravo](https://millionrounds.com/fund/thoma-bravo) Apple PodcastsShow page - [TBPN](https://millionrounds.com/podcasts/tbpn) 23 Apr 2026 · 23 min Thoma Bravo Loses Medallia, OpenAI Drops ChatGPT 5.5, Bob Iger Returns | Diet TBPN Mentions [Thoma Bravo](https://millionrounds.com/fund/thoma-bravo) Apple PodcastsShow page - [TBPN](https://millionrounds.com/podcasts/tbpn) 23 Apr 2026 · 2h 11m Meet the New Thiel Fellows, GPT 5.5, Thoma Bravo Loses Medallia | Victor Boyd, Alex Shieh, Nick Dobroshinsky, Ishan Gupta, Antoni Kiszka, Milan Lustig, Galen Mead, Aubrey Niederhoffer, Samuel Carvalho, Claire Wang Mentions [Thoma Bravo](https://millionrounds.com/fund/thoma-bravo) Apple PodcastsShow page - [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 9 Mar 2026 · 1h 3m 20VC: Inside Accel's $4BN Growth Investing Machine | Cursor is Dead is Total BS: Here is Why | What Missing Rippling and ElevenLabs Taught Us | Are $2BN-$10BN IPOs Dead | Why Now is a Great Time to be Thoma Bravo with Miles Clements With [Miles Clements](https://millionrounds.com/person/miles-clements) Mentions [Accel](https://millionrounds.com/fund/accel)[Thoma Bravo](https://millionrounds.com/fund/thoma-bravo) Apple PodcastsShow page - [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 5 Jun 2025 · 1h 23m 20VC: Is Chamath Right: Is DPI The Only Thing That Matters | Does OpenAI Even Matter | Mary Meekers AI Report: The Analysis| IPO Breakdown: Chime, Circle & Thoma Bravo's New Fund With [Mary Meeker](https://millionrounds.com/person/mary-meeker) Mentions [Thoma Bravo](https://millionrounds.com/fund/thoma-bravo)[Sam Lessin](https://millionrounds.com/person/sam-lessin) Apple PodcastsShow page - [TBPN](https://millionrounds.com/podcasts/tbpn) 22 Apr 2025 · 2h 57m Jacob Peters, Logan Kilpatrick, Roy Lee, Erik Torenberg, Jack Whitaker, Trump Laying Groundwork to Blame Powell for Downturn, Boeing to Sell Some of Its Navigation Business in $10.55B Deal, History of Thoma Bravo, Oil Companies Have Bold Plans to Fix Their Water Problem With [Erik Torenberg](https://millionrounds.com/person/erik-torenberg)[Jacob Peters](https://millionrounds.com/person/jacob-peters) Mentions [Logan Kilpatrick](https://millionrounds.com/fund/logan-kilpatrick)[Thoma Bravo](https://millionrounds.com/fund/thoma-bravo) Apple PodcastsShow page ### Mentioned in - [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 16 Apr 2026 · 1h 26m 20VC: Anthropic Unveils Mythos | SpaceX's Financials Leaked: Is it Worth $2TRN | Meta Debuts Muse Spark: Are They Back in the AI Race | Jason's Critique of Dario Amodei & How OpenAI Could Win the Enterprise Game Apple PodcastsShow page - [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 28 Feb 2026 · 1h 1m 20VC: Why Cursor is Dead | An AI Tsunami is Coming & You Need to Prepare | Systems of Record Become Valueless Databases with Agents | Is This The End of Tech Private Equity with Jerry Murdock, Co-Founder of Insight Partners Apple PodcastsShow page - [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 26 Feb 2026 · 1h 20m 20VC: Anthropic Wipes Billions Off Markets | Citrini Research: The Ultimate Breakdown: Agents, "Ghost GDP", Consumer Spend etc. | Figma Earnings Beat & Four Public Stocks to Buy | Jack Altman Joins Benchmark Apple PodcastsShow page - [All-In](https://millionrounds.com/podcasts/all-in) 15 Oct 2025 · 29 min How Orlando Bravo Built One of the Most Successful Firms in Private Equity Apple PodcastsShow page ## Quick answers about Thoma Bravo ### What does Thoma Bravo invest in? Thoma Bravo invests most often at Growth and Venture (67% of the rounds on record), in sectors such as Software. ### How active is Thoma Bravo? 6 investments on record, 1 of them in the last 12 months, and it led 1. The most recent was in Feb 2026. ### What has Thoma Bravo invested in recently? Its most recent investments on record: TRM Labs (Series C, Feb 2026) and Bluesight (Growth, Jul 2023). ### How big are Thoma Bravo's cheques? The median round it joins is $70M. ### Does Thoma Bravo lead rounds? Yes: it led 1 of its 6 investments on record (17%). ### Where does Thoma Bravo invest? Most of the companies it backs are in the United States (100%). ### Is Thoma Bravo investing now? Yes: it is actively investing, with 1 investments in the last 12 months. ### What kind of investor is Thoma Bravo? Thoma Bravo is a private equity firm based in Chicago, United States. ## Raising now? Find the investors who back rounds like yours, and keep every conversation on one fundraising board. 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