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Alternative Market Briefing

Thoma Bravo closes Fund XII on $7.6bn

Tuesday, September 13, 2016

Bailey McCann, Opalesque New York:

Chicago-based firm Thoma Bravo has closed its latest flagship fund on $7.6 billion. The fund was at its hard-cap and was oversubscribed. The firm will use Fund XII to expand its portfolio of technology investments.

Some of Thoma Bravo's recent investments include leading technology companies like Qlik, Riverbed and SolarWinds. The firm often makes turnaround style investments in companies that need help. Thoma Bravo also invests in smaller tech companies through its Discover Fund, which is focused on growth investments.

"The software industry is entering a new phase of secular growth as it expands into all segments of the economy. Significant industry trends, including changes in software companies' business models and the current dissatisfaction with the public equity markets, have created a new opportunity for private equity in the software industry," said Orlando Bravo, a managing partner at Thoma Bravo in a statement.

The twelfth fund is significantly larger than Fund XI which closed on $3.65 billion in 2014.

Tech companies have been incentivized to stay private in recent years as private capital gives tech companies a way to focus on research and development, as compared to the public markets which are focused solely on shareholder value. Regulatory changes are also pushing more companies to stay private. The JOBS Act allows tech companies to have many more shareholders before they are required to disclose fi......................

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