US private equity firm Thoma Bravo has easily outstripped the target for its latest vehicle by holding a $3.65bn hard cap final close after just four months on the road.
Thoma Bravo was initially eyeing $2.5bn for the vehicle, hardly a conservative aim considering it gathered $1.25bn for its last fund two years ago.
The firm initially targeted $950m for the predecessor Fund X vehicle, but passed that amount in just five months.
It has continued that vein of raising oversubscribed vehicles with Fund XI, which is said would continue the firm’s long-standing buy and build strategy focusing on software and technology-enabled services.
Thoma Bravo is led by managing partners Orlando Bravo, Seth Boro, Scott Crabill, Lee Mitchell, Holden Spaht and Carl Thoma; and partner Robert Sayle.
Orlando Bravo said, “We currently have the strongest team that we’ve ever had at Thoma Bravo.
“The team’s investment track record coupled with the close partnerships we have established with our investors led to a smooth fundraising process.”
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