Thoma Bravo raises $1 bln for special opportunities

Firm: Thoma Bravo

Fund: Thoma Bravo Special Opportunities Fund II

Hard cap: $1.065 bln

Amount raised: $1.065 bln

The fund, which was oversubscribed, will only invest side-by-side with the $3.7 billion Thoma Bravo Fund XI, which closed about 11 months ago.

“As Thoma Bravo’s fund sizes have grown, the firm is competing on and completing larger deals,” said a person familiar with the firm. “But it will still pursue middle-market deals in its investment sectors with strong opportunities for growth.” The firm continues to focus on infrastructure software, application software and security software.

Even as other buyout shops complain about valuations, Thoma Bravo teamed up with Ontario Teachers’ Pension Plan on the $3.6 billion buyout of Riverbed Technology in December. It also wrapped up a $2.4 billion deal for Compuware. On the middle-market side, it recently moved to buy PowerPlan from JMI Equity and TPG Growth.

To be sure, Thoma Bravo has also notched some exits, such as its 5x return on Tripwire and its exit of Blue Coat via a $2.4 billion sale to Bain Capital.

Reuters initially reported the fundraising effort for Thoma Bravo Special Opportunities Fund II in February. Fund II doubled the $500 million in commitments for Thoma Bravo Special Opportunities Fund I.

A spokesman for the firm declined to comment beyond confirming the fund close.