Firm: Thoma Bravo
Fund: Thoma Bravo Fund X LP
Target: $1.2 billion
Placement Agent: None
The firm began marketing for
Thoma Bravo is not using a placement agent.
Marketing for Fund X is much different from Thoma Bravo’s last fundraising effort. The firm spent 12 months marketing for its ninth fund, which initially had a $1 billion target. Thoma Bravo ended up reducing that target to $822.5 billion, which closed in 2009.
Fund IX was Thoma Bravo’s first pool after partners Bryan Cressey and Peter Ehrich split to form their own firm in late 2007.
“People took a risk to back [Thoma Bravo] and it really worked,” the source said. Fund IX is believed to have produced a net IRR of about 50 percent for LPs, the person said.
It also helps that Thoma Bravo has scored several liquidity events. In 2011, the firm sold Flexera Software, Excelligence and Manatron. peHub estimated that Thoma Bravo has received about $250 million in dividend recaps from portfolio companies including Hyland Software, Entrust and Vision Solutions since December 2010.
Officials for Thoma Bravo declined comment.
(Luisa Beltran is a senior writer for peHub.)