Private equity firm Thoma Bravo LLC has closed a fund with $3.65 billion in commitments. The news comes during the most robust fundraising climate that PE firms have seen for years. 

The fund, Thoma Bravo Fund XI, exceeded its initial target of $2.5 billion, and has not yet made any investments. Thoma Bravo launched the fund in January. Investors include almost all of the firm's investors from previous funds, according to a spokesman. 

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