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.
Thoma Bravo plans to use the buy and build strategy from the new fund, focusing on software and technology-enabled services sectors. The San Francisco firm's portfolio company, Deltek, acquired software provider Sohnar Ltd. in March. Also in March, the firm spent $930 million for TravelClick, a provider of software services to the travel industry.
Thoma Bravo is led by managing partners Orlando Bravo (pictured), Seth Boro, Scott Crabill, Lee Mitchell, Holden Spaht and Carl Thoma, and partner Robert Sayle.
The firm is just one of several private equity firms to close a fund recently. Last week, the Jordan Co. LP closed a $3.2 billion private equity fund that will invest in middle-market companies with enterprise values between $100 million and $2 billion in the industrial products and services, energy, chemicals, health care and financial services industries. In April, Swander Pace announced it had closed a $350 million fund, which will invest in consumer products companies.