Thoma Bravo

Across lower middle-market private equity, fundraising momentum is increasingly colliding with the finite supply of founder-owned businesses available at attractive valuations.

As capital tightens, middle-market GPs turn to SMAs and fund-of-one structures to win allocations, while LPs demand control, flexibility and tailored economics.

As capital returns and buyers underwrite future gains, founders face a narrowing window where early movers can secure premium outcomes before a wave of delayed sellers crowds the market.