Thoma Bravo Raises $34.4 Billion, Setting A Private-Equity Record: Report

Thoma Bravo has raised $34.4 billion across three funds, marking one of the largest fundraising hauls in recent private equity history.

What Happened: According to the Wall Street Journal, the investment giant secured $24.3 billion for its flagship buyout fund. The effort matches its 2022 total and sets the record for the largest global private-equity fund closed in 2024 or 2025.

Blackstone previously raised $21 billion fund and EQT secured a $23.7 billion vehicle.

Thoma Bravo also raised $8.1 billion for its Discover fund, which targets midsize software companies. That’s up from $6.2 billion in 2022. It also collected 1.8 billion euros ($2 billion) for Europe-focused deals.

The firm, which specializes in software, is currently shopping around Denver-based Apryse. Lazard is managing the sale process.

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Why It Matters: Thoma Bravo's success exemplifies how limited partners view the firm as a safe bet in the face of regulatory uncertainty.

The company completed its efforts within the typical one-year period, whereas its rivals are taking much longer.

Meanwhile, the broader private equity landscape is in a rut. According to a March report by Bain & Co., firms are sitting on a record 29,000 companies valued at $3.6 trillion, half of which have been held for five years or more.

Many were acquired before the Federal Reserve began raising interest rates in 2022, complicating exit strategies and depressing valuations.

Basically, it’s a challenging fundraising climate as none of the buyout funds that closed in the first quarter of 2025 exceeded $5 billion, Bain explained. That’s something not seen in over a decade.

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