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Adviser Profile

As of Date 11/25/2024
Adviser Type - Large advisory firm
Number of Employees 224 5.66%
of those in investment advisory functions 95
Registration SEC, Approved, 03/29/2012
AUM* 137,680,800,000 13.60%
of that, discretionary 137,680,800,000 13.60%
Private Fund GAV* 137,030,402,004 13.07%
Avg Account Size 1,186,903,448 8.70%
SMA’s No
Private Funds 115 4
Contact Info 312 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Reported AUM

Discretionary
Non-discretionary
121B 104B 87B 69B 52B 35B 17B
2015 2016 2017 2018 2019 2020 2021 2022 2023

Private Funds



Employees

Private Funds Structure

Fund Type Count GAV
Fund TypeHedge Fund Count3 GAV$4,255,600,000
Fund TypePrivate Equity Fund Count112 GAV$132,774,802,004

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Brochure Summary

Overview

Thoma Bravo, L.P., a registered investment adviser, is a Delaware limited partnership. Thoma Bravo, L.P. and its affiliated investment advisers provide discretionary investment advisory services to their clients, which currently consist solely of private investment funds, although Thoma Bravo, L.P. and its affiliates reserve the right to advise single-investor funds, separately managed accounts or other products in the future. A predecessor entity of Thoma Bravo, L.P. commenced operations in September 2007, and undertook a conversion from a limited liability company to a Delaware limited partnership in connection with a corporate restructure in March 2020. In connection with the corporate restructure, Thoma Bravo, L.P. formed an affiliate, Thoma Bravo Advisers, L.P., that provides advisory services to clients as a relying adviser of Thoma Bravo, L.P. Thoma Bravo, L.P.’s clients include the following entities focused on private equity strategies typically with controlling positions (each, a “Buyout Fund,” and collectively, the “Buyout Funds”):
• Thoma Bravo Fund X, L.P.; and Thoma Bravo Fund X-A, L.P.;
• Thoma Bravo Special Opportunities Fund I, L.P.; and Thoma Bravo Special Opportunities Fund I AIV, L.P.;
• Thoma Bravo Fund XI, L.P.; Thoma Bravo Fund XI-A, L.P.; Thoma Bravo Executive Fund XI, L.P.; Thoma Bravo Fund XI Global, L.P.; Thoma Bravo Fund XI-A Global, L.P.; and Thoma Bravo Executive Fund XI Global, L.P.;
• Thoma Bravo Special Opportunities Fund II, L.P.; Thoma Bravo Special Opportunities Fund II-A, L.P.; Thoma Bravo Special Opportunities Fund II Global, L.P.; and Thoma Bravo Special Opportunities Fund II-A Global, L.P.;
• Thoma Bravo Fund XII, L.P.; Thoma Bravo Fund XII-A, L.P.; Thoma Bravo Executive Fund XII, L.P.; Thoma Bravo Executive Fund XII-a, L.P.; Thoma Bravo Fund XII Global, L.P.; Thoma Bravo Fund XII-A Global, L.P.; Thoma Bravo Executive Fund XII Global, L.P.; Thoma Bravo Executive Fund XII-a Global, L.P.; Thoma Bravo Fund XII AIV, L.P.; Thoma Bravo Executive Fund XII AIV, L.P.; and Thoma Bravo Executive Fund XII-a AIV, L.P.;
• Thoma Bravo Fund XIII, L.P.; Thoma Bravo Fund XIII-P, L.P.; Thoma Bravo Fund XIII-A, L.P.; Thoma Bravo Executive Fund XIII, L.P.; Thoma Bravo Executive Fund XIII-P, L.P.; Thoma Bravo Fund XIII Global, L.P.; Thoma Bravo Fund XIII- A Global, L.P.; and Thoma Bravo Executive Fund XIII Global, L.P.;
• Thoma Bravo Fund XIV, L.P.; Thoma Bravo Fund XIV-P, L.P.; Thoma Bravo Fund XIV-A, L.P.; Thoma Bravo Executive Fund XIV, L.P.; Thoma Bravo Executive Fund XIV-P, L.P.; Thoma Bravo Executive Fund XIV-a, L.P.; Thoma Bravo Executive Fund XIV-a-P, L.P.; Thoma Bravo Fund XIV Global, L.P.; Thoma Bravo Fund XIV-A Global, L.P.; Thoma Bravo Fund XIV-A Global Feeder, L.P.; Thoma Bravo Executive Fund XIV Global, L.P.; and Thoma Bravo Executive Fund XIV-a Global, L.P.;
• Thoma Bravo Fund XV, L.P.; Thoma Bravo Fund XV-P, L.P.; Thoma Bravo Fund XV-A, L.P.; Thoma Bravo Executive Fund XV, L.P.; and Thoma Bravo Executive Fund XV-P, L.P.;
• Thoma Bravo Discover Fund, L.P.; Thoma Bravo Discover Fund A, L.P.; Thoma Bravo Discover Fund AIV, L.P.; Thoma Bravo Discover Fund Global, L.P.; and Thoma Bravo Discover A Global, L.P.;
• Thoma Bravo Discover Fund II, L.P.; Thoma Bravo Discover Fund II-A, L.P.; Thoma Bravo Discover Executive Fund II, L.P.; Thoma Bravo Discover Fund II Global, L.P.; Thoma Bravo Discover Fund II-A Global, L.P.; Thoma Bravo Discover Executive Fund II Global, L.P.; Thoma Bravo Discover II Pathwire AIV, L.P.; Thoma Bravo Discover II-A Pathwire AIV, L.P.; and Thoma Bravo Discover Executive II Pathwire AIV, L.P.;
• Thoma Bravo Discover Fund III, L.P.; Thoma Bravo Discover Fund III-P, L.P.; Thoma Bravo Discover Fund III-A, L.P.; Thoma Bravo Discover Executive Fund III, L.P.; Thoma Bravo Discover Executive Fund III-P, L.P.; Thoma Bravo Discover Fund III Global, L.P.; Thoma Bravo Discover Fund III-A Global, L.P.; and Thoma Bravo Discover Executive Fund III Global, L.P.;
• Thoma Bravo Discover Fund IV, L.P.; Thoma Bravo Discover Fund IV-P, L.P.; Thoma Bravo Discover Fund IV-A, L.P.; Thoma Bravo Discover Executive Fund IV, L.P.; Thoma Bravo Discover Executive Fund IV-P, L.P.; Thoma Bravo Discover Fund IV Global, L.P.; Thoma Bravo Discover Executive Fund IV Global, L.P.; Thoma Bravo Discover Fund IV-A Global, L.P.; and Thoma Bravo Discover Fund IV-A Global Feeder, L.P. (each, a “Discover Fund” and collectively with the Funds in the three preceding paragraphs, the “Discover Funds”);
• Thoma Bravo Explore Fund, L.P.; Thoma Bravo Explore Fund P, L.P.; Thoma Bravo Explore Fund A, L.P.; Thoma Bravo Explore Fund Global, L.P.; and Thoma Bravo Explore Fund A Global, L.P.;
• Thoma Bravo Explore Fund II, L.P.; Thoma Bravo Explore Fund II-P, L.P.; Thoma Bravo Explore Fund II-A, L.P.; Thoma Bravo Explore Executive Fund II, L.P.; Thoma Bravo Explore Executive Fund II-P, L.P.; Thoma Bravo Explore Fund II Global, L.P.; Thoma Bravo Explore Fund II-A Global, L.P.; and Thoma Bravo Explore Executive Fund II Global, L.P. (each, an “Explore Fund” and collectively with the Funds in the preceding paragraph, the “Explore Funds”); and
• Thoma Bravo Access Fund, L.P.; Thoma Bravo Access Fund P, L.P.; and Thoma Bravo Access Fund A, L.P. (each, an “Access Fund” and collectively, the “Access Funds”). In addition, Thoma Bravo, L.P. also advises certain entities focused on (i) growth equity strategies that hold minority positions; (ii) acquiring securities from management and other senior portfolio company personnel and certain other co-investors in a secondary transaction involving portfolio companies of one or more other Thoma Bravo funds; and (iii) a multi-strategy investment vehicle for certain personnel of Thoma Bravo, respectively:
• Thoma Bravo Growth Fund, L.P.; Thoma Bravo Growth Fund P, L.P.; and Thoma Bravo Growth Fund A, L.P. (each, a “Growth Fund” and collectively, the “Growth Funds”);
• Thoma Bravo Oasis Fund, L.P.; Thoma Bravo Oasis Fund P, L.P.; and Thoma Bravo Oasis Fund A, L.P. (each, an “Oasis Fund” and collectively the “Oasis Funds” and collectively with the Buyout Funds and the Growth Funds, the “Equity Funds”); and
• Thoma Bravo Employee Fund, L.P. (together with any future employee co-invest funds, the “Employee Funds”). Thoma Bravo, L.P. also advises the following entities focused on credit strategies (each, a “Credit Fund,” and collectively with any successor funds, the “Credit Funds”):
• Thoma Bravo Credit Fund I, L.P.; Thoma Bravo Credit Fund I (Offshore), L.P.; and Thoma Bravo Credit Fund I Feeder, L.P.; and
• Thoma Bravo Credit Fund II, L.P.; Thoma Bravo Credit Fund II Feeder, L.P.; and Thoma Bravo Credit Fund II Feeder A, L.P. Each Buyout Fund, Growth Fund, Oasis Fund and Credit Fund (including any successor or similar funds) is referred to herein as a “Fund,” and collectively, the “Funds,” according to the applicable context. The following advisory entities are affiliated with Thoma Bravo, L.P.:
• Thoma Bravo Partners X, L.P.;
• Thoma Bravo Partners XI, L.P.; and Thoma Bravo Partners XI Global, L.P.;
• Thoma Bravo Partners XII, L.P.; Thoma Bravo Partners XII Global, L.P.; and Thoma Bravo Partners XII AIV, L.P.;
• Thoma Bravo Partners XIII, L.P.; Thoma Bravo Partners XIII-P, L.P.; and Thoma Bravo Partners XIII Global, L.P.;
• Thoma Bravo Partners XIV, L.P.; Thoma Bravo Partners XIV-P, L.P.; and Thoma Bravo Partners XIV Global, L.P.;
• Thoma Bravo Partners XV, L.P.; Thoma Bravo Partners XV-P, L.P.; and Thoma Bravo Partners XV Global, L.P.;
• Thoma Bravo Partners XVI, L.P.; Thoma Bravo Partners XVI-P, L.P.; and Thoma Bravo Partners XVI-B S.a.r.l.;
• Thoma Bravo Discover Partners, L.P.; Thoma Bravo Discover Partners AIV, L.P.; and Thoma Bravo Discover Partners Global, L.P.;
• Thoma Bravo Discover Partners II, L.P.; and Thoma Bravo Discover Partners II AIV, L.P.;
• Thoma Bravo Discover Partners III, L.P.; Thoma Bravo Discover Partners III-P, L.P.; and Thoma Bravo Discover Partners III Global, L.P.;
• Thoma Bravo Discover Partners IV, L.P.; Thoma Bravo Discover Partners IV-P, L.P.; and Thoma Bravo Discover Partners IV Global, L.P.;
• Thoma Bravo Discover Partners V, L.P.; Thoma Bravo Discover Partners V-P, L.P.; and Thoma Bravo Discover Partners V-B S.a.r.l.;
• Thoma Bravo Explore Partners, L.P.; Thoma Bravo Explore Partners P, L.P.; and Thoma Bravo Explore Partners Global, L.P.;
• Thoma Bravo Explore Partners II, L.P.; Thoma Bravo Explore Partners II-P, L.P.; and Thoma Bravo Explore Partners II Global, L.P.;
• Thoma Bravo Access Partners, L.P.;
• Thoma Bravo Access Partners II, L.P.;
• Thoma Bravo Growth Partners, L.P.; and Thoma Bravo Growth Partners P, L.P.;
• Thoma Bravo Oasis Partners, L.P.; and Thoma Bravo Oasis Partners P, L.P.;
• Thoma Bravo Europe Partners, L.P.;
• Thoma Bravo Credit Partners I, L.P.;
• Thoma Bravo Credit Partners II, L.P.; (each of the above-listed advisory entities, a “General Partner” and collectively with any future affiliated general partner entities, the “General Partners,” and the General Partners, together with Thoma Bravo, L.P., “Thoma Bravo”);
• Thoma Bravo East, LLC;
• Thoma Bravo Capital Markets, LLC (“Thoma Bravo Capital Markets”);
• Thoma Bravo Advisers, L.P.;
• Thoma Bravo UK Advisers LLP;
• Thoma Bravo Global, LLC;
• Thoma Bravo US, LLC; and
• Thoma Cressey Bravo, Inc. Each General Partner is subject to the Advisers Act pursuant to Thoma Bravo, L.P.’s registration in accordance with SEC guidance. This Brochure also describes the business practices of the General Partners, which operate as a single advisory business together with Thoma Bravo, L.P. Unless the context otherwise requires, references in this Brochure to “Thoma Bravo” should be construed to mean the relevant General Partner(s) arranging such services from Thoma Bravo, L.P. in connection with the relevant investment management agreement between Thoma Bravo, L.P. and the relevant General Partner of each Fund and/or its affiliates and their respective personnel on behalf of the Funds. Interests in the Funds are privately offered to qualified
investors in the United States and elsewhere. Buyout Funds The Buyout Funds primarily invest through negotiated transactions in the equity securities of operating entities, generally referred to herein as “portfolio companies.” Thoma Bravo’s investment advisory services to the Buyout Funds consist of identifying and evaluating investment opportunities, negotiating the terms of investments, managing and monitoring investments and achieving dispositions for such investments. Although investments are made predominantly in non-public companies (including in connection with take-private transactions), investments in public companies are permitted, and the Buyout Funds have made investments in public companies (or in privately held companies which subsequently go public during the period of ownership by one or more Buyout Fund) and will likely do so in the future if the circumstances warrant. For the Buyout Funds, personnel of Thoma Bravo have and will likely serve on portfolio companies’ boards of directors or otherwise act to influence control over management of portfolio companies in which the Buyout Funds have invested. Thoma Bravo’s Buyout Funds primarily focus on investments in different market segments of the software and technology-enabled services market. For example, the Discover Funds primarily focus on software investments in the middle market, while the Explore Funds primarily focus on software investments in the lower-middle market. Certain funds focused on Software investments in the European middle-market and lower-middle market are currently being formed (the “Europe Funds”). Growth Funds The Growth Funds are expected to seek to invest primarily in minority, non-controlling equity interests in privately-owned software companies that typically are comparatively younger than those sought by the Buyout Funds, are in a growth phase of their development or otherwise meet the target investment objectives of the Growth Funds. Thoma Bravo’s investment advisory services to the Growth Funds are expected to consist of identifying and evaluating investment opportunities, negotiating the terms of investments, managing and monitoring investments and achieving dispositions for such investments. The Growth Funds are expected to hold minority stakes in public companies and are permitted to participate in special purpose acquisition companies (“SPACs”). For the Growth Funds, Thoma Bravo expects to seek the right to appoint a board member to the portfolio companies’ board of directors, but there can be no assurance that a Growth Fund will have the right to appoint such a portfolio company board member. Access Funds The Access Funds are intended to provide limited partners with exposure to certain Buyout Funds through a single fund commitment, as the Access Funds invest solely in such other Funds. Certain Access Funds also invest in Growth Funds. Access Funds acquire limited partner interests in certain Equity Funds in a proportion based on an Access Fund’s total investor commitments, as identified in an Access Fund’s Governing Documents (as defined below). Oasis Funds The Oasis Funds seek to acquire minority, non-controlling interests in certain portfolio companies of other Equity Funds, primarily through the periodic purchase of management, employee and other co-investor equity to effect a management liquidity event at such portfolio companies. Thoma Bravo does not expect that the Oasis Funds will obtain an independent right to appoint a board member to a portfolio company’s board of directors. However, Thoma Bravo generally expects that the other Equity Fund(s) that are also invested in such portfolio companies will have significant governance rights and, as a result, such Equity Funds will typically have the right to appoint board members of such portfolio companies. Credit Funds The Credit Funds primarily invest in the debt instruments and/or other securities of software and technology-enabled services (collectively, “Software”) companies, including debt investments in portfolio companies that are controlled by the Equity Funds. Thoma Bravo’s investment advisory services to the Credit Funds consist of identifying and evaluating investment opportunities, negotiating the terms of investments, managing and monitoring investments and achieving dispositions for such investments. Although the Credit Funds primarily make passive investments in the initial issuance of debt instruments of companies in the Software sector (including Equity Fund portfolio companies), they also are permitted to make investments in the secondary market debt of such companies. Employee Funds Thoma Bravo also manages the Employee Funds, commingled co-investment vehicles that enable certain personnel of Thoma Bravo to invest alongside certain Buyout Funds in each of their respective portfolio companies. Certain Employee Funds also invest in Growth Funds. Co-Invest Vehicles In addition to the Funds listed above, and as permitted by the relevant Limited Partnership Agreement (defined below), Thoma Bravo has and will in the future advise certain vehicles formed to facilitate discrete investment opportunities and/or a broader set of co-investment opportunities, including Project River Acquisition I, L.P.; Project Mirasol Co-Invest Fund, L.P.; Proofpoint Co- Invest Fund, L.P.; Project Metal Co-Invest Fund, L.P.; Project Stream Co-Invest Fund, L.P.; Project Quail Opportunities, L.P.; Thoma Bravo Co-Invest Opportunities XV-1, L.P.; Thoma Bravo Co-Invest Opportunities XV-3, L.P.; Thoma Bravo Co-Invest Opportunities Fund XV-5, L.P.; Project Alpine Co-Invest Fund, L.P.; Project Hotel California Co-Invest Fund, L.P.; Project CS Co-Invest Fund, L.P.; Project Rock Co-Invest Fund, L.P.; and Project Phoenix Co-Invest Fund, L.P. (any such vehicle, a “Co-Invest Fund”). Thoma Bravo has and will in the future enter into various other co-investment arrangements, including with respect to multi-investment co- investment vehicles under which a single prospective co-investor negotiates rights, including certain approval or opt-out rights, with respect to one or more offered co-investment opportunities (such arrangements, together with the Co-Invest Funds, the “Co-Invest Vehicles”). In certain cases, Thoma Bravo provides (or agrees to provide) investment or co-investment opportunities (including the opportunity to participate in Co-Invest Vehicles (including via Employee Funds)) to current or prospective investors or other persons, including other sponsors, market participants, finders, consultants and other service providers, portfolio company management or personnel, Thoma Bravo’s personnel and/or certain other persons associated with Thoma Bravo and/or its affiliates. Such co-investments frequently involve investment and disposal of interests in the applicable portfolio company at the same time and on the same terms as the Fund making the investment, subject to certain exceptions set forth in the Governing Documents (defined below) of such Fund, and are subject to certain fees and expenses, as described herein (generally including similar expenses as are borne by a Fund, and as agreed among Thoma Bravo and the relevant co-investor or Co-Invest Vehicle). However, for strategic and/or other reasons, a co-investor (including a co-investing Fund) or Co-Invest Vehicle will in certain cases purchase a portion of an investment in a portfolio company from one or more Funds, co-investors or Co- Invest Vehicles after such Funds have consummated their investment in such portfolio company (also known as a post-closing sell-down, syndication or transfer), which generally will have been funded through Fund, co-investor or Co-Invest Vehicle investor capital contributions and/or use of a Fund credit facility. Any such purchase by a co-investor (including a co-investing Fund) or Co-Invest Vehicle generally occurs shortly (i.e., typically within a matter of months) after the Fund’s completion of the investment and prior to any changes in valuation of the investment, but in certain instances could be well after the Fund’s initial purchase. The co-investor (including a co-investing Fund) or Co-Invest Vehicle may be charged interest on the purchase (or the purchase price otherwise is equitably adjusted at the discretion of Thoma Bravo under certain conditions) to compensate the relevant Fund for the holding period and in many cases will be required to reimburse the Fund for related costs. However, to the extent any such amounts are not charged or reimbursed (including charges or reimbursements required pursuant to applicable law), such costs will be borne by the applicable Fund. Co-investments are described further below under “Fees and Compensation, Co-Investment.” Governing Documents Thoma Bravo’s advisory services for the Funds are detailed in the relevant private placement memorandum (each, a “Memorandum”) and/or limited partnership or other operating agreement of the Funds (each, a “Limited Partnership Agreement” and together with the Memorandum, the “Governing Documents”) and are further described below under “Methods of Analysis, Investment Strategies and Risk of Loss.” Investors in a Fund (generally referred to herein as “investors” or “limited partners”) participate in the overall investment program for the Fund, but certain investors request to be excused from a particular investment due to legal, regulatory or other agreed-upon circumstances pursuant to the applicable Limited Partnership Agreement; for the avoidance of doubt, such arrangements generally do not and will not create an adviser-client relationship directly between Thoma Bravo and any investor. The Funds or Thoma Bravo enter into side letters or similar agreements (“Side Letters”) with certain investors that have the effect of establishing rights (including economic or other terms) under, or altering or supplementing, a Fund’s Limited Partnership Agreement with respect to such investors. As of December 31, 2023, Thoma Bravo managed approximately $137,680,800,000 in client assets on a discretionary basis. Thoma Bravo, L.P. and the General Partners are controlled and principally owned by Seth J. Boro, Orlando Bravo, S. Scott Crabill, Lee M. Mitchell, P. Holden Spaht and Carl D. Thoma.